Here’s a surprising stat that I was (half) shocked to see. According to a recent study by the Warren Group, the number of foreclosure petitions is on the rise. This is when a borrower requests an injunction to stop the foreclosure process.
Now obviously it makes sense that people would want to stop the foreclosure. Who wouldn’t? But what’s unusual is that they should be on the rise. You see most people believe that the number of foreclosures out there is on the decline. The shadow inventory of foreclosures is being whittled down so there should less foreclosures. Less foreclosures means less injunctions.
But that’s really missing part of the picture. A crucial part actually. More people are being made aware of alternatives. More homeowners are standing up for their rights and realizing the banks don’t have all the power.
So while foreclosure attempts might increase borrowers are going to be fighting them harder than ever. This is probably because they realize if they buy time they can take advantage of other options, such as short sales.
I think you should view this very positively. Realize there’s work out there for all of us and plenty of business to be had. Interested?