Foreclosures Will Recommence

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Yesterday we discussed the foreclosure moratorium and how, in our opinion, it has virtually no effect on our industry. Let us continue with that discussion. There has been more information from BofA and GMAC in the preceding 48 hours. As early as next week, these banks are going to recommence foreclosures. This is interesting because, in the 23 judicial foreclosure states, they will recommence foreclosures. Yet, they will assess their procedure in the other states.

I believe the media has blown this out of proportion along with many real estate agents. That comes from not searching further into what the news really is. Some real estate agents are thinking that if lenders aren’t doing foreclosures, it is a great time to get some short sales, assuming that they have additional time to deal with banks.

Nonetheless, here is an interesting stat from an employee at key lender. The average days of deliquency at foreclosure is a whopping 448 days!

448 DAYS!

That is roughly fifteen months. How much more time do you require to get out of your house? We are homeowner advocates, but if you are deliquent for approximately 15 months, you ought to lose your property.

Real estate agents, you have an average of 448 days to close a short sale! That is plenty of time to list a property and complete a short sale. It is never the external circumstances that manage our company. Any realtor that believes this is a good chance to get into short sales should recognize that the opening has always been there. The market is not getting better any time soon. You have the chance to aid homeowners.

Furthermore, homeowners out there, take action sooner rather than later. specialists need to help them do this. There are too many homeowners waiting on loan mods, but loan modifications do not work for the vast majority of homeowners.

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