April 14, 2014

Are you in foreclosure limbo?

By Timothy Stull (http://www.fresh-start.co)

Are you in foreclosure limbo?

This recent article in the New York Post ~ http://nypost.com/2014/03/01/many-nyers-living-sans-mortgage-bill/ ~ really hits the mark when it comes the new foreclosure limbo crisis looming.  Though the crisis explains the problem at hand, it does not explain the destructive elements tied into foreclosure limbo.  Banks and Federal Government have trained the public to represent themselves on all foreclosure and high level mortgage debt problems.  Keep in mind that these are serious big money credit problems….they must be dealt with as such.  They are not small time collection issues that can be easily solved.  Most importantly these issues relate to primary shelter for families ~ the roof over their heads.  Make no mistake about it, the bank or mortgage servicers are not here to help home owners.  Nearly 7 million families are over 2 years delinquent on mortgage payments….those statistics have disappeared from the “so called” foreclosure ratios.  Since the Notice of Default was filed a long time ago and no foreclosure sale date action has been taken, these loans has disappeared into “foreclosure limbo”.  The foreclosure limbo zone may seem comfortable….no mortgage payments for long stretches, minimal collection harassment & a lot of extra disposable income.  However, for many families it has turned into a financial death trap.  Very few families save any money during this process and many increase their credit debt loads.  It seems like one financial bad habit leads to many others.  Ultimately all of this leads to disaster.  Rising home prices and an improving economy have the mortgage servicers on the attack.  They are better prepared than ever to collect aggressively and foreclose.  Organization is key for large scale collection operations…..and now the mortgage servicers are organized.  They know how much equity you have in your property, how much money you make and how much you have in the bank.  This is a much more sophisticated foreclosure arena than 2008.  For nearly all families, plan “B” is a move to a smaller apartment, in a less desirable area for a higher price.  The overall negative psychological impact it can have on a family is enormous.  In these particular long run “foreclosure limbo” cases. The best offense is a good defense.  If you can slow down or block the foreclosure process, you are likely to achieve a loan work out or modification.  This is much easier said than done.  This is the big money collection game and a very aggressive one at that.  Most families don’t have what it takes to deal with this problem solo & most folks can’t go on to plan “B”.  Adaptation for many families will be extremely difficult for many families.  This entire fiasco will not be fun to watch as it unfolds.  As always, feel free to call me at 877.297.7011 or email tstull@thefreshstartfirm.com with any questions.

Be Sociable, Share!

6 Responses to “Are you in foreclosure limbo?”

  1. Christena Says:

    What’s up, yup this article is truly good and I have learned lot of things from it on the topic of blogging. thanks.

    Feel free to visit my blog – site – Christena – http://www.iamsport.org/pg/bookmarks/sweetspastor5/read/26178644/good-advice-for-better-dental-health-and-hygiene

  2. Latonya Says:

    First off I would like to say terrific blog! I had
    a quick question in which I’d like to ask if you don’t mind.
    I was interested to find out how you center yourself and clear your head prior to writing.
    I have had difficulty clearing my thoughts in getting my ideas out there.
    I do enjoy writing but it just seems like the first 10 to 15 minutes are
    generally lost just trying to figure out how to begin. Any suggestions or hints?
    Kudos!

    my web page: web page – Latonya,

  3. Nora Says:

    Hello mates, how is all, and what you desire to say on the topic of this post,
    in my view its in fact amazing in support of me.

    My web blog … website – Nora,

  4. Garland Says:

    Awesome post.

    My web site; web page [Garland]

  5. best dui attorney in tucson Says:

    It’s a pity you don’t have a donate button! I’d without a doubt donate to this fantastic blog!
    I suppose for now i’ll settle for bookmarking and adding your RSS feed to my Google account.

    I look forward to fresh updates and will talk about this blog with my Facebook group.
    Talk soon!

    My web site best dui attorney in tucson

  6. Timothy Stull Says:

    Any funds for donation can be sent to The Fresh Start Firm, PO Box 71476, Phoenix, AZ 85050

Leave a Reply