OfflineA frightening statistic and fact. Of all of the homeowners who are at least 60 days late on their mortgage, over 70% are NOT currently in some kind of work out with their mortgage company. That means seven out of every ten delinquent borrower are NOT even trying to do a short sale, loan modification, repayment plan, forbearance or deed in lieu of foreclosure. Nothing. As if avoiding the problem completely will make it go away.
Unfortunately, doing nothing has worked in their favor for the last two years. But this mentality will have to stop soon as the banks make headway on their problems.
Their is an opportunity here for the people that can see it; but always make sure you have an exit plan.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
That truly is a frightening statistic, and very a sad one. I have seen over the years many people who have defaulted on their mortgage go into hiding. They have reached out to friends and family for help initially and when none could be found they gave up. Never thinking that the lender may be able to help. They also could have tried to sell the property any number of things they could of done but they had never been in the situation before of being behind or late and just froze.
Understanding how to help these people and educating them on their options is a great thing to do to help ease this crisis. It may turn into a deal for you.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125