The Other day Renae Stucki Realtor heard a news story about foreclosures starting to rise again in various parts of the country. And although it’s true the numbers are indicating there are more foreclosures hitting the markets, it’s a false positive and there’s not reason to get worried or upset about it and here’s why…
Many of these new foreclosures are the result of red tape and government amnesty programs. And it’s only happening in parts of the country where these programs were put into play.
For example… Let’s discuss Maine because it’s seeing a spike in foreclosures and both reasons can be seen in this one state.
During the huge rash of foreclosures, banks were forced to put moratoriums on various home foreclosures. This means, the banks weren’t allowed to foreclose on the properties without the home owners and the banks working together to resolve the issue and reach an equitable settlement. This moratorium was government mandated and the time has run out on many of these properties. Now that they’re no longer being protected by the government, banks are clearing their books and finalizing the foreclosures.
Some states also had courts that ordered the banks to work with clients to find solutions to their foreclosures and the time limits for those negotiations are also starting to expire. Because of this, banks are taking hold of properties they’ve been fighting over for years and are putting them on the market as quickly as possible in hope of unloading them and minimizing the effects these properties will have on their overall balance sheets.
But we’re not seeing a lot of this around our area. The economy is getting stronger and responsible lending by local institutions has prevented our community from falling into this trap.
So feel confident in calling today and shopping for your home in this amazing location.
