September 19th, 2011, posted by Brandon
The report this week was that foreclosure filings are once again on the rise. What’s going on?
The reality is there is a backlog of delinquent mortgages that have been caught in a process that is overloaded and thus delayed. I’ve said it again, and I’ll say it now – the key to a full recovery in the real estate market is to move people out of homes they cannot afford and into homes they can. Though well intended, I believe the programs to keep people in their homes on temporary modification plans only push the resolution of our marketplace further down the road.
It is time we, as real estate professionals, have the difficult, but necessary conversations that allow people to move forward in their lives – with new, more affordable living arrangements. It is time to move delinquent loans to the marketplace now by having those conversations, and allow people to move on.