DISTRESSED HOMEOWNERS - CONSIDER CHANGING COURSE

Foreclosure fears foster true grief.

Reports of foreclosures by the millions have been in the news so much over the past few years that to some, it might seem like the new normal. As a real estate professional, in the trenches with financially stressed homeowners every day, it never feels like business-as-usual.

The prospect of losing ones home is a major source of grief, and often, goes hand in hand with other tragic setbacks like; job loss, divorce, death of a loved one, mounting medical bills or skyrocketing mortgage payments.

Unfortunately, the first stage of grief is denial. That’s even more the case when the threat of foreclosure is looming.

No one wants to talk about financial trouble—even when millions of others are in the same position. It’s completely understandable. But for homeowners who are behind on mortgage payments, decisive action is often the most critical step toward ensuring the best possible solution.

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, I help homeowners everyday deal with the grief and uncertainty that accompanies the prospect of losing a home. In the process, I can help homeowners get on a path toward financial solvency.

If you or someone you care about would like to change the course of a life that’s facing foreclosure, I can help. Please contact me today at 503-371-5209 or www.amymcleod.net.

Foreclosure Activity Brings Both Good News and Bad

What more foreclosures and longer processing times may mean for the housing market

(map from RealtyTrac.com)

RealtyTrac® reported that foreclosure activity in the third quarter was up slightly (less than 1 percent) from Q2, and down 34 percent from the same period last year. September activity was down 6 percent from August, marking the 12^th month in a row that foreclosure activity has decreased from the previous month.

An Associated Press article (found on NPR.org) notes that “A pickup in foreclosure activity also means a potentially faster turnaround for the U.S. housing market. Experts say a revival isn't likely to occur as long as there remains a glut of potential foreclosures hovering over the market.”

Although foreclosure filings may be on an upward trend, the foreclosure timeline seems only to be lengthening. According to RealtyTrac, foreclosures were completed in an average of 318 days in Q2, while the process took 336 days on average to complete in Q3. New York state’s average for completing a foreclosure was the highest in the country at 986 days. Compare that to Tennessee, where a foreclosure process averages about 94 days from beginning to end.