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Certified HAFA Temecula Short Sale Agent

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Distressed Property Situation Could Worsen This Year

Published January 28, 2011 in Bank America Short Sales - 0 Comments

There is trouble still ahead this year in the national real estate market – and some areas more than others, as recent surveys still show that as many as 1 out of 5 Americans that own a home and have a mortgage are in a distressed property situation, and that somewhere around 11.5 million homeowners are in danger of losing their homes to foreclosure by the end of the year.

Amherst Securities Group, LP, claims that recent industry data show that a slowdown in default rates is very much skewed because of a massive push to modify mortgages that are in default in some manner. The Mortgage modification programs have mostly had very disappointing results, with just under half of the program’s approved participants defaulting again on the modified lower mortgage payment within the next 12 months after being approved for a modification.

Additionally, another study by the Center for Housing Policy of the 100 largest metropolitan areas showed 10 percent of mortgages as being seriously delinquent (90-plus days late or in the foreclosure process). In some areas, this percentage was as high as around 25% or almost 1 in 4 mortgages.

These numbers are very telling and CDPE – certified distressed property experts are becoming increasingly essential in today’s housing market.  As a CDPE agent you are much better educated,  equipped and informed and able to offer solutions to both lenders and distressed property homeowners – especially on short sale properties and to help minimize the losses for all parties involved, the owner, the lender the neighborhood and the community.

Statistically, someone in your circle of friends and associates is, or knows someone who is, having trouble paying, or is behind on their mortgage. It is a positive step to reach out and let your community today to let them know you can help them to avoid foreclosure!

 

 

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