Foreclosures

The last blog dealing with appraisals and the difficulty appraisers have identifying legitimate comparable sales results in large measure from the subject of this blog, foreclosures and properties in default in ever growing numbers. I'm going to list some statistics taken from the Foreclosure Radar data base, which we have included on both of our web sites for your continued use. The numbers are frightening and reflect, but do not adequately describe, the emotional and financial trauma being visited upon so many of our neighbor families. Still waiting to enter this more serious level are the approximately 12% of mortgages in the country that are delinquent by 30 or more days.
In this list REO=foreclosed, NOD=notice of default filed.
Chico, REO 68, NOD 171; Paradise, REO 31, NOD 64; Red Bluff, REO 32, NOD 80; Orland, REO 20, NOD 43; Oroville, REO 79, NOD 167; Willows, REO 13, NOD 16, and the last, Yuba City, REO 143, NOD 358.
I'm trying to position our offices to be of some help in this tragic mess. Although we're a loan broker, I'm not particularly interested in being an advocate for the lenders, but will negotiate very hard for buyers of foreclosed properties. We will reduce fees to the minimum for those wishing us to list and sell their distressed property through a "short sale". We will reduce our fees for those in a position to refinance in advance of the wave of resetting mortgages expected in late '09 and 2010. Finally we will provide a no up-front fee mortgage modification program to those wanting to keep there homes. Guaranteed results or no fee. The Federal Home Affordable Mortgage program has given lenders some inducement to cooperate and it is likely that upwards of 75% of people facing default or in default can restructure their mortgages to make it realistic to keep their homes. If you work with us we'll work for you.
Not meant for this to be a doom and gloom blog, just a reality check. We're a long way from the end of this mess.
As usual,
Thanks for visiting