- Doing nothing and/or ignoring the lender
- Not talking to loss mitigation, and only to the collection department
- Not researching options besides a foreclosure
- Paying for a foreclosure prevention service
- Not being persistent or thinking creatively
- Leaving your property
Matt Putnick, ABR – Gibson & James, Properties Inc. – Matt@GibsonandJames.com, Direct: 847.910.5449
Recently I launched a brand new website to help homeowners that are struggling to keep up with there mortgage payments. The purpose of the website is to inform Chicagoland residents on the alternatives to foreclosure. Check out all the great information at:
Mortgages in Default
February 14, 2008
We have all been inundated with the notion that Foreclosures are spinning out of control. Are foreclosures up – YES there is no denying it, BUT…
As of October 1, 2007 only 2.95% of mortgages were labeled as seriously delinquent. Serious delinquent means that a loan has not been paid in 90 days (roughly 3 months) or is already in foreclosure.
Does this number seem low to you? From what the media has lead us to believe it seems low to me. It’s no surprise to me that the media focuses more on the negative then the positive.
What is a Short Sale?
January 1, 2008
A short sale occurs when a current homeowner is in foreclosure by his/her mortgage company and the homeowner/seller asks the lender(s) to accept less money than is owed on the loan(s) in order to facilitate a sale of the house. This approach is used instead of going into foreclosure and is sometimes referred to as the pre-foreclosure sale.
Homes ARE still selling
December 4, 2007
I found this short article from one of my Realtor magazines and agreed with it completely. Hope you enjoy!
Homes Still Sell – By: Bruce Benham
“Although sales figures and fallout from the mortgage crisis have cast an awful light on the 2007 residential real estate market, the truth is that this year will still rank as one of the busiest on record. It may not feel like it, but buyers and sellers continue to come together in numbers that would have seemed quite impressive a decade ago.Price a home well and buyers will buy. Make a reasonable offer and sellers will sell.”
