More Than 7 Million Delinquent Loans
According to Lender Processing Services (LPS), there are more than 7 million mortgage loans delinquent or in the foreclosure process. This is up from the second-quarter 2010 figures we saw from the Mortgage Bankers Association, which showed approximately 6.2 million total delinquent mortgages. The numbers from LPS were provided as a preview of its report on September figures, based on roughly 40 million loans (to be released at the end of October).
At this time, it is important for real estate agents to adopt what we have termed a “distressed property mindset,” wherein success is not defined by transaction numbers, but in families saved.
Combined with the news about recent foreclosure freezes by major lenders and talk of future moratoriums, there is an opportunity to reach out to, and provide solutions to millions of distressed homeowners. The numbers from LPS show a drastic need for real estate agents to get involved with homeowners struggling to make mortgage payments, and the foreclosure freezes have provided vital, additional time for them to find dignified alternatives to foreclosure, including short sales.
So what’s your next move? Based on the market, based on these numbers, where are you taking your business? Today, the tough questions need to be asked.