Foreclosure and Mortgage Facts
FACT: November 11th, 2008 - Freddie Mac & Fannie Mae have just made a major announcement, stating that they will be working "aggressively" to find ways to help with working homeowners who are at least 90 days past due on their mortgage. This may seem like old news, but it is not. What we heard in the past was only politicians suggesting that they should do so while the both the politicians and the mortgage giants attempted to deflect responsibility and provide excuses for their inexcusable behavior.
FACT: November 11th, 2008 - CitiMortgage, the nation's fourth-largest mortgage lender is the first to announce sweeping change to the way they have handled defaulting mortgages. They have stated that they are willing to lower payments to no more than 40% of a families income. If necessary they will lower the interest rate or reset adjustable notes to the original rate. As a last ditch effort, they will even consider lowering the entire balance to today's fair market value or "mark to market".
Another first, which is a HUGE deal, is that they are even willing to help homeowners who have not yet fallen behind on their mortgage, if they live in an area where home prices are falling or unemployment rates are raising. We have yet to determine if this would include the Texas, as we are in fantastic shape compared to most other areas of the country. Regardless, this is a giant leap in the right direction!
FACT: July 29th, 2008 - Foreclosure postings in Harris County are up over 25% from numbers posted in the month of July for 2007.
FACT: July 11th, 2008 - The giant mortgage bank, IndyMac, is shut down by federal regulators.
FACT: Currently, there are nearly 5,102 homes in HOUSTON set for foreclosure on August . 2nd, 2008.
FACT: TX ranked 3rd in the US in the month of July, 2007 with nearly 9,000 foreclosures.
FACT: People living in Plano, Texas carry more debt per individual than any other city in the United States.
FACT: In the US, the average family will file bankruptcy within 4 months after one spouse loses a job.
FACT: 95% Realtors have never successfully executed a short sale to save a client from foreclosure.
FACT: Houston Preforeclosure has closed more short sales than anyone you know: see properties saved
FACT: Banks are desperate to avoid foreclosure and are usually willing to compensate us, on behalf of the homeowner, if we are able to assist our clients in avoiding foreclosure.