SEATTLE AVENUE

There’s a steadily stream of media coverage about the rise of foreclosures in the US and the sub-prime lender blunder. CNN, NPR, local news, newspapers, blogs and such provide a variety of perspective and speculation.

I recall a real estate continuing education class I had with someone who has been in the Title business for something like 30 years or more. He’s seen a lot of cycles. I asked him what he thought about our wild market, 4% interest rates, financing and mortgage products so creative that I thought even my blind deaf dog could get a home loan, and the accompanying opportunities to make big bucks in a short amount of time that had people quitting their day jobs to flip houses, learning as they went (eegads, the quality or lack of!) He told me he suspected in “x” amount of time I’d be seeing a rate of foreclosures that had only been seen once in his long history. And sure enough it appears that “x” has arrived.

It’s not a happy thing to get a call from a past or new client who needs me because they’re in a short sale or foreclosure situation. It makes my heart sigh.

This article I read in CNNMoney.com about foreclosures across the nation is interesting and the chart they provide showing Foreclosure Market Statistics by State allows for a broad visual of the numbers.

If you’re in a jam, DON’T WAIT until the last minute. I received a voice mail from an elderly gentleman in January telling me his house was to be foreclosed on the next day. My advice: don’t do this.

You may be able to reposition your loan or take some other action from your attorney or lender. The sooner you react the more likely you’ll be able to get the help needed to hopefully save your home from foreclosure and your credit rating.

I’m always available for questions and assistance. Just don’t wait until the last minute.