Foreclosure Trends 2018

After coming through the worst housing crisis of my life, I wondered if there was still a problem.  In this time of great economic resurgence, could people still be having a personal housing crisis?  The answer is yes!

The reasons may not be the same, but the personal devastation is!  From October 2017 to Aug 2018, there have been between 60 and 75,000 new filings per month, according to Realtytrac.

See graph

One may ask, how can this happen when every house put on the market seems to generate multiple offers?  The answers are numerous, but include: job loss, financial challenges, medical problems, timing, poor judgement, over-buying, creative financing, personal life changes, bad advice and........., the list goes on.  

What should you do if you find yourself at risk of losing your home, for any reason:

  1. Ask for help, pride and embarrassment have cost many people their home.
  2. Find a "good" real estate professional, with personal experience in this type of problem.
  3. Don't ignore anything you receive.
  4. Pay attention to mail and timelines stated.
  5. Get educated on the process (saves money and possibly your  home).
  6. Form a strategy or plan.
  7. Get good market information as a part of your overall strategy.
  8. When it's time, consult a good lawyer, but do your own homework first: You'll save money and time by being prepared.
  9. Don't think you are the only one going through this situation.
  10. Understand terms like: short sale, deed in lieu of, forbearance, mitigation, loan modification and deficiency judgement.
  11. Never believe there aren't options, if you give yourself time, you can save what you've worked so hard to have.

When you fail to make a payment(s) on your home, you start a ball rolling, that, without direct intervention, ​can cost you your greatest asset.  With property values rising, as they are now doing, your equity buildup can go a long way towards solving your problem if given the chance.  Call us, we can help!  

There are many factors that go into the home buying and selling equation. We have over 40 years experience, dealing with every type of market condition. Give us a call if you have a question, we can help.

Should I Buy or Rent a Home?
Compare Sept 2018 & 2017 Stats


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Sunday, 21 July 2024

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