Sarasota Realtor Mike Payne personally knows foreclosure and the confusion, anxiety, anger & fear associated with foreclosure. “Helping people avoid foreclosure is caring about the people behind this nightmare,” Payne adds.
The housing market fell off the cliff in the middle of 2006. I too was left holding investment properties trashed by tenants moving out in the middle of the night.
I couldn’t afford empty houses. And I couldn’t sell two houses fast enough…each losing value by the day. Yep, I know the anger, desperation, frustration & despair involved with (pre) foreclosure.
Instead of conceding defeat to foreclosure, I fought back, determined to short sell two properties and keep the debt collectors from chasing me for years. For many friends also needing to avoid foreclosure, I became their solution…to short sell investment properties dragging them down even further.
In the two years I fought to short sell two personal properties, I know helping people avoid foreclosure is more than just knowing what a short sale is or how to gain approval from a mortgage lender.
Real people hit with an unexpected financial blitz are going through this turmoil. They need help getting out of a bad situation that can get worse if I don’t help.
If you or someone you know fears losing a house, please email me immediately at mike [at] fixmyuglycredit [dot] com to get my phone number, even if the house is outside of Florida.
If I am not able to help you or your friend, I will try to connect you with a Realtor in your area who can help.
NOTE: Unfortunately, many realtors and mortgage people are not trained to help people avoid or delay foreclosure. They simply do not possess the knowledge or experience. Can’t blame them…nobody expected this foreclosure “tsunami.”
If you know me at all, you know I’m not a doom & gloom type of person. I always look for the positive in the bleakest situation.
However, economists and housing “experts” predict the economy and housing market over the next 2-3 years to be worse than during the last 3 years? Yikes!
Please watch the short 12-minute video I discovered. It’s powerful. What’s about to happen to the housing market throughout the United States dwarfs what already has happened.
That flat-out is impossible for me to believe…or fathom!
In fact, Scott Pelley of 60 Minutes reports on the mortgage crisis that’s far from over, with a second wave of expected defaults on the way that could deepen the bottom of the U.S. “depression“. Check out for yourself and then go below & let me know what you think:
Okay, so “they” predict another [bigger] mortgage shock heading our way! In Florida, foreclosures are staggering…already.
Seriously, I cannot imagine foreclosures & even defaults getting worse.
Yet, today the news reports TWO MILLION people have lost their jobs since January 1, 2009! My gosh, in just a couple months (of ’09), 2,000,000 have lost their jobs….
What else will they lose (or fear losing) without a job?
Nationwide, 1 in 10 homeowners is at least one payment behind.
In Florida, 1 in 5 homeowners is at least one payment behind.
From the short 12-minute video except from 60 Minutes I posted above, the experts predict the following:
- A SECOND mortgage shock is unraveling before our very eyes: Option ARMs & Alt-A loans
- Subprime mortgages were just the start
- 1 TRILLION dollar loss from subprime mortgages
- Another 1 TRILLION loss will come from Alt-A loans, loans to people who had good credit but who did NOT verify income, assets or even a job. Also referred to as “ninja” or “liar” loans. Note: “ninja” means “no income, no job or assets” loans. Borrowers did not have to prove income, a job or assets to get a loan. All borrowers had to do was have good credit and sign on the dotted line.
- Another 500 BILLION loss will come yet from Option Arm loans that will continue resetting, exploding many homeowners’ monthly payments. Experts predict at least 50-60% DEFAULT rate on all existing Option Arms.
- Peter Zalusky, real estate broker from Miami, Florida, and owner of Condo Vultures, states 110,000 properties are listed for sale in the Miami MLS; 55,000 of those properties in Miami MLS are in pre-foreclosure; another 19,000 of those properties are bank-owned (also known as “REO” or “real estate owned”…that is, the banks already have foreclosed and taken back the properties); and 68% of existing properties listed in MLS are in some stage of DISTRESSED situation.
Financial Strategist Shawn Eagen predicts, “2009…miserable! 2010…miserable!”
Absolutely do not allow a property to go to foreclosure. Whether it’s your primary home or an investment property/2nd home, you do not want a foreclosure. If a property in Florida goes to foreclosure, you will face debt collectors chasing you for years into the future as they attempt to collect on the deficiency amount recorded as a judgment on your reports after you lose the house.
Sarasota Realtor Mike Payne of Capitalist Realty wants you to know your options. Please do not stick your head in the sand, hoping for a better tomorrow. Whether it’s your primiary home or an investment/second home, you must create a plan to avoid foreclosure.
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