Dec. 7, 2007 - Feeling The Crunch?

I posted yesterday that I would be doing some verifying and evaluating. If I found anything that I thought might be beneficial to anyone who was headed into foreclosure troubles, I promised I would post it. My research has yielded a lot more than I expected. I found a site for a nonprofit organization, the Homeownership Preservation Foundation, that not only speaks to helping people who are facing foreclosure, it also has links to other nonprofits that help people who are overburdened with credit card debt.

My research also uncovered some statistics from a 2007 survey by default counselors in the Chicago area. According to the survey 45% of the defaults and foreclosures can be attributed to JOB LOSS. That's right, job loss. ARM resets account for 28% and fraudulent loans account for only 9%. All real estate facts are local and those numbers could be different in other areas of the country.

I realize that that adds up to only 82%, and I really don't know what the other 18% is caused by, but the interesting thing here is that if you listen to the news media on a daily basis, you get the impression that every foreclosure is caused by sub-prime lending. It scares me that the average person gets only the spin that the media wants to put on a subject. I understand that in a 30 second segment they can not read a three page press release, but come on, don't just pick out and regurgitate the scariest couple of words.

I suppose I am breaking the cardinal rule in the sneaky salesman's handbook by giving you a link to a place where you can find some relief if you are feeling the credit crunch. I have been to seminars and training sessions where they pound home the fact that I am only supposed to give you just enough information to make you want to call me for more. That way I can share a tidbit of information with you that will make me look like the smartest man in the world. It also gets me access to your contact information so I can periodically hound you to use me as your REALTOR® if you ever have a real estate need. I figure that if your in trouble financially right now, you sure don't need me ringing your telephone or filling your inbox. You have enough people doing that. My guess is that if anyone should ever benefit from the information I dispense, I'll hear from them sooner or later.

As always, if you have found yourself receiving my blog postings via e-mail, it is because I have either blogged about you personally, blogged about something I know is of interest to you, or I consider you to be a person of deep thinking and intellect and I would love to have you occasionally commenting on my blog. If you would like to be removed from the list simply send me an e-mail saying so.

Dec. 6, 2007 - I Hate My New Category