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12% of homes (1 in 8) are behind in payments
Real Estate News Overview:
According to the Mortgage Bankers Association, nearly 1 in 8 of the nation’s home mortgage holders (12% of residential mortgages) were behind in their payments in the first quarter — the most since 1972.
Additionally, it may be surprising to know that sub prime loans aren’t the focus of attention right now. It appears as though Prime fixed-rate loans now represent the largest share of new foreclosures.
Experts also estimate that foreclosures will worsen in coming quarters due to rising unemployment.
Real Estate Investor Coach Response:
Whew…. Although it is terrible to hear that so many people are continuing to struggle with their mortgage payments, the thing I would like for you to remember is that “you” (the real estate investor) didn’t put them in this position. It is your job to continue to remain positive and educated in all the ways you can buy these houses (primarily through short sale in this case) because for every house that you can buy through short sale negotiation is one more house that didn’t go through foreclosure, which is a good thing!
Additionally, knowing that the Prime loans are suffering just as much as the Sub Prime Loans is really interesting to me. These all continue to be great opportunities for you to go out and make some really big checks. I hope that you are aggressively targeting Pre-Foreclosure homes to purchase just like I am every day. If you are GREAT! If you are not, then you know that you should be! If you are unsure how to get started investing in Pre-Foreclosures, Foreclosures, Short Sales, etc. then:
and get your copy of “Foreclosure Crisis Into Cash Fortunes” ($19.95 value.)
If I was new in the Biz, this is the first place I would start.
Post your comments on this article below.
To your Real Estate Investing Success,
Brian Evans
Real Estate News – Obama offering Foreclosure Help
Real Estate News Overview:
Obama and his aides are striving for alternatives to foreclosure, and so they should be. It has been mentioned that homeowners unable to qualify for a modification to their mortgage will see a more streamlined process for pursuing short sales and deeds-in-lieu-of-foreclosures. New incentives will be offered to help spur loan modifications in areas where home prices have fallen the most and lenders fear that they’ll keep falling. The incentives are designed to partly offset investor losses on the mortgages, and encourage loan modifications instead of foreclosures. A total of $10 billion in incentives could be paid to lenders, mortgage servicers and investors to modify loans.
Real Estate Investor Coach Response:
Once again, Obama thinks he can just throw money at the problem. Perhaps it will help, only time will tell. Again, my issue is…where is this money coming from. I have a scary feeling that inflation will soon become the primary concern of this economy and the value of a dollar will struggle greatly.
In any event, back to real estate investing because the opportunities to make a lot of money in this market are HUGE. Short Sales, Seller Financing, Lease Options….OH MY! Hopefully Obama will make the short sale process more streamlined. Not really sure what that means, but perhaps we’ll find out. Anything more streamlined than it is currently will be a plus. Although short sales take time, they are pretty darn awesome! I do love big checks….don’t you?!
To your Real Estate Investing Success,
Brian Evans
P.S. If this article was helpful, or if you have questions about this article, then post your comments below and I’ll be happy to respond as quickly as possible!
Short Sale Investing Tips - What is a Short Sale
From one Real Estate Investor to another, I believe it is very important to always fully understand the basics to what you are doing. With that said, this audio message will discusses the question…What is a short sale?
- Always remember that you are buying a property from the seller, not the lender.
- You are justifying your offer to the lender and trying to get them to take a discount.
- The lenders options are few, so it is your job to make them want to do business with you based on your offer.
- The process can take anywhere from 2-4 months on average, or longer depending on the situation.
- There are never any guarantees that the deal will actually go through, however the better you justify yourself and your offer, the better your chances!
Talk back to me friends and let me know your thoughts on this audio post. I want to know what you like, dislike and everything in between. I’m listening!
To your Real Estate Investing Success,
Brian Evans
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