There has been a 49% jump in foreclosures for the first half of this year, as compared to last year in the central Florida area..
From what the media is saying things are going to get worse before they get better...... I have seen some really GREAT posts about re-financings and help for those caught up in this sub prime mess.
Of course this is somewhat a stirring of the pot to sell newspapers by the media...they LOVE to make bad things appear WORSE than they are.... it is called sensationalizing the news.....
I want to offer some great help to those who might need central Florida real estate solutions to their problems.
Here is a partial list of highly ethical and straight shooting mortgage companies I would recommend if you need more info and maybe some counsel about the pros and cons of refinancing before things get totally out of hand.
There are MORE great mortgage companies in the Active Rain Network, but these four organizations are represented by professionals I would do business with and some of them I DO business with on an ongoing basis.
I hope you will avail yourself of this great resource, if you need it.
Brought to you by:
Alexander Harb PSEM®, E-Agent®
The Knights Team Sales Group Leader
Beach and Luxury Realty Inc.
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I read the paper today AND saw this in yahoo news.......
People need this kind of help.....
I hope they find it.
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Many of the lenders are being very flexible in restructuring a loan...
The most important thing anyone can do is to contact their lender as soon as they think they're going to be in trouble.
Thanks for the heads up brother Alex ;-)
Alex, Those numbers are astounding! It's scary out there.
Well this is what I have been predicting for a few years now. It is time to close the doors. I hope the Sub Prime industry is over now. I cannot see how they can survive any longer by making available poor product type loans as they have in the last years. I hope all comes out well in your location. It is not here. Take care,
Bob
It really is sad with the mounting foreclosures affecting so many homeowners. What really needs to get out for the public to hear is that these homeowners do have options. So many stick their heads in the sand and hope it will all go away and unfortunately it doesn't. The ideal situation would be for the lenders to work out a loan modification or forebearance and if that isn't an option they can take a look at short sales. I, myself, are trying to help people in this area in the event the short sale is the way to go for them. It's a great way to help a truly distressed homeowner and to feel good about it at the same time.
Nice map! :-)
Alex - the statistics are really frightening. My prayers are with the families that are losing their homes - their slice of the American dream.
It is very frightening to watch the mortgage market dry up and people in jeopardy of losing their homes. Will there be any survivors?
Debra...... I am sure there will be survivors, but there are going to be a LOT of disappointed people who have marginal credit; they will have to wait and clean up what is on their files.
Alecia...... If those people do not get into a fixed rate mortgage soon they will not be able to pay thier obligations; that will hurt a whole bunch for a LOT of people.
British..... THANKS for the complement on my map..... anyone can see the listings I have featured on my website AND be able to zoom in and see where exactly they are located!
Lynn..... YES options, options...that is what people need to see! I will only use those other mortgages when I am investing for the short term....and with great caution.
Bob.... I hope everything works out also here...but, just like in your area there are going to be a whole bunch of people that get hurt by this fiasco. Mortgage companies that created this problem just wanted to get rich quick and now hundreds of thousands of home owners that should NOT have bought what they did are going to pay for it because some idiot took advantage of them and did NOT tell them the cold hard truth.... those people should have cleaned up their credit or NOT bought what they did out of greed, envy and materialism.
The whole nation is going to be in turmoil as this hits....I hope people wake up and get rid of their wrong ways of thinking.... This is just like a client I have...he is approved for an $180,000 loan, BUT he WANTS a $250,000 home and will not even THINK of looking at a home in his payment bracket.....if those other mortgage products were still out there, he would more than likely jump on the "interest only teaser rate adjustable" bandwagon like others.....to his own hurt down the road.......
Just think -- if people wake up, maybe a revival will result from this!!
Alex-People who do not specialize will miss the boat. Scary stuff.