Industry News

Finding opportunity in foreclosures

Agents' goodwill can build reputation

Many people are predicting that 2009 will be even worse than 2008 in terms of foreclosures. The real issue is not how many people end up facing foreclosure, but how many work out their issues and are able to stay in their homes. While the headlines continue to highlight the volume of foreclosure filings and substantial price declines in many markets, Hope Now released a fascinating report outlining how many people they have helped stay in their homes. Hope Now, an alliance of mortgage servicers, counselors and investors whose mission is to prevent foreclosures, said in a December report that alliance members were on pace to engage in 2.2 million loan workouts and modifications in 2008, based on data for the first 11 months of the year. Looking ahead to 2009, Hope Now expects to double the number of modifications due to streamlining their processes with Fannie Mae, Freddie Mac and FHA, as well being able to work with consumers who have secondary financing. During September...