Woody Dahlen, Realtor PSC... REO and Pre-Foreclosure Specialist
By Jacob Swodeck For the last year or so, the foreclosure prevention programs (moratoriums, etc.) have created huge backlogs for many of the national mortgage servicers. As the dust starts to settle, RealtyTrac reported today that nearly one million properties had foreclosure filings brought against them in the first quarter of 2010 (Q1=Jan., Feb., March 2010). That is up 16% from last year Q1, which equates to about one in every 138 households experiencing foreclosure filings. So what does this mean for PSC’s? A few intelligent assumptions can be made from these statistics. Assumption #1: These Huge Backlogs are Full of Short Sales! At PartnerFirst we know firsthand that many of the loans that are backlogged are potential short sales that the servicer could not address last year due to the overwhelming inventory and complexities of the new government programs like HAMP and HAFA. This is the start of the “wave” we have been talking about since last summer (2009). Assumption #2: The Increase in Foreclosures will Inspire Homeowners to Act For the last couple of years, many homeowners have allowed their mortgage delinquency to linger as they hedge their bets against the foreclosure process. Hearing that servicers are foreclosing more frequently once again will more than likely have a healthy affect on the mindset of many defaulting homeowners. In our estimation, more will seek out relief options will include loan mods and short sales. Assumption #3: Agent Management Services (A.M.S.) like PartnerFirst Will Thrive The REO networks of yesterday are the A.M.S. panels of today. Component servicers need and will contract with third party A.M.S. companies to help facilitate the massive volume of defaulted homeowners that will flood the servicers /component servicers phone lines with relief option questions, loan mod requests, and short sale submissions. We can only wait and see but it is obvious that on the heels of the “good news” of the HAFA rollout, servicers are getting more serious about foreclosure. A sentiment of “enough is enough” seems to be coming from the mortgage investors/servicers world. Might I be so bold as to say, it is about time… First Post! 04/30/2010
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1 Comment | AuthorJacob Swodeck is an active, top producing agent with over 10 years experience in short sales. Additionally, Jacob is my Team MATRIX leader at Millenia Real Estate Services. ArchivesCategories |
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