Well 2013 is upon us and it will be interesting to see what takes place. As there are many reports of the housing market springing up there are also many mortgages still in default.
Here is an interesting article from Survival and Prosperity, about the next foreclosure wave and how it may impact the housing recovery.
What say you?
Comments
Your welcome Walter, I am expecting the same.
Hi David, I did not know that....thanks for the info.
Hedge funds are making the move to buy up excess inventory, they're not interested in anything built before 2005. DYK if your first mortgage is higher than market value you can negotiate your second for 15 cents on a dollar, without filing BK
Thanks for the article nancy. I am expecting a busy first qtr in 2013 here in the Tampa Bay area
Yes, Marvin that is exactly right. These programs meant to help have actually made things worse and in some cases have forced homeowners to the short sale or foreclosure process by telling them to stop paying as their files were being reviewed for loan modifications. At this point it seems that a major purchase from these would be fund players may be our best way out of this mess.
Nancy the world is changing under our noses. A majhor factor of the current FC slowdown is the lenders response to the government on a fed and state level putting programs into place to 'help' thepoor owners to save their homes. As we already know, the HAMP type garbage has just been garbage. Our statesd atty general stopped regular auction foreclosures and said lenders must give ownewrs another chance to modify.No lender ever wanted to modify and they still dont. What did that do?
JUDICIAL FORECLOSURE!! The state didnt shut the back door so the lenders stopped processing for normal foreclosures and are converting to the judicialprocess. The good thing is that this sudden load is slowing the system down and giving folks a few more months before being kicked to the curb. As Ive reported elsewhere, word is that the worlds major investment fund players are thinking about buying up all the shadow inventory they can to become mega,mega landlords. They can offer banks pennies on the dollars to takeentire REO loads. Some are calling me crazy but mark down this threads address for future reference.
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