Just returned from CRS Sell-a-bration conference in San Francisco. Nationally, 3% of all US mortgages (all is 45 million) are currently in default (30+ days late and/or in foreclosure)! Forecasts say it will get worse. Seven out of ten defaulted mortgages go into foreclosure without any visible sign of intervention. With government pressure, the trend is for banks to start encouraging negotiation of short sales instead of taking everybody to foreclosure. This is an opportunity for REALTORS to help homeowners save their credit and avoid life-destroying foreclosure. REALTORS can help people and lead the country out of recession and financial crisis. This is our chance as the real estate community to be a positive force in restoring the strength of the United States. If you represent buyers, educate them about the opportunities with short sales if they can be patient. Most aren't bombed out like so many REO's. Educate your sellers - foreclosure is forever, as bad or worse than bankrupcy. They might not be considered for a mortgage again for 5 to 10 years. I talk to distressed sellers and some mortgage people are telling them they can get a loan again in 2 years, I hear this again and again. Doubtful.
Ralph.....Welcome to ActiveRain. This is a great community to network with others as well a great place to learn from other's experiences and knowledge. I've enjoyed it; I hope you enjoy it as well.
Sergio Rebollo Jr.
Exit Prime Realty
Coral Gables, FL 33134
305-582-4062
Miami Short Sale Specialist - Profile
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Thanks for the mortgage update and how the short sale market is doing in Antioch, Ca. Keep up the good work and we look forward to reading more articles from you.
We hope you have a great day, All The Best-
Sincerely, ( Active Castellum ( Castellum Realty llc - Lancaster PA Real Estate )
Hi and welcome to Active Rain, a great site to network, share, learn, and have fun. Good luck. And if you ever need an agent in the upstate of South Carolina, please call me.
Congratulations on joining Active Rain. This is a great professional networking and referral site. Our Team is working here in the Spartanburg / Greenville areas of South Carolina. We would be thrilled for any referrals you might send our way - or any referrals that we could send to you. Hope you enjoy this site as much as I do.
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Hello, welcome to Active Rain! This seems like a wonderful environment to network as well as learn from others. I hope you enjoy yourself and participate often in the Active Rain environment!
I've certainly seen many people get loans 2 years and one day after the dismissal of their bankruptcy, but that was prior to all the changes to the loan programs out there and also prior to the new bankruptcy laws.
I do believe what the government is trying to do with the banks is the right thing as owners really don't want to force the banks to lose thousands and these properties would be in less distress if the sellers weren't so upset with the banks by the time the whole process is over.
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