I read an article in the Contra Costa Times yesterday.
It was also covered by all the news stations.
"Loan Defaults are the Worst in the East Bay!"
Hey, I can see that.
I blame all sorts of people here: LINK
Good people have been mislead into signing for more house than they can honestly afford.
The payments on the loan changes and viola!
"Honey, we can't afford to pay the mortgage this month"
And since money is the primary cause listed in divorces - guess what else the east bay might soon be leading in?
I was talking to a divorce attorney the other day and he was eagerly waiting for the flood. He already hired a couple extra people to help with the "soon to be" work load - really!
No matter why the current homeowner is past due there are a couple of things to look for here.
On the Opportunity Side of the coin, if you are buying your first home, picking up additional investment property, or just looking to get a deal - This may be your time!
- Distress Sales
- Foreclosures
- Notice of Defaults
- Short Sales
But are you ready?
To take advantage of any of the above you need your "Ducks in a Row".
You need to be able to act quickly.
You should be pre-approved now by a mortgage professional.
We're talking "Full Doc" and at a high enough interest rate that if rates bump 1/2 % your approval isn't out the window.
Remember, you are not locking at this rate, just qualifying at it.
Make sense?
Before you dive head first thinking you are going to get the deal of a lifetime - do your research. Read, read and read some more. Flipper? Start here: LINK
What if you are on the other side of the coin?
What if your spouse just told you, "Honey, we can't afford to pay the mortgage this month"?
Don't wait - don't hesitate - you need to Activate!
Get in contact with a mortgage professional now!
If you have to refi - do it.
If you have to sell - do it.
Do everything you can to NOT make a LATE mortgage payment.
Even if you have a couple of late payments - it's not the end of the world.
You still have options but ONLY if you act quickly - wait too long and those "opportunists" listed above will be taking advantage of you and you don't want that do you?
Want to read more about dealing with foreclosures?
http://www.patagoniafinance.com/2006/12/youre-in-foreclosure-happy-holidays.html
This post brought to you courtesy of Mike Mueller.
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