Mortgage Lenders Beware - Short Sale Fundamentals

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29
Nov

Mortgage Lenders Beware

unemployed mortgage lenderWe’ve all heard about the terrible mortgage situation. And we all know how bad unemployment is. Well, what do you get when you combine the two? No, not unemployed people who can’t pay their mortgages. You get people in the mortgage lending industry becoming unemployed! Shocking, isn’t it??

Yes, this is an often over-looked consequence of the terrible economy. Those dealing with mortgages just have far less business. Which necessarily leads to severe cutbacks. From October 2005 till now fewer than half of the 500,000 mortgage lending employees still hold jobs. That’s a pretty bad statistic, probably worse than almost any other industry, including building (but maybe someone out there wants to confirm that for me).

Every quarter, almost 1,000 more people are fired from mortgage companies than are hired. And in 2007 over 87,000 were fired. So 1000 less a month in the industry might actually be the best things have been.

I know it’s hard to feel bad for people who are mainly involved these days in foreclosing on unfortunate people. But then picture the situation they’re in when they go home from work for what could be the last time. What kind of reception do they get at home? And what does the future of their mortgage look like?

It’s important for us to remember that the circle of problems taking over the economy affects all areas. So if you’re wondering about those less fortunate than you, remember it could be the poor guy who has to serve you your foreclosure papers. Just keep that in mind.

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  • Soldit4them

    So true. No body is safe today. More jobs lose and more homes being foreclosed on. We need to work together and help each oth out of this mess.

  • V1nny1836

    Now you talk about mortgage people, what about the Real Eatate people that they work on commission and. Can't get deals close because on one side they have banks taking forever to approve a short sale and the same banks on the other side making it almost imposible for someone to get a loan, what about that? . Who has even mentioned that banks got a bailout money, who knows what really happen to that?

  • Cglobalvision

    Very true. I am a real estate agent who's home is in foreclosure. I work seven days a week. I have had over 1 million in sales that have fallen out due to funding. What is out there for me to keep me from living on the streets.

  • Bryan

    We are finally experiencing exactly what Thomas Jefferson predicted would happen as a result of the Federal Reserve. “If the American people ever allow private banks
    to control the issue of their money,
    first by inflation and then by deflation,
    the banks and corporations that will
    grow up around them (around the banks),
    will deprive the people of their property
    until their children will wake up homeless
    on the continent their fathers conquered.”
    The consumer based economy is set up to funnel resources from the bottom tier of the financial pyramid (you and me) to the top (banks, corporations) it is working quite nicely from that perspective. The answer from the Fed is to print more money, create more false value; this will most certainly cause a major increase in inflation. Would you rather eat a $1 bill or a turkey sandwich?

  • Bryan

    We need to create strong, self-sufficient communities interconnected by the exchange of information.

  • http://www.shortsaleology.com Cory Boatright

    Bryan – I like that!

  • http://www.shortsaleology.com Cory Boatright

    Bryan – good point. One world currency is the “buzz” You believe that could happen?

  • http://www.shortsaleology.com Cory Boatright

    Keep your head up and make relationships with private and local banks and credit unions. They will help you when “traditional”and “conventional” financing options fall though.

  • http://www.shortsaleology.com Cory Boatright

    V1nny – You need to make relationships with local banks and credit unions. They want to loan money now, but they also want to make sure the person has good credit.

  • http://www.shortsaleology.com Cory Boatright

    Soldit4them – I agree!



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