Wednesday, May 19, 2010

1 in 10 Homeowners Missed a Payment

An article I found today on msnbc.com states that from January to March 2010 one of every ten homeowners missed a mortgage payment.

http://www.msnbc.msn.com/id/37232151/ns/business-real_estate/


I am not at all surprised by this number. It's a national statistic, but it's probably pretty to close to what we are experiencing in the South Sound area. The scary part is that many of these homeowners have traditional conventional loans, not the subprime loans that started the mortgage mess. Part of it is that even though homeowners could technically afford their home they still extended themselves when they bought it or re-fied. The other problem is, of course, there are a lot of people who are just struggling. I see it so often in this business. Hard working people who's hours have been cut back or their own small businesses are barely making it. They are not unemployed, just under employed.

If you are one of these folks and are curious about possible options/solutions check out this page on my CDPE website. It talks about loan modification, reinstatement, short sales, deed in lieu of foreclosure and other options.

http://hosted.cdpe.com/57868/Foreclosure-Solutions.aspx

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