(12PressRelease.com) RealtyTrac.com predicts there will be over 1.2 million homes repossessed by banks in 2011,calling it “the peak†of our nation‘s foreclosure crisis.The projection is a 20 percent increase from previous repossession rates reported in 2010.Some experts attribute the crisis to unemployment, property depreciation, or general economic hardship; but perhaps none of these factors are as important as Freddie Mac‘s report that 6 in 10 homeowners in pre foreclosure aren‘t even aware of the programs and services available to help them prevent foreclosure.
Freddie Mac also reported that more than half of the homeowners who lose their homes to foreclosure never answer their lenders‘ phone calls or letters.They go on to say that homeowners feel embarrassed about being in default, don‘t believe their lender can help, and erroneously believe that contacting their lender will cause them to lose their home more quickly.
Jonathan Bowman, founder of Short Sale Association of America (SSAA), was quoted saying, “Knowing that this real-estate crisis impacts all of us, and most distressed homeowners will not seek assistance on their own, it is our responsibility to reach out and assist homeowners who are in a pre-foreclosure situation.The unique tools and systems provided at SSAA help real estate agents identify the exact number of homeowners in their area who are 30, 60, 90, or 120 days late on their mortgage payments and provide assistance at no cost to the homeowner.â€
SSAA released their interactive Pre-NOD heat Map to the public in January 2011.This state-of-the-art mortgage-default Map serves as a resource to real-estate professionals working with homeowners who are in pre foreclosure.Pre NOD is short for “pre-notice of default,†meaning a homeowner is behind on their payments but their default notice is not yet public record.Visitors can access the interactive Map free of charge to view the number of homeowners in their state and county who are behind on their mortgage payments.Real estate professionals can purchase the list of pre NOD leads by county or zip code, as well as the number of days that homeowners in their area are late on their mortgage payments. This will allow local professionals to identify and assist homeowners who are in need.
According to the Mortgage Bankers Association, over seven million U.S. homeowners are currently in default.Many are in the final stages of the pre-foreclosure process and now have limited options to avoid bank repossession.Based on current credit bureau data provided through SSAA‘s Pre-NOD Map, there are over 1.5 million homeowners nationwide whose default status is new enough that it has not yet been labeled as public record.These homeowners are still in the early stages of pre foreclosure and, if identified and assisted early on in the process, have a much greater chance of avoiding foreclosure and bank repossession.
Mr. Bowman adds, “SSAA helps our agents assist more homeowners by providing them with the tools, resources and training that will help them identify, educate, and help homeowners through this critical time in their financial lives. We believe that everyone wins, including taxpayers, banks, and most importantly, individual families and communities each time a homeowner is able to avoid foreclosure.We bring qualified,local real estate professionals together with distressed homeowners and their banks to help ensure that this happens whenever and wherever possibleâ€.There is usually no cost to the homeowner for these services and it can give distressed homeowners a fresh, new start.
Real estate broker for Opia Properties in Louisville, KY, Ellen Shaikun, says “SSAA gives a comprehensive, thoughtful, and purposeful structure to a confusing, negative situation.They allow real estate professionals a cutting edge advantage to make a positive difference in peoples‘ lives.†The clear advantage is in SSAA‘s ability to put real estate professionals in front of as many homeowners as possible to provide real, relevant short sale marketing solutions.As Miss Shaikun points out, “The housing crisis impacts all of us.We all know someone who needs help. Doing it the right way by finding them in the early stages of pre foreclosure is critical.†Visitors to SSAA‘s Pre-NOD Map can find out how many homeowners are in need of professional assistance by visiting www.ssaa.org or calling SSAA toll free at 1-855-PRE-NODS (773-6637).
Jonathan Bowman
http://www.ssaa.org
[email protected]
800-378-7722
- 10507 Timberwood Cir #100
Louisville
USA
40223
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