The psychological toll levied by the housing crisis has been nearly as devastating as the jolt to American pocketbooks, with nearly a third of homeowners considering abandoning their mortgages if the market worsens. Culprits in the collapse include house-flipping media hype, an array of financial sector co-conspirators and an administration that has been quick to bail them out. See the following article from Housing Predictor for more on this.
BEND, Ore. (AP) - There were 402 notices of default recorded in Deschutes County last month, the most since the housing crisis began three years ago, according to the Deschutes County Clerk’s Office.
The number increased by nearly 26 percent from the 320 default notices recorded in December 2009, and more than 95 percent from the 206 notices recorded in January 2009.
The increase was a surprise, at least compared with data from the prior quarter that showed the filing rate was declining.
In the final quarter of 2009, the number of notices of default filed during the period decreased on a quarterly basis for the first time in 12 consecutive quarters, or since the third quarter of 2006.
It’s not like we didn’t know it was coming, but apparently it’s coming with a vengeance.
Prime fixed-rate loans have finally leapfrogged those nasty subprimes to take the lead in the race to foreclosure. The foreclosure rate on primes has in fact doubled in the last year, and almost half of the overall increase in foreclosure starts in the first quarter of this year was due to the increase in primes….
The Short Sale Doctors can help prevent the frustration described in this article!
Last October, he made what he considered a pretty good offer on a distressed property in Washington Township.
It was a short sale, meaning the owner aimed to sell the home for less than what he owed the bank. It also meant the bank had to preapprove the reduced sale price and eat the loss.
The four-bedroom house was listed for $267,900. He offered $280,000 — because another buyer also was interested. But 10 months later, Pessoa is still waiting for the bank to approve his short sale application.
$46,666 for every man, woman and child in the nation. That is the estimated current level of expenditures, promises and (as of yet) unfunded liabilities guaranteed by your good old Uncle Sam since January 2007….with relatives like that who need enemies? Now ask yourself - do you feel like you are getting your money’s worth? Did the government perform $46,000 of improvements to local parks, roads and public services that enhanced your life by the equivalent of thousands of dollars per month for the past 16 months? If not, where is the money going? To that great shell game in the sky of course.
I said it yesterday, and I’ll say it every day: Until the number of foreclosures in this country starts to go down instead of up, we will not see a full recovery in the housing market; I don’t care how upbeat you are about buyer traffic this spring.
A new report out today shows foreclosures continue to rise.
Given how much foreclosure cost lenders you’d think they would do everything possible to keep homeowners in their homes. Well, once you read the following article, you’ll see that it’s a lot harder than it seems. It didn’t even work for Hitler!
I’m sure you know by now there is a major crisis in the mortgage industry, but if you don’t really know what the fuss is about other than it’s something bad, here is a layman’s explanation in plain English of what the HELOC is going on.
The Short Sale Doctors, Realtors, and Stewardship Properties partner together for successful short sales. See YOU & US.
~ Why Agents LOVE Our Service ~
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Together We Create 6 WINS…
A Win/Win/Win/Win/Win/Win Situation!
1. A WIN for the Seller: Relieve over-leveraged homeowners from the pain of foreclosure and having their credit report badly damaged. They can now start a new chapter in their life.
2. A WIN for the Lender: Our packets go to the lender in perfect order so that they can process and negotiate the short sale in the most streamlined way possible. A successful short sale brings them greater financial return than the alternatives of an auction or REO sale.
3. A WIN for the Realtor: Collect a FULL commission and do what you do best–buying and selling real estate. By using our services you will not get bogged down with the paperwork, calls and interactions with overwhelmed loss mitigation departments. When we buy the house (over half the time), agents can receive even more commission.
4. A WIN for Us: We seek to get paid a loss mitigation fee from the short sale lender. In many cases we end by purchasing the home ourselves and making a larger profit margin from a subsequent sale.
5. A WIN for the new Buyer: Now that the property’s price has been appropriately discounted for the market, it is much easier to attract a new homeowner.
6. A WIN for our City & Country: In a small way we hope to contribute to healing our nation of the debilitating financial crisis brought upon by the increasing foreclosure rate. This will revitalize our economy and lead the world out of a damaging recession.
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SALEM OFFICE(503) 365-7070. . . .EUGENE OFFICE (541) 343-7070 2055 Liberty St. NE, 97303 . . . . . . . 1247 Villard Street, 97403 . . . .
Kind Words We Appreciate…
The Short Sale Doctors & Stewardship Properties’ staff,
Scott and I want to thank you all for the incredible work you did on the short sale of our home.
The months surrounding our looming foreclosure date were filled with a lot of doubt, fear, and anxiety. The moment I spoke with Margo, we were convinced to give Stewardship’s services a shot. It saved our financial future and our sanity. The shortsale process was unbelievably simple for us as homeowners in comparison to the months of struggling to communicate with our mortgage holder.
Jered did a phenomenal job of keeping us updated on the status of the settlement process. Every member of the Stewardship Properties’ team treated us with utmost respect, kindness and empathy through one of the most difficult times in our life. Our time was running out, foreclosure was closing in, and Stewardship Properties rescued us with time to spare.
We are very grateful for all of you, what you stand for, and the work you do.
