The foreclosure process has always been a long one. That’s been the bane of the economic recession but also the saving grace for many homeowners. As things have improved we’ve consistently seen the rope pulled from both ends. Consider this dramatic statistic.
Half of the foreclosures that were in process in December are still in process. Meaning it takes more than 10 months to wrap up a foreclosure. And only 2% of foreclosure owners had paid down their mortgage.
So what we’re looking at is a long, drawn out process. Is this positive as it gives homeowners a chance to explore short sale options or other alternatives? Or is this maddening because it keeps the foreclosure industry so backed up it makes it difficult to get anything done?
It’s kind of both. And that’s not a bad thing. We’re here to serve the homeowners and we’re here to make killer deals. It’s a noble occupation and the longer he have to do it the better servants we’ll be.