All About Foreclosure
Without a doubt, foreclosure is on just about everyone’s mind these days. For some the interest is purely academic, others are investors looking for a deal. Sadly, for a good many others, foreclosure is a frighteningly real possibility.
There is hardly an analyst around that could have predicted the foreclosure figures we’re seeing in 2008.
In the first three months of this year, the Mortgage Bankers Association reported that the number of foreclosures hit a level not seen in 50 years. During this period, borrowers entered foreclosure at a rate of 2.43 percent.
This may not seem like much but is about six times higher than what is usual for a
healthy economy. Just to compare: in January 2005 the rate was 0.4 percent. According to RealtyTrac, it works out to 1 out of every 483 homes nationwide is in foreclosure.
I feel confident in saying that a large number of these foreclosures were preventable. For reasons that I will never quite understand, most people who lose their homes simply waited until they were sixty or ninety days late on payments until they sought help. By then, there is very little someone like me can do. It’s not impossible but most of the time, it’s too late.
Negative equity becomes a huge issue when the homeowner is trying to refinance out of an ARM before the rate resets and the payment jumps way up. These stories have been reportedly widely in the press and illustrate quite nicely the dilemma people are in when faced with a negative equity situation.
The thing to remember if you feel like foreclosure is your only choice is to SEEK OUT SOME PROFESSIONAL ADVICE. (I’m sorry to shout but this is really important.) It’s possible that it might be the best choice for you but it is not an option you should entertain without consulting someone who can outline all your available choices.
Get in touch today to book your appointment for a free financial analysis. I only have seven appointments available every month, so write to me or call 800 653 2684 to get your family on the road to a sound financial future that INCLUDES keeping your home.
