State of the Real Estate Industry
What is the state of the real estate industry? Despite years of home-price gains, about 10 percent of U.S. homes with mortgages remain seriously underwater, according to a new Attom Data Solution report. The report found that owners of 5.5 million homes, or 10.1 percent of all homes with mortgages, owe at least 25 percent more on the home than the home is worth. In central Ohio, 51,043 homes, or 11.9 percent of mortgaged properties, remain seriously upside down. Five years ago, more than 30 percent of central Ohio homes were seriously underwater.
Foreclosures rose from a year ago in 96 of the 219 metropolitan statistical areas, or 44% of the markets analyzed in the report 33 of those areas posted their third straight monthly increase. A total of 30,187 U.S. properties started the foreclosure process for the first time in July, up 1 percent from the previous month and while the increase was less than 1% from a year ago, it marked the first annual increase in exactly 3 years.
State of the Real Estate Industry
Foreclosure didn’t just suddenly appear like a box of kittens on your doorstep. Like hurricanes, there are signs of approaching trouble, including:
- having difficulty paying the mortgage payment on time
- having very little savings for emergencies
- using credit cards to get to the next payday
- paying the minimum on your credit cards
- neglecting doctor and dental visits
- shrinking from the ring of the phone
- change in employment or change in debt to income ratio
If you see your family in that list, you may be facing possible foreclosure. Here are 7 Ways to Avoid Virginia Beach area foreclosure:
- Contact your lender and level with them.
- Don’t ignore your mail. Those first envelopes will contain helpful suggestions to get things under control. Then will come legal action. Ignoring those notices can cause you to lose everything.
- Know the Process of Foreclosure: If you miss a few mortgage payments, you are in default. Your mortgage servicer will probably send a letter or two reminding you to get caught up, as well as call you to try to collect the payments. When the lender issues a notice of default, and you will have not less than 30 days to cure the default.
Here are four more of the 7 ways to Avoid Virginia Beach, Norfolk and Chesapeake Area Foreclosure:
- Contact Professionals – Your banker does not want to own your house. When you come clean about your financial situation, he may be able to modify the loan, offer forbearance, or give you repayment options.
- Contact a credit counselor. The objective of most credit counseling is to help the creditor avoid bankruptcy, as well as provide basic education on financial management. Many counseling services also negotiate with creditors on behalf of the borrower to reduce interest rates and late fees.
- Contact a bankruptcy attorney. That sounds contrary to taking responsibility, but you need to know your options so you can make informed decisions.
- Contact a professional real estate investor. You may want to sell your home fast to get out of the problem or to save your credit rating. As investors, we can help homeowners out of just about any situation, no matter what! There are no fees, up-front costs, commissions, or anything else. Just the simple truth about your home and how we can help you sell it fast to resolve any situation.
In summary, recognize approaching trouble, contact your lender, and seek professional help.
FREE information on How to sell your house fast
JT Integrity Properties is here to help homeowners out of any distressed situation.
As investors, we are in business to make a modest profit on any deal. However, we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Just the simple truth about your home and how we can help you sell it fast to resolve any situation.
Give us a call today at 260-202-2222 to let us know how we can help YOU.