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Short Sale Tip of The Week 8-5-09
Posted on 05. Aug, 2009 by ctlms in Short Sale, foreclosure
Today's NEED can be your Opportunity.
There has never been a time where your community needs you more than they do now.
Where NEED meets OPPORTUNITY:
- The U.S., as a whole has seen a 21.9% decline in home values for properties purchased by homeowners within the last 8 years. As a national average, homeowners who bought before then could have equity in their home provided they did not perform a cash-out re-fi. (NAR)
- The # of US households on the verge of losing their homes has soared with nearly 15% of all-use homes—more than 1.5 million homes in the 1st half of the year going into foreclosure.
- Nationally, 1 in every 380 homes received a foreclosure notice in June.
- Nationally, 1 in every 84 homes received a foreclosure filing sometime in the first half of the year.
- Foreclosure filings were up 33% last month over June of 2008 and 5% greater than in May. (RealtyTrac)
- There are proportionately more ARMs given to strong credit buyers that are facing foreclosure than sub-prime loans given to the credit unworthy.
- Of the 4 million homes targeted by Obama’s plan for modification assistance, only 325,000 have made it and some lenders are saying it is less costly to foreclose than modify.
- Reports have the unemployment rate reaching 10% by years end and is measured as high as 20% if you consider more accurate measuring methods.
- Some states have hit unemployment rates not seen for 25 years. (WSJ)
- The Federal Reserve has projected that there will be no return to full employment until 2015. (AJC)
- The Cap-n-Trade Bill is set to eliminate even more jobs, erode more disposable income, blow-up the appraisal process, and throw increases in costs and time-lines into the housing crisis.
On a positive note: the tax credit has stimulated home-buyers and there is still time to take advantage, interest rates are still low, and lending restrictions are lessening.
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As always Visit the Ask The Expert Page to leave your questions or contact me directly if you need immediate assistance at [email protected] or visit www.CTLMS.com
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Bio
Sean Wilder started in the pre-foreclosure business in 2007. Previously he enjoyed successbusiness in the transportation industry, real estate investing and as a licensed Realtor. Sean brought the same determination and work ethic that lead to great success in his previous businesses to Loss Mit Services based in East Windsor, CT. His focus, combined with his drive to succeed, have been essential to his success as one of the area's top short sale negotiators.
Known for finding creative ways to overcome hurdles and never ending persistence; Sean, believes in the power of team. Sean and his team are in the trenches everyday, plowing through challenges and objections while negotiating with various lenders, and finding solutions to difficult problems. It is this daily experience that brings Loss Mit Services consistent success and provides them the knowledge to share.
Sean belongs to a number of industry groups and associations that allow him to collaborate, share, learn, teach and stay updated on the latest changes in the pre-foreclosure industry at the federal, state, local and lender specific levels.
Effective Oct 1, 2009 all debt negotiation companies that offer loan modification, short sale, or foreclosure rescue services needed to be licensed by the CT Dept of Banking. Sean and his company Loss Mit Services were the 1st to be awarded the Debt Negotiation License NMLS # 828273 which can be verified at the CT Dept of Banking Website by Clicking Here. In addition, effective Oct 1, 2011 Debt Negotiators were required to also be licensed Mortgage Loan originators and Sean also has received this license, NMLS# LO-831853.
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