I have noticed that there has been an increase by York Pa Real Estate Agents using companies to negotiate a Short Sale for them. The reasoning behind it is that the vast majority of agents don't have a clue how to negotiate a successful short sale, so use a company to do it for them. On the surface most people probably don't see a reason why not to do that. 1. it save the agent time. 2 Agent can list a short sale and think they can make a commission. 3. The agent can tell the seller he has an experienced company handling it for them.
The problem with this strategy in my opinion is that the Seller could really get damaged by this type of procedure. First of all the Seller is in a distressed situation with the home potentially going to foreclosure. The Negotiation company charges a buyer a fee that in most cases the buyer is not willing to pay. This will mean the property will get few if any showings. Secondly if an offer does come in the Negotiating company starts the process, they do not know either the Seller or the Buyer. That means they have no personal rapport with either party and with that in mind when the Lender wants a lot of information so they can make a decision on the viability of the short sale the effort on the Negotiating company is less than satisfactory. The success ratio of such a company must be much less than what a Certified Distressed Property Expert will be able to offer. What is really troubling is that when an Real Estate Agent uses this type of company basically because they don't know what they are doing in regards to short sales, but they think they will get a commission paid to them if it is successful. Unfortunately this practice ultimately pushes the Seller into foreclosure. No one wins when that happens.
If you live in York, PA and in are facing foreclosure, please consider a Short Sale and put your situation in the hands of an experienced team The Pilgrim Team of Professional Realty Associates and be confident you made the right financial choice.
Showing posts with label Short Sales Home Forclosures Mortgages. Show all posts
Showing posts with label Short Sales Home Forclosures Mortgages. Show all posts
Monday, April 30, 2012
Startegic Foreclosures Good or Bad?
Recently there has been some talk about "strategic foreclosures". Unfortunately there have been some individuals promoting to people who are in financial distress and don't know where to turn when they have fallen behind in their mortgage payments. They have taken the stand that it is O.K. to just walk away and never look behind them for the consequences that come with such a move.
Just last week Good Morning America had a special about walking away from your commitment. The analogy they used was that if it is good enough for corporate America to do so, it is O.K. for the average homeowner too. It was totally irresponsible reporting and they should be taken to task to promote such a terrible injustice to the public. They did not mention what consequences there are to individuals who actually must work and maintain households, credit ratings and personal reputations if they allow a foreclosure to happen. Obviously they did not realize or even care that with that type of reporting people could be jeopardizing their financial futures including holding on to the job they currently have or a job in the future. Corporations don't have to think about those things as it not part of the business world. So yes, corporations do that sometimes but with different consequences.
Please don't consider a Strategic Foreclosure as you might not be happy what you may end up with. Call me today for a confidential interview and we can set the record straight and get you on the right financial path.
Just last week Good Morning America had a special about walking away from your commitment. The analogy they used was that if it is good enough for corporate America to do so, it is O.K. for the average homeowner too. It was totally irresponsible reporting and they should be taken to task to promote such a terrible injustice to the public. They did not mention what consequences there are to individuals who actually must work and maintain households, credit ratings and personal reputations if they allow a foreclosure to happen. Obviously they did not realize or even care that with that type of reporting people could be jeopardizing their financial futures including holding on to the job they currently have or a job in the future. Corporations don't have to think about those things as it not part of the business world. So yes, corporations do that sometimes but with different consequences.
Please don't consider a Strategic Foreclosure as you might not be happy what you may end up with. Call me today for a confidential interview and we can set the record straight and get you on the right financial path.
Friday, August 12, 2011
How to Buy a Short Sale Home the RIGHT WAY!
So you want to buy a house and have noticed that the best deals in York PA are typically short sales. Buy you've talked to people and they have told you not to buy one because they have heard stories about how someone they new wanted to buy a short sale and they waited for months and they never did buy it.
There are a few reasons for short sale not to be approved by the Lenders.
1. The Realtor who has the listing has NO knowledge of the process and shouldn't have taken it to begin with. Not only did the house did not sell to the buyer but they also may have jeopardized the homeowners chance to keep the house from foreclosure.
2. The Realtor listed the house at a very low price to get an offer from a buyer, knowing full well the offer would most likely be countered back at a much higher price which the buyer will not accept or can't accept because they cannot be approved by their lender to get a mortgage for the property at the higher price. Now the Realtor who listed the property thinks they have an approved price (but they really don't) and re-lists the house at that price and they change the price and now claims it is approved. Wrong! Once another offer comes in the offer must be approved again even if it is the "approved" asking price.
3. The Realtor does not know what the Lenders want during the negotiating process and cannot present a complete short sale package. What happens is the negotiator may totally reject the offer.
4. The Realtor may continue to take back up offers and forward them to the bank. Just in case the 1st offer falls through. This confuses the Lenders negotiator and they stop processing the offer.
5. The offer may contain many contingencies that the Lender does not want to see. There should not be any contingencies to make it a strong offer.
6. Believe it or not some real estate agents will take a listing as a short sale and not even know whether it can even be approved as a short sale based on necessary criteria. So what happens when an offer is submitted to the Lender and it will not even be considered because the seller has the ability to make the payments and nothing has changed that would keep that seller from not making that mortgage payments. The Seller just wants to sell because the house has lost equity, this is not a reason for the short sale to be approved.
Bottom line make sure if you want to buy a short sale use an experienced agent who has successfully negotiated sold short sales and helped buyers buy short sales. The Pilgrim Team is specially trained to help both Sellers and Buyers achieve their home goals. Call Jerry Pilgrim at Professional Realty Associates at 717-757-5955. You will be glad you did!
There are a few reasons for short sale not to be approved by the Lenders.
1. The Realtor who has the listing has NO knowledge of the process and shouldn't have taken it to begin with. Not only did the house did not sell to the buyer but they also may have jeopardized the homeowners chance to keep the house from foreclosure.
2. The Realtor listed the house at a very low price to get an offer from a buyer, knowing full well the offer would most likely be countered back at a much higher price which the buyer will not accept or can't accept because they cannot be approved by their lender to get a mortgage for the property at the higher price. Now the Realtor who listed the property thinks they have an approved price (but they really don't) and re-lists the house at that price and they change the price and now claims it is approved. Wrong! Once another offer comes in the offer must be approved again even if it is the "approved" asking price.
3. The Realtor does not know what the Lenders want during the negotiating process and cannot present a complete short sale package. What happens is the negotiator may totally reject the offer.
4. The Realtor may continue to take back up offers and forward them to the bank. Just in case the 1st offer falls through. This confuses the Lenders negotiator and they stop processing the offer.
5. The offer may contain many contingencies that the Lender does not want to see. There should not be any contingencies to make it a strong offer.
6. Believe it or not some real estate agents will take a listing as a short sale and not even know whether it can even be approved as a short sale based on necessary criteria. So what happens when an offer is submitted to the Lender and it will not even be considered because the seller has the ability to make the payments and nothing has changed that would keep that seller from not making that mortgage payments. The Seller just wants to sell because the house has lost equity, this is not a reason for the short sale to be approved.
Bottom line make sure if you want to buy a short sale use an experienced agent who has successfully negotiated sold short sales and helped buyers buy short sales. The Pilgrim Team is specially trained to help both Sellers and Buyers achieve their home goals. Call Jerry Pilgrim at Professional Realty Associates at 717-757-5955. You will be glad you did!
Wednesday, August 10, 2011
Free Foreclosure Avoidance Guide
I wanted to get in touch with you about some startling statistics regarding the latest distressed property trends.
In a recent study by Lender Processing Services (LPS), 6.38 million people were at least 30 days late on their mortgage payments. If you or someone you care about is feeling the stress of an unaffordable mortgage, please take the time to review the free foreclosure avoidance guide I’ve place on my website:
[insert your website address]
As a Certified Distressed Property Expert (CDPE), I can navigate a homeowner through a variety of options. I’ve listed some of the most common alternatives to foreclosures that homeowners can take advantage of to get back on the path to financial stability.
I would truly appreciate your taking the time to refer any homeowners you know that may need my assistance. I’m sure that they would appreciate it, too! The sooner they contact me, the more time we’ll have to develop a strategy to avoid foreclosure.
With gratitude,
Jerry Pilgrim
CDPE, CRS, e-Pro, Broker/Owner
Professional Realty Associates
Tuesday, May 24, 2011
Break Free From Unaffordable Mortgage Payments!
Break Free From Unaffordable Mortgage Payments!
A recent study in Nevada
The Realtors Association of York and Adams County (RAYAC) and the local Multiple List Service report for York County
Clearly, too few distressed homeowners know their options and the fallout of foreclosure. If they did, they’d soon realize that there’s nothing ‘strategic’ about foreclosure, and that avoiding foreclosure is always the best plan to create financial stability.
Millions of Americans feel alone and trapped by mortgage payments they can no longer afford. In fact, 27% of Americans with mortgages now owe more than what their home is worth. However, more and more of them are finding education on the responsible alternatives to foreclosure is helping them move toward financial stability.
Education is key. The more distressed homeowners know about solutions, the more likely they are to overcome their financial challenges. I’ve seen this firsthand.
I can help with the education part—it’s up to you to contact me!
Thursday, March 24, 2011
Stopping Foreclosures One Home Owner at a Time
FOR IMMEDIATE RELEASE For more information, please contact:
Jerry Pilgrim
717-757-5955
jpilgrim@pilgrimteam.com
Local Agent Takes a Stance Against Strategic Default Online report outlines the realities of “strategic default”—or walking away from a mortgage—and provides solutions for homeowners struggling to make mortgage payments in York County, PA.
York, PA - Local CDPE-designated agent, Jerry Pilgrim of Professional Realty Associates, has developed a website report providing information regarding the truth about a mortgage trend called “strategic default,” where homeowners walk away from their mortgages.
“There is a growing trend of distressed homeowners who have heard that a strategic default may be their best option,” Pilgrim said. “With this report, I’m showing homeowners that there are alternatives to foreclosure that can actually help them move on to a more stable financial future, rather than further damaging their credit, security clearance, or current or future employment.”
This community resource is available at www.YorkShortSales.com and explains the benefits of short sales, or selling a property for less than the current mortgage amount owed. Benefits include less damage to credit scores, and the ability to qualify for a future mortgage more quickly.
In a recent study, the Chicago Booth/Kellogg School Financial Trust Index estimated that 36 percent of Americans would consider walking away from their mortgage if they were “underwater,” or owed more than the property was worth. Now that one in four Americans is currently underwater, Pilgrim sees the need for greater education.
“Individual homeowners as well as our entire community would suffer the consequences of strategic default,” Pilgrim said. “I can share solutions and alternatives that can help preserve the financial stability of distressed homeowners and the values of our neighborhoods.”
The CDPE Designation Pilgrim has acquired provides a specific understanding of the complex issues confronting distressed homeowners. Through comprehensive training and experience, CDPE-designated agents are able to provide solutions for homeowners facing financial hardship in today’s market.
To learn more, visit www.YorkShortSales.com.
For more information about the CDPE Designation, visit www. CDPE.com.
IMPORTANT GOVERNMENT DISCLOSURE: You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Jerry Pilgrim
717-757-5955
jpilgrim@pilgrimteam.com
Local Agent Takes a Stance Against Strategic Default Online report outlines the realities of “strategic default”—or walking away from a mortgage—and provides solutions for homeowners struggling to make mortgage payments in York County, PA.
York, PA - Local CDPE-designated agent, Jerry Pilgrim of Professional Realty Associates, has developed a website report providing information regarding the truth about a mortgage trend called “strategic default,” where homeowners walk away from their mortgages.
“There is a growing trend of distressed homeowners who have heard that a strategic default may be their best option,” Pilgrim said. “With this report, I’m showing homeowners that there are alternatives to foreclosure that can actually help them move on to a more stable financial future, rather than further damaging their credit, security clearance, or current or future employment.”
This community resource is available at www.YorkShortSales.com and explains the benefits of short sales, or selling a property for less than the current mortgage amount owed. Benefits include less damage to credit scores, and the ability to qualify for a future mortgage more quickly.
In a recent study, the Chicago Booth/Kellogg School Financial Trust Index estimated that 36 percent of Americans would consider walking away from their mortgage if they were “underwater,” or owed more than the property was worth. Now that one in four Americans is currently underwater, Pilgrim sees the need for greater education.
“Individual homeowners as well as our entire community would suffer the consequences of strategic default,” Pilgrim said. “I can share solutions and alternatives that can help preserve the financial stability of distressed homeowners and the values of our neighborhoods.”
The CDPE Designation Pilgrim has acquired provides a specific understanding of the complex issues confronting distressed homeowners. Through comprehensive training and experience, CDPE-designated agents are able to provide solutions for homeowners facing financial hardship in today’s market.
To learn more, visit www.YorkShortSales.com.
For more information about the CDPE Designation, visit www. CDPE.com.
IMPORTANT GOVERNMENT DISCLOSURE: You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Thursday, October 14, 2010
National Distresses Property Numbers for Quarter 2 of 2010
The statistics below are for the National Real Estate Market. I track these numbers to get a better of what can be predicted in the future regarding pricing of homes. As you will see because there is so much inventory yet to be sold nationally and here in York, I believe that we can expect some further depreciation of value on real estate here unfortunately. If you would want more specific information on the current market value on your property contact Jerry Pilgrim at Professional Realty Associates for a complimentary home value analysis.
National Numbers for all current FHA Mortgage Loans in the 2nd quarter 2010
3.62% in Foreclosure, 12.63% in Default (30+ days late) which means there is a Total of 16.25% FHA properties in distress.
National Numbers, VA Loans 2nd quarter 2010
2.50% in Foreclosure, 7.48% in Default (30+ days late) for a Total of 9.98%
National Numbers for Subprime Loans 2nd quarter 2010
14.38% in Foreclosure, 25.90% in default (30+ days late) which is a Total of 40.28% properties in distress
National Numbers for Prime Loans 2nd quarter 2010
3.49% in Foreclosure, 6.66% in Default (30+ days late) for a Total of 10.15% properties in distress
National Numbers 2nd quarter 2010
4.57% in Foreclosure, 9.40% in default (30+ days late) for a Total of 13.97%
National Numbers all Mortgages
Total Distressed Properties 6,216,650
Total Predicted sales 3,830,000
* Numbers provided by the Mortgage Bankers Association, based on 44.5 million mortgages, non-seasonally adjusted
The numbers above indicate a national inventory of 19+ months properties to be sold. Keep in mind real estate is a local market so the numbers will vary from area to area. Here in York County PA we currently hava 17 month inventory based on local MLS statistics.
National Numbers for all current FHA Mortgage Loans in the 2nd quarter 2010
3.62% in Foreclosure, 12.63% in Default (30+ days late) which means there is a Total of 16.25% FHA properties in distress.
National Numbers, VA Loans 2nd quarter 2010
2.50% in Foreclosure, 7.48% in Default (30+ days late) for a Total of 9.98%
National Numbers for Subprime Loans 2nd quarter 2010
14.38% in Foreclosure, 25.90% in default (30+ days late) which is a Total of 40.28% properties in distress
National Numbers for Prime Loans 2nd quarter 2010
3.49% in Foreclosure, 6.66% in Default (30+ days late) for a Total of 10.15% properties in distress
National Numbers 2nd quarter 2010
4.57% in Foreclosure, 9.40% in default (30+ days late) for a Total of 13.97%
National Numbers all Mortgages
Total Distressed Properties 6,216,650
Total Predicted sales 3,830,000
* Numbers provided by the Mortgage Bankers Association, based on 44.5 million mortgages, non-seasonally adjusted
The numbers above indicate a national inventory of 19+ months properties to be sold. Keep in mind real estate is a local market so the numbers will vary from area to area. Here in York County PA we currently hava 17 month inventory based on local MLS statistics.
Thursday, June 24, 2010
FANNIE MAE MAKES NEW REGULATIONS ON STRATEGIC DEFAULTS
FANNIE MAE HAS COME UP WITH NEW STRATEGY ON HANDLING STRATEGIC DEFAULTS
Homeowners across the country and here in York, PA are hearing about the so called advantages of walking away form their financial obligation (mortgage) on their home. Fannie mae has decided that they will not take this lightly when a homeowner has the ability to pay their mortgage, yet deciides not to. Fannie Mae announced they will not allow a homeowner to be eligible for a Fannie Mae backed loan for at least 7 years. They also have said that if a state that allows a deficiency judgement (Pennsylvania does) they will do just that. Fannie Mae is letting homeowners know they will not take this lightly and pursue a claim against these homwowners.
Think twice about how this can adversely affect their ability to get new credit and also could cause an potential or even a existing employer to hire or retain that person due to the foreclosure and judgement on the credit report.
Homeowners across the country and here in York, PA are hearing about the so called advantages of walking away form their financial obligation (mortgage) on their home. Fannie mae has decided that they will not take this lightly when a homeowner has the ability to pay their mortgage, yet deciides not to. Fannie Mae announced they will not allow a homeowner to be eligible for a Fannie Mae backed loan for at least 7 years. They also have said that if a state that allows a deficiency judgement (Pennsylvania does) they will do just that. Fannie Mae is letting homeowners know they will not take this lightly and pursue a claim against these homwowners.
Think twice about how this can adversely affect their ability to get new credit and also could cause an potential or even a existing employer to hire or retain that person due to the foreclosure and judgement on the credit report.
Wednesday, June 16, 2010
Strategic Foreclosure? Is it really an option?
What is a "strategic foreclosure"? There has been a lot of talk lately on the news networks such as ABC, NBC, CBS, FOX News, MSNBC and others about these types of forclosures. I have heard the talk that if it is ggod enough for corporate america to walk away from the financial obigations it should be good enough for the private sector to do the same.
Think of it like this, and ask yourself these questions. Does the corporation have a family to feed? Does the corporation need a place to live? Does it need to have credit in the future to buy a house or even rent an apartment? Does it need a job? If you need any or all of these things STAY AWAY from the idea of a strategic foreclosure. They entice you to milk the system for all it can give you at the time, but remember payback can come back to hit you in a big way.
The only good foreclosue is NO foreclosure. You need an expert with the experience like a CDPE (Certified Distressed Property Expert) who can work closely with the Banks to negotiate a settlement that will not adversely affect you for a very long time such as a foreclosure can. Please go to my web site www.pilgrimteam.com and seach for my CDPE site for additional information that can help you or someone you may know who is struggling with the possibility of foreclosure.
Think of it like this, and ask yourself these questions. Does the corporation have a family to feed? Does the corporation need a place to live? Does it need to have credit in the future to buy a house or even rent an apartment? Does it need a job? If you need any or all of these things STAY AWAY from the idea of a strategic foreclosure. They entice you to milk the system for all it can give you at the time, but remember payback can come back to hit you in a big way.
The only good foreclosue is NO foreclosure. You need an expert with the experience like a CDPE (Certified Distressed Property Expert) who can work closely with the Banks to negotiate a settlement that will not adversely affect you for a very long time such as a foreclosure can. Please go to my web site www.pilgrimteam.com and seach for my CDPE site for additional information that can help you or someone you may know who is struggling with the possibility of foreclosure.
Friday, March 12, 2010
What Can a Certified Distressed Property Expert (CDPE) Do For You?
What can Jerry Pilgrim, a CDPEAdvanced member, offer to homeowners in distress?
“I am a member of the CDPEAdvanced program. You may have heard of CDPEs or Certified Distressed Property Experts before. We are agents who have committed to understanding and providing foreclosure avoidance solutions to homeowners facing financial hardship.
Being a real estate agent today means something different than perhaps a few years ago.
Today, around 15 percent of mortgages are delinquent, or not being paid. That means one in six homeowners you meet may be experiencing the same challenges you are. So the first thing you should know is that you’re not alone, and that there are millions of others across the country in your situation.
As a CDPEAdvanced member, I’m part of the charge to turn this crisis around by immersing myself in the solutions available to distressed homeowners. And my goal is to bring the best option to each individual homeowner.
CDPEAdvanced gives me access to regular industry updates from the Distressed Property Institute, a company created by real estate leaders with the specific purpose of pulling as many homeowners out of distress as possible.
I also have access to a network of top agents nationwide who are also dealing with distressed properties. This is a powerful tool. It lets me find out what is happening on the front lines, what banks and buyers are looking for, which foreclosure avoidance tactics are working and which ones aren’t.
Between the market analysis and the network of agent communication, I can offer you the most current, relevant solutions. This housing market has become such a moving target that anyone who isn’t taking extra steps to keep up will simply get left behind. My clients need to know all the options available to them, and that is what I can deliver. This is why I am a CDPEAdvanced member.”
Find out more by visting www.PilgrimTeam.com or visit www.StopYorkForeclosures.com
“I am a member of the CDPEAdvanced program. You may have heard of CDPEs or Certified Distressed Property Experts before. We are agents who have committed to understanding and providing foreclosure avoidance solutions to homeowners facing financial hardship.
Being a real estate agent today means something different than perhaps a few years ago.
Today, around 15 percent of mortgages are delinquent, or not being paid. That means one in six homeowners you meet may be experiencing the same challenges you are. So the first thing you should know is that you’re not alone, and that there are millions of others across the country in your situation.
As a CDPEAdvanced member, I’m part of the charge to turn this crisis around by immersing myself in the solutions available to distressed homeowners. And my goal is to bring the best option to each individual homeowner.
CDPEAdvanced gives me access to regular industry updates from the Distressed Property Institute, a company created by real estate leaders with the specific purpose of pulling as many homeowners out of distress as possible.
I also have access to a network of top agents nationwide who are also dealing with distressed properties. This is a powerful tool. It lets me find out what is happening on the front lines, what banks and buyers are looking for, which foreclosure avoidance tactics are working and which ones aren’t.
Between the market analysis and the network of agent communication, I can offer you the most current, relevant solutions. This housing market has become such a moving target that anyone who isn’t taking extra steps to keep up will simply get left behind. My clients need to know all the options available to them, and that is what I can deliver. This is why I am a CDPEAdvanced member.”
Find out more by visting www.PilgrimTeam.com or visit www.StopYorkForeclosures.com
Thursday, March 11, 2010
Prevent Mortgage Modification Fraud
Hi
I wanted to give you a heads up on something I think every single homeowner should be aware of. The FBI and U.S. Attorney General Eric Holder have reported a 400 percent increase in mortgage fraud cases from five years ago. Seems to be that with more homeowners unable to make mortgage payments, there are more and more predators trying to exploit these people.
I don't want to be unnecessarily alarmist. But this is a threat that you or anyone you know should be aware of when going through a real estate transaction. It's not the nicest thing to think about, but essential nonetheless.
For anyone you know who is considering a relocation, mortgage modification, short sale or any other transaction, I put together a free report available on my website that explains what kinds of fraud schemes the FBI has seen, as well as the "red flags" to look out for. You can download it here:
http://stopyorkpaforeclosure.com/
If you have any questions about mortgage scams, or if anyone you know needs legitimate, professional help with avoiding foreclosure, please don't hesitate to contact me. I am here to help.
I wanted to give you a heads up on something I think every single homeowner should be aware of. The FBI and U.S. Attorney General Eric Holder have reported a 400 percent increase in mortgage fraud cases from five years ago. Seems to be that with more homeowners unable to make mortgage payments, there are more and more predators trying to exploit these people.
I don't want to be unnecessarily alarmist. But this is a threat that you or anyone you know should be aware of when going through a real estate transaction. It's not the nicest thing to think about, but essential nonetheless.
For anyone you know who is considering a relocation, mortgage modification, short sale or any other transaction, I put together a free report available on my website that explains what kinds of fraud schemes the FBI has seen, as well as the "red flags" to look out for. You can download it here:
http://stopyorkpaforeclosure.com/
If you have any questions about mortgage scams, or if anyone you know needs legitimate, professional help with avoiding foreclosure, please don't hesitate to contact me. I am here to help.
Tuesday, February 16, 2010
Strategic Foreclosures Good or Bad?
Recently there has been some talk about "strategic foreclosures". Unfortunately there have been some individuals promoting to people who are in financial distress and don't know where to turn when they have fallen behind in their mortgage payments. They have taken the stand that it is O.K. to just walk away and never look behind them for the consequences that come with such a move.
Just last week Good Morning America had a special about walking away form your commitment. The analogy they used was that if it is good enough for corporate America to do so, it is O.K. for the average homeowner too. It was totally irresponsible reporting and they should be taken to task to promote such a terrible injustice to the public. They did not mention what consequences there are to individuals who actually must work and maintain households, credit ratings and personal reputations if they allow a foreclosure to happen. Obviously they did not realize or even care that with that type of reporting people could be jeopardizing their financial futures including holding on to the job they currently have or a job in the future. Corporations don't have to think about those things as it not part of the business world. So yes, corporations do that sometimes but with different consequences.
Please don't consider a Strategic Foreclosure as you might not be happy what you may end up with. Call me today for a confidential interview and we can set the record straight and get you on the right financial path.
Just last week Good Morning America had a special about walking away form your commitment. The analogy they used was that if it is good enough for corporate America to do so, it is O.K. for the average homeowner too. It was totally irresponsible reporting and they should be taken to task to promote such a terrible injustice to the public. They did not mention what consequences there are to individuals who actually must work and maintain households, credit ratings and personal reputations if they allow a foreclosure to happen. Obviously they did not realize or even care that with that type of reporting people could be jeopardizing their financial futures including holding on to the job they currently have or a job in the future. Corporations don't have to think about those things as it not part of the business world. So yes, corporations do that sometimes but with different consequences.
Please don't consider a Strategic Foreclosure as you might not be happy what you may end up with. Call me today for a confidential interview and we can set the record straight and get you on the right financial path.
Monday, January 25, 2010
Foreclosure Market Trends
UsForeclosure Market Trends Foreclosure Market Trends
Monday, January 25, 2010by The Pilgrim Team
Phone: 717-757-5955x101
Email: jpilgrim@pilgrimteam.com
Jerry Pilgrim
Professional Realty Associates
3921 E Market St
TYork, PA 17402
I am a Certified Distressed Property Expert and I pride myself as the local expert on buying or Listing York PA Homes distressed Homes for sale in york pa in York County. Contact me for a confidential meeting to assist you.
January 2010
Vol. 4, Issue 3
6 month National Foreclosure Trends
NOD NTS NFS LIS REO
REALTYTRAC® YEAR-END REPORT SHOWS RECORD 2.8 MILLION
U.S. PROPERTIES WITH FORECLOSURE FILINGS IN 2009
A total of 2,824,674 U.S. properties in received a foreclosure filing in 2009, a 21 percent increase in total properties from 2008 and a 120 percent increase in total properties from 2007, according to the RealtyTrac Year- End 2009 U.S. Foreclosure Market Report. The report also shows that 2.21 percent of all U.S. housing units (one in 45) received at least one foreclosure filing during the year, up from 1.84 percent in 2008, 1.03 percent in 2007 and0.58 percent in 2006. Foreclosure filings were reported on 349,519 U.S. properties in December and foreclosureactivity in the fourth quarter decreased 7 percent from the third quarter.
The latest idea bubbling up in the world of real estate is the use of principal reductions to stem the foreclosure tide, the theory being that if we lower mortgage balances then homeowners will have smaller monthly payments and fewer foreclosures. Truth is, the only reason lenders will reduce principal balances is when it's to their advantage. Reducing principal balances will instantly produce big and hideous losses, something Lenders don't want but something lenders will accept if the probability of even bigger and more hideous losses from short sales and foreclosures can be avoided.
Will Principal Cuts Reduce Foreclosures?
Here are some of the most recent Investment opportunities in the area.
Property Type Address Market Value Default Sq. Ft.
Bank-Owned
Airville, PA 17302
Delta Rd,$15,000 N/A 1,381
Auction Date: 2/8/10
Auction Dillsburg, PA 17019 Old Mill Rd,$78,140 N/A 2,127 Pine St Dillsburg PA, 17019 Market Value $126,040 Beds/Bath 3/1
Default Amount $N/A
Sq. FT 1,632
Pre-Foreclosure
FORECLOSURE TRENDS :
NOVEMBER 2009
NODs 88,790 0 0 NTSs160,660 0 0 FSs65,922 3,202 94
LISs 132,813 3,640 244
REOs 152,008 2,724 112
Faster Sales Coming For Foreclosure Buyers
Foreclosure buyers got a Christmas Eve goodie from Fannie Mae, a new strategy that's likely to make foreclosure purchasing very much quicker. The catch? A bunch of lenders are about to be very unhappy. With the growing number of distressed properties there's now a substantial “foreclosure discount” in most markets. What were once tolerable and controlled losses are today steep and sharp declines that leave lender red ink everywhere. The question for loan owners is this: Is there anyway to make such lender losses smaller? The answer, as we shall see, turns out to be good news for foreclosure buyers.
For More information on available foreclosures or short sales go to: www.StopyorkForeclosures.com
Monday, January 25, 2010by The Pilgrim Team
Phone: 717-757-5955x101
Email: jpilgrim@pilgrimteam.com
Jerry Pilgrim
Professional Realty Associates
3921 E Market St
TYork, PA 17402
I am a Certified Distressed Property Expert and I pride myself as the local expert on buying or Listing York PA Homes distressed Homes for sale in york pa in York County. Contact me for a confidential meeting to assist you.
January 2010
Vol. 4, Issue 3
6 month National Foreclosure Trends
NOD NTS NFS LIS REO
REALTYTRAC® YEAR-END REPORT SHOWS RECORD 2.8 MILLION
U.S. PROPERTIES WITH FORECLOSURE FILINGS IN 2009
A total of 2,824,674 U.S. properties in received a foreclosure filing in 2009, a 21 percent increase in total properties from 2008 and a 120 percent increase in total properties from 2007, according to the RealtyTrac Year- End 2009 U.S. Foreclosure Market Report. The report also shows that 2.21 percent of all U.S. housing units (one in 45) received at least one foreclosure filing during the year, up from 1.84 percent in 2008, 1.03 percent in 2007 and0.58 percent in 2006. Foreclosure filings were reported on 349,519 U.S. properties in December and foreclosureactivity in the fourth quarter decreased 7 percent from the third quarter.
The latest idea bubbling up in the world of real estate is the use of principal reductions to stem the foreclosure tide, the theory being that if we lower mortgage balances then homeowners will have smaller monthly payments and fewer foreclosures. Truth is, the only reason lenders will reduce principal balances is when it's to their advantage. Reducing principal balances will instantly produce big and hideous losses, something Lenders don't want but something lenders will accept if the probability of even bigger and more hideous losses from short sales and foreclosures can be avoided.
Will Principal Cuts Reduce Foreclosures?
Here are some of the most recent Investment opportunities in the area.
Property Type Address Market Value Default Sq. Ft.
Bank-Owned
Airville, PA 17302
Delta Rd,$15,000 N/A 1,381
Auction Date: 2/8/10
Auction Dillsburg, PA 17019 Old Mill Rd,$78,140 N/A 2,127 Pine St Dillsburg PA, 17019 Market Value $126,040 Beds/Bath 3/1
Default Amount $N/A
Sq. FT 1,632
Pre-Foreclosure
FORECLOSURE TRENDS :
NOVEMBER 2009
NODs 88,790 0 0 NTSs160,660 0 0 FSs65,922 3,202 94
LISs 132,813 3,640 244
REOs 152,008 2,724 112
Faster Sales Coming For Foreclosure Buyers
Foreclosure buyers got a Christmas Eve goodie from Fannie Mae, a new strategy that's likely to make foreclosure purchasing very much quicker. The catch? A bunch of lenders are about to be very unhappy. With the growing number of distressed properties there's now a substantial “foreclosure discount” in most markets. What were once tolerable and controlled losses are today steep and sharp declines that leave lender red ink everywhere. The question for loan owners is this: Is there anyway to make such lender losses smaller? The answer, as we shall see, turns out to be good news for foreclosure buyers.
For More information on available foreclosures or short sales go to: www.StopyorkForeclosures.com
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