The 2nd Wave…See for yourself!

http://lorimcclelland.com/files/2009/10/Mortgage-Rate-Reset-Schedule.pdf

Check it out…you’ve heard there was a 2nd wave coming…you can see for yourself.

This graph info is from Credit Suisse and I first saw it last Dec 08 used by one of the economists at California Association of Realtors. 

So had we all just faced the music on this we would have been through this mess by 2012. Since the government has intervened and imposed foreclosure moritoriums and loan modification incentives for banks….it seems they’ve now kicked the can down the road to 2015.

If you’re a distressed homeowner the banks are more willing than ever to look at a Loan Modification. Be careful what they offer you…I’m hearing stuff like Interest Only Loan Mods…I question who that really helps…. If a Loan Mod does not work for you, the banks are now more willing than ever to approve a Short Sale which is far better for your credit than a Foreclosure. By the way… we are getting Multiple Offer’s on Short Sale listings…that’s great news if you’re a distressed seller!

If you are a buyer today….be patient…we’re seeing multiple offer’s like crazy in the most affordable price ranges…I’m not talking 2 or 3 offer’s….I’m talking 10-40 offer’s. It’s the same crazy behavior we saw in the run up of the real estate bubble.  Be patient and most importantly be prepared. You must be pre-qualified with a lender and ready to write an offer.