All this week here we will be discussing how to stop foreclosure with the help of NACA, The Neighborhood Assistance Corporation of America (“NACA”). In yesterday’s post, we gave an overview of the paperwork you need to bring to a NACA “Stop Foreclosure” workshop, and what you have to do with it.

After the Workshop: How to Continue to Work with NACA to Get Your Lender to Stop Foreclosure  

Today, we’re going to discuss how to continue to work with NACA after the workshop to stop foreclosure.

In yesterday’s post, we told you that NACA scans all of the documents you send them into their database. This is your NACA file. You are also assigned a NACA ID and given a log-in to access your file online. NACA is a paperless organization; they don’t accept paperwork mailed in. All info you send to them has to be faxed in and they accept it as a paperless fax (a scanned file).

You will also be given a NACA fax cover sheet that has your NACA ID on it to use every time you send info in.

At any time, you can log in and see everything that’s going on with your file, eg, if your lender has responded, if you need to send in additional documents, if your home loan modification has been approved, etc.

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Working with NACA to Stop Foreclosure Is a Process – So Be Patient 

Anyone who has requested a home loan modification knows that the process can be long and frustrating. But, with your help, NACA can get loans approved quicker than you can on your own.  And remember, all help you receive from NACA is free, so be patient.

How to Speed Up Getting a Home Loan Modification Process When Working with NACA

It’s up to you to log in, check your file (you should do this daily), send in documents requested in a timely manner and even follow up with your lender. As we stated yesterday, NACA simply doesn’t have the manpower to hand-hold every homeowner.

The more proactive you are – especially when it comes to pestering your lender — the faster the process will go. As one homeowner who got their home loan modified via NACA said on a forum where many were criticizing the organization:

My advice to you is that if you are in a hurry and expect everything to be served to you in a silver platter, go elsewhere. NACA might not return calls, email and so on… but they will help you and connect you with a representative from your bank. My daughter is currently working with them to buy a home. Patience is key in most cases, but the help is out there! [Source: Does NACA lie to homeowners and the media? YES! See 9/29/2010 comment by user Sylvia].

So be prepared to put in your share of sweat equity. After all, what do you have to lose – except . . . your home?

Related Posts

Home Loan Help: Documents Needed to Apply for a Mortgage Modification with HSBC (and Other Lenders)

Home Loan Modification Help: Lenders Call It “Dual Tracking”; Homeowners Call It “Double Crossing”

Stopping Foreclosure: Obama Administration to Launch 2 New Programs to Help Homeowners Avoid Foreclosure (One is for Unemployed Homeowners)

Stopping Foreclosure: Banks Considering Giving Principal Reductions, Permanent Modifications & More to Prevent Foreclosure for Many Homeowners

Mortgage Loan Modification: Top 10 Questions About (Home) Loan Modifications

Foreclosure Advice: Should You Continue to Pay Your Mortgage While You Wait for a Home Loan Modification?

Home Foreclosure News: Occupy Wall Street People Have Been Stealing Our Ideas on How to End the Home Foreclosure Crisis

Stopping Foreclosure: Loan Modification Program That Helps Struggling Homeowners

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter. Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

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 Documents to Prepare to Bring with You to a NACA “Stop Foreclosure” Workshop

All this week here we will be discussing how to stop foreclosure with the help of NACA, The Neighborhood Assistance Corporation of America (“NACA”). In yesterday’s post, we gave an overview of what to expect when you attend a NACA workshop.

Today, we’re going to go over the paperwork you need to bring to the workshop, and what you have to do with it.

Stop Foreclosure: Documents You Need to Bring with You to a NACA Workshop

On this page of NACA’s website, you’ll find a list of the documents you need to bring with you if you want to get a same-day home loan modification. You don’t have to bring anything with you, but if want to get help immediately, it’s so worth it.

As we stated in yesterday’s post, it’s going to be an all-day thing – anywhere from 8-12 hours. You have to wait in line and attend orientations anyway to get the information you need, so why not be ready – then and there – to apply for a home loan modification.

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Documents You Can Print from the Web 

Following are links to the documents they ask for that you can print from the web.

4506 Form: This is a Request for Transcript of Tax Return form. This allows NACA to request a copy of your tax return from the IRS. One page.

RMA Form: Request for Modification Affidavit. This is a government (Fannie Mae). About 90% of the home loans in the U.S. are with Fannie Mae / Freddie Mac. So when you request a home loan modification, you’re probably going to be dealing with them (via your lender) in some way. Three pages.

Dodd-Frank Form: This form is just one page that you sign (print last page of this doc only). By signing it, you certifying that you haven’t been convicted of any crime related to a mortgage or real estate transaction in the last 10 years.

This legislation was signed into law by President Obama in direct response to a lot of the mortgage and financial fraud that led to the current housing crisis. Learn more about the Dodd-Frank Act.

Credit Bureau Authorization Form: Allows NACA to pull your credit report. Don’t worry, getting help from NACA has nothing to do with your credit. The reason they pull your credit report is to see if you own more than one home. In order to get home loan modification help from NACA, your home must be your primary residence and you must live there. So, if you have other properties, you don’t qualify.

All of the other documents you’re required to bring are stuff you should have (eg, proof of homeowners insurance, bank statements, W2’s, etc.) and/or create yourself (eg, a hardship letter). 

What You Will be Doing with Your Paperwork During the NACA Workshop

Don’t think that you can fudge numbers (especially if you’re self-employed) with NACA. You can’t. Why? Because they require proof of EVERYTHING in the form of printed bank statements, copies of check stubs, etc.

If you can’t verify it, it doesn’t exist. So, just know that going in. And once you complete your paperwork, you can’t go back and change numbers, “for obvious, ethical reasons,” as they put it. So be sure your figures are exact.

Want to Get a Home Loan Modification via NACA? Here’s the #1 Thing You Need to DO 

Here, we’ll talk about the paperwork for self-employed individuals, because if you’re a W2 employee, then it’s relatively easy to verify your income. But, if you’re self-employed, it can get a bit more sticky, which is why you are required to bring 6 months’ worth of bank statements. Yes, six months’ worth.

In order to help NACA get you a home loan modification, you’re going to have to prove everything. No more “liar’s loans,” and fudged P&L statements.

This is why you must, for example, print every page of your bank statements, even if it has no numbers on it. So, when you go to print out your documents (eg, your bank statements), if it says Page 1 of 6 on the first page of your monthly statement, you’d better have all 6 pages, even if that last page is only bank legal mumbo jumbo.

And, print out all pages of ALL of your bank accounts. It doesn’t matter if your finances are co-mingled (eg, you use your personal account for some business expenses). The NACA rep will tell you what to do, which is basically go through each page and mark it up.

You’ll be instructed to put a “D” besides those deposits that were for your BUSINESS, and an “E” besides BUSINESS expenses. Certain types of transactions won’t count. For example, if you transfer funds from one bank account to another, those won’t count. Why? Because they could be for anything. But if you deposit money from say, a PayPal account into your bank account, or a check for a job you did, then that does count.

What you’re in essence doing is creating a profit and loss statement (P&L) on the spot. And as I said, you can’t play fast and loose with the numbers with this organization, so just know that going in.

Once you’ve added up all of your deposits and expenses, you’ll then transfer those numbers to a worksheet, and then subtract expenses from deposits. This will then show what you have left over after in income.

The NACA rep will then verify your numbers (yes, they look at your bank statements and double check your math (twice).

How long all of this takes depends on you, ie, how long it takes you to go through your bank statements, and “work your numbers.”

After a rep checks your numbers, you eventually get in front of a counselor who will scan your documents, entering all of your info into a database. At this juncture, you’ll be asked about your expenses (eg, car payment, electric, cable, etc.). The rep will then look through the numbers you gave earlier in essence your P&L statement earlier, add up your expenses and run the numbers to determine what your new mortgage payment should be.

You then take this paperwork and present it to your lender/servicer (if they’re at the event). And they either approve it or not. As you can see, all the work is done right there on the spot – and this is why lenders/servicers can give same-day home loan modifications.

If your lender is not there, all of your paperwork is in NACA’s system. They will forward it to your lender for you. You’re given a NACA ID number so you can access your NACA file online and see when/if your lender responds (they’re supposed to do so within 30 days). 

The Importance of Net Income vs. Gross Income When Getting a Home Loan Modification via NACA

Note: One thing NACA does, which should be common sense when applying for a mortgage, is to only consider your NET income, as opposed to gross. After all, gross doesn’t mean a hill of beans because it’s not like paying taxes is “optional.” The only figure that matters is your net – ie, what you bring home each week, right?

So if you’re grossing $500 per week, but only bring home $425 after taxes, that matters a lot when figuring out how much your mortgage payment should be. Most lenders use the 31% of income figure. So at your gross, that would be $620/month mortgage ($2,000 x .31), as opposed to $527 if only net income of $425 is used ($1,700 x .31).

That’s about a $100 per month difference, which makes a big difference if you’re struggling to get by. 

Getting a Home Loan Modification via NACA IS Up to You

It’s up to you to be proactive in checking your file – the counselors recommend daily – and getting in touch with your lender if they drag their feet (and to also contact NACA if you need help).

The counselors stress that NACA doesn’t have the man-power to proactively follow up with each homeowner who attends their workshops. So again, it’s up to you contact them if you have questions, contact your lender if they’re not responding, etc.

The process itself is simple – and it is – it’s the waiting that takes so long. Remember, usually a few thousand homeowners who need help stopping foreclosure show up at NACA “Save the Dream” tours (see this link for a list of cities where NACA will be).

In tomorrow’s post, we’ll discuss in detail what to do after you attend a NACA workshop to help stop foreclosure.

Get Answers to Your Home Loan Modification Questions

Have a Home Loan Modification Question? Have a Question About NACA? Send it to us. We’ll get you the answers you need.

Related Posts

Home Loan Help: Documents Needed to Apply for a Mortgage Modification with HSBC (and Other Lenders)

Home Loan Modification Help: Lenders Call It “Dual Tracking”; Homeowners Call It “Double Crossing”

Stopping Foreclosure: Obama Administration to Launch 2 New Programs to Help Homeowners Avoid Foreclosure (One is for Unemployed Homeowners)

Stopping Foreclosure: Banks Considering Giving Principal Reductions, Permanent Modifications & More to Prevent Foreclosure for Many Homeowners

Mortgage Loan Modification: Top 10 Questions About (Home) Loan Modifications

Foreclosure Advice: Should You Continue to Pay Your Mortgage While You Wait for a Home Loan Modification?

Home Foreclosure News: Occupy Wall Street People Have Been Stealing Our Ideas on How to End the Home Foreclosure Crisis

Stopping Foreclosure: Loan Modification Program That Helps Struggling Homeowners

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter. Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

In last Friday’s post, we promised to spend this week discussing NACA, a non-profit organization that helps homeowners stop foreclosure.

We Were Simply Blown Away by This Non-Profit Agency’s Foreclosure Prevention Services!

The reason we want to dedicate a whole week to this is that we were blown away at the services this organization provides – and how effective they are. Many homeowners are trying to stop foreclosure are so overwhelmed with so much information that they don’t know who to turn to to get legitimate help.

Well, look no further. As we said in our last post, we attended a NACA workshop, and go the first-hand scoop on what this organization is all about. And, we were simply blown away.

Today, we’re going to discuss what to expect when you go to a NACA workshop. Following is what we’ll cover in the entire series:

Today: What to Expect When You Attend a NACA “Prevent Foreclosure” Workshop

Tuesday, January 17^th: Documents to Prepare to Bring with You to a NACA Workshop

Wednesday, January 18^th: After the Workshop: How to Continue to Work with NACA to Get Your Lender to Stop Foreclosure

Thursday, January 19^th: Getting a Home Loan Via NACA: Even with Bad Credit, You Can Get a Home Loan – Here’s Proof 

Friday, January 20^th: Work with NACA: Need a Job – They Have Well-Paying Opportunities

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What Exactly Is NACA? 

Before we get to today’s topic, let’s quickly review what NACA is. As explained on their website, NACA is:

The Neighborhood Assistance Corporation of America (“NACA”) is a non-profit, community advocacy and homeownership organization. NACA’s primary goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable homeownership.

NACA has made the dream of homeownership a reality for thousands of working people by counseling them honestly and effectively, enabling even those with poor credit to purchase a home or refinance a predatory loan with far better terms than those provided even in the prime market. 

And boy, do they live up to what they say they are, as this week’s posts will illustrate.

Today’s Post: What to Expect When You Attend a NACA “Prevent Foreclosure” Workshop

NACA calls their workshops the “Save the Dream” tour. That’s because they go to different cities around the country giving workshops that help Americans save their homes from foreclosure. And, these are no ordinary workshops. They are in-depth, pull out the calculator sessions that last for hours.

Arrival

When you first arrive at a NACA conference, expect it to be jam packed. NACA volunteers and employees are on hand to tell you exactly where to go. 

Orientation

The first stop is orientation. Here, a NACA rep will give you an overview of what the organization is all about, how it got started and how they help homeowners stop foreclosure. The NACA reps at the workshop we attend in Atlanta had used the services of the organization to stop foreclosure themselves, so were extremely familiar with what you may be feeling when you attend.

We don’t know if this is a requirement, but all of the reps that we spoke with said that they, themselves, had faced foreclosure and NACA had helped them.

This may explain why all of the reps we interact with were so courteous and helpful. From fetching a chair for you to sit, to answering questions, it was truly striking how mannerable and kind all of the reps were.

Divided Up

Once you get through orientation, which took anywhere from 20 minutes to half an hour, then participants were divided into two groups – those who are self-employed and W2 employees. 

Then, you’re moved to another space with those in your group to hear instructions on how to fill out paperwork. This takes about 20 minutes. After this, you are asked to move a few feet away to begin filling out your paperwork. 

FYI, the reason you have to move is that new sets of people are continually flowing through.

Same-Day Home Loan Modification

NACA does SAME DAY home loan modifications. So don’t go expecting to just get a bunch of information and then leave to submit documents. If you have all of your paperwork with you (and we’ll discuss what to bring in tomorrow’s post), you can actually get a home loan modification right there on the spot if your lender is there.

And, many lenders are. At the workshop we attended, Bank of America, Washington Mutual, and a slew of other banks had reps on site who worked with homeowners and got their home loans modified that same day. During orientation, the presenter will tell you which lenders are on-site and what to do if your lender is not on site.

Even if your lender is not present, you can still get a home loan modification within about 30 days. And the best part is, all of your documents will have been submitted for you (again, if you bring everything with you to the workshop). 

Same-Day Home Loan Modification Success Stories

We saw homeowner after homeowner who successful had their home loans successfully modified that same day. One homeowner saved over $300/per month off her mortgage (going from $1,300 to $1,000); another saved over $1,500 (going from $3,700 to $2,200) – and these were just the two homeowners we were standing in front of who gave their testimonials. There were many others. 

NACA reps bring some homeowners who’ve received help up to a mic who tell their stories, eg, how/why they fell behind in their mortgage payments, how long they’d been trying to have their home loans modified, how NACA helped them, what their old payments were and what their new ones are.

It’s quite inspiring.

How Many Hours to Expect to Spend at a NACA Workshop

It’s going to be a full day. The workshop we attended ran from 8 am to 8 pm. We arrived at 7:30 a.m. and didn’t leave until 7:15 pm. So it was all day – and this is the norm because so many attend. It pays to get there early. Even though the conference wasn’t supposed to start until 8, we had a full room, so the presenter started at about 7:40.

What to Bring (Besides Paperwork) 

Patience.

A calculator: They have them there, but just in case one is not free.

Reading glasses: If you wear them; Powerpoint presentations are given.

Pen and/or pencil: They have these also, but it’s best to be prepared.

Lunch! You’re constantly waiting in a numbered procession. So, in order not to lose your place, bring food with you because unless you have someone to step out and get it for you, you’re not going to want to risk running out and being skipped over. It can literally take you many more hours to get seen if your number is called you’re not present.

And, NACA reps are strict about not letting others skip ahead. So, you’ve been warned. Be prepared to stay put. 

How Much Does It Cost

NACA’s help is 100%, absolutely free. And, they even warn you to report anyone who approaches you at any of their conferences asking for money.

What You Will Spend the Bulk of Your Time Doing at a NACA Workshop 

Besides waiting (remember, the help is FREE), you will be going through your paperwork marking up your bank statements, calculating your income and expenses to fill out NACA’s worksheets, having your paperwork scanned into NACA’s system, etc. 

The most tedious part is filling out their workshop that asks you to verify your income (if you’re self-employed). Once you get this done, you’re basically just waiting to go through the next steps, which involve having someone look at and verify your numbers, talking with a counselor who’ll enter your docs into NACA’s database, and getting in front of your actual lender (if your lender is present). 

This takes hours though.

Be sure to come back tomorrow to discover – in detail – what to bring to a NACA “stop foreclosure” workshop, as well as what you can expect from counselors regarding your financial documents.

Get Answers to Your Home Loan Modification Questions

Have a Home Loan Modification Question? Have a Question About NACA? Send it to us. We’ll get you the answers you need.

Related Posts

Home Loan Help: Documents Needed to Apply for a Mortgage Modification with HSBC (and Other Lenders)

Home Loan Modification Help: Lenders Call It “Dual Tracking”; Homeowners Call It “Double Crossing”

Stopping Foreclosure: Obama Administration to Launch 2 New Programs to Help Homeowners Avoid Foreclosure (One is for Unemployed Homeowners)

Stopping Foreclosure: Banks Considering Giving Principal Reductions, Permanent Modifications & More to Prevent Foreclosure for Many Homeowners

Mortgage Loan Modification: Top 10 Questions About (Home) Loan Modifications

Foreclosure Advice: Should You Continue to Pay Your Mortgage While You Wait for a Home Loan Modification?

Home Foreclosure News: Occupy Wall Street People Have Been Stealing Our Ideas on How to End the Home Foreclosure Crisis

Stopping Foreclosure: Loan Modification Program That Helps Struggling Homeowners

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter. Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

HSBC Home Loan Modification: A Success  Story

HSBC Bank is one of the toughest around when it comes to getting permanent home loan modifications. We discussed this in the post, Stopping Foreclosure: Another Big Bank (HSBC) Suspends Foreclosures Because of Investigation into Robosigning.  And, if you’re seeking something like a principal reduction on your home loan wih HSBC, you can practically forget it. At least, that’s the “word on the net,” so to speak.  

But, that appears to be changing. With prevent foreclosure organizations like NACA (Neighborhood Assistance Corporation of America), it appears that HSBC, a European banking giant, is starting to soften a bit.

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One homeowner wo got help from NACA reported that not only did she get a permanent home loan modification, HSBC reduced her principal balance as well, knocking over $145,000 off what she owed on her home loan and reducing her interest rate from 5.25%, which was interest-only, to a permanent 3% (for 25 years).

She wrote:

I stopped making mortgage payments in 8/09 from being unemployed and going through a divorce. I went to the Save the Dream event this year in June. . . . [In January 2012] after 5 months of constant calling and faxes.. I recieved a letter from my lender (HSBC) yesterday with an approved loan modification.

Now that’s HSBC home loan modification success!

Next week here on this blog, we will be discussing NACA in detail and how you can get the foreclosure help you need. This organization is truly one of the best — if not THE best — around when it comes to getting real help to modify your home loan, get a permanent home loan modification, get a principal reduction on your home loan, etc.

Benefits of Using NACA to Help You Stop Foreclosure

1. They’re Real: First, it’s  a real bona fide, non-profit organization that helps homeowners not only qualify for (cheap) home loans, but prevent foreclosure as well.

2. Free: All help receieved from NACA is free. Tha’t's right, 100% free. You never pay a dime and they tell you this right up front and encourage you to report anyone who asks you for money to modify your home loan.

3. Courteous: All of the home loan counselors and agents at NACA treat you with the utmost respect. They truly get that being faced with foreclosure is a traumatic enough experience and they go out of their way to encourage you that, “It’s going to be ok.”

4. For You: NACA advocates for you, the homeowner. They are not an agent of the bank, home loan servicing organizations, etc. They tell you every step of the way that they’ll help you with any problem you may have when dealing with your lender. And, if you get turned down for a home loan modification, they’ll give you Plan B, C and D. Their motto should be, “Never give up,” because they don’t let you.

5. Immediate Help: If you attend a NACA event, you can get home loan modification help THAT DAY. The one conference we attended, we saw homeowner after homeowner get their home loans modified — saving hundreds, and in some cases thousands, per month.

Home Loan Modification Success — from $3,700 per to $2,200 per Month

One guy flew in from California to a NACA workshop in Atlanta and got his payments reduced from $3,700 to $2,200 — that day. He’d been working with NACA since November 2011, but got immediate relief that day.

So the testimonials you see on the NACA’s site from homeowners who have successfully modified their home loans are not fabricated; they’re real — we’ve witnessed them firsthand.

There Is REAL Home Loan Help Available: Never Give Up

The bottom line is, don’t give up your home. There is real hope if you need your home loan modified. NACA can help, and next week right here on this blog, we’ll discuss exactly how. We went to a NACA workshop, spoke with counselors and home loan servicing agents, and will reveal all the inside info you need to successfully get your home loan modified with NACA’s help.

Stay tuned!

Get Answers to Your Home Loan Modification Questions

Have a Home Loan Modification Question? Have a Question About NACA? Send it to us. We’ll get you the answers you need.

Related Posts

Home Loan Help: Documents Needed to Apply for a Mortgage Modification with HSBC (and Other Lenders)

Stopping Foreclosure: Banks Considering Giving Principal Reductions, Permanent Modifications & More to Prevent Foreclosure for Many Homeowners

Mortgage Loan Modification: Top 10 Questions About (Home) Loan Modifications

HSBC Bank Restarts Home Foreclosure Process in New York and Other States

Foreclosure Advice: Should You Continue to Pay Your Mortgage While You Wait for a Home Loan Modification?

Stopping Foreclosure: Another Big Bank (HSBC) Suspends Foreclosures Because of Investigation into Robosigning

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter. Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

Property Preservation Company Seeks Contractors (Westchester, NY ): Seeking reliable contractors throughout the Westchester area to perform lawn care duties (eg, mow); do foreclosure trashouts, winterization and other property preservation duties. Get full details on this property preservation job.

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Lawn Care / Landscaping Contractors Needed (Orlando, FL):  Florida-based lawn care company specializes in the maintenance of REO properties seeking contractors to do a variety of jobs, in addition to lawn care duties, eg, debris removal, janitorial cleaning, etc. Get full details on this landscaping / property preservation job.

Mortgage Field Service Company Seeks Property Inspectors (Boston, MA): Dorchester, Roxbury and Roslindale areas. You will be assigned properties to inspect. Most are extremely simple – all you have to do is conduct quick drive-bys, write down basic info and take a photo. Some require a bit more time, eg, doing walk-throughs and other work. Get full details on this property inspection job.

Helpful Related Posts on How to Find Foreclosure Clean Up Jobs / Contracts

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Advice on How to Bid on Janitorial and Commercial Cleaning Jobs

Foreclosure Cleanup Jobs: New Biz Owner Lands 10 Jobs from Property Preservation Company

Foreclosure Cleaning Jobs: Why Landlords Are Fertile Marketing Ground for Foreclosure Cleanup Businesses

Foreclosure Cleaning: How to Get Non-Foreclosure Cleaning Jobs

Foreclosure Cleanup: Many Cities Allocating Gov’t Funds to Cleaning Foreclosed Properties

FAQs About Cleaning Foreclosures a Living

Foreclosure Cleaning Business: Why You Should Never Discuss Rates or Prices Over the Phone

Most Recent Job Listings

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 1/10/2012

P.S.: Bank Failures Can Mean Big Business for Foreclosure Cleaning Businesses! Learn which banks closed have closed recently. Then, learn how to use bank failures to grow your foreclosure cleaning business.

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©2012: Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

A reader sent in the following question about starting a foreclosure clean up business. Following is what he asked – and our answer. Note: If you have a question about starting/operating a foreclosure cleaning business, how to prevent foreclosure, how to buy foreclosed properties, etc., send it to us and we’ll answer it here if we can. Send all questions to info {at} Foreclosure Business News dot com.

Fortunately I’m not in a foreclosure situation.  My wife and I are, however, looking to buy a home sometime soon.  It will be our first, and we’ve been to a few homes with realtors for a “look see”.

Editor Note: See what it takes to qualify for a home loan in today’s market.

I am astounded at how the pictures differ from what is actually there.  Some places are filthy and full of broken walls, dropped ceilings, etc.  I’m sure you know the scene. As I am unemployed, I had this idea…. 

That is what got me to thinking about cleaning up such homes.  So, I searched foreclosure cleaning businesses and found your website.  Very helpful, too, but I think I may not be reading the language the same as “those in the know”. 

After reading through several articles there appears to be a lot more to it than just offering a sweep up, clean windows, and hauling off of garbage.  I am not ready to do any remodeling, fixing up or building of any sorts.  In fact, I would probably just want to scout the place out, call a dumpster company after winning a bid/contract and scrapping out the home.  That done, call the dumpster people and then the client for a “by your leave” and collect the pay. 

Am I too simplistic? 

What are the levels involved in “Property Preservation”? (is that another name for Foreclosure Cleaners?)

I plan to talk to my realtor to get his take, then talk to a bank home loan agent to get their take.  More info is better… and finally, how does one get bonded? 

I needed to know this for a home cleaning venture, but it turns out that most competition is made up of a couple doing homes in their spare time, unbonded, with their own set of sponges and buckets and mops, etc.

Sorry to take so much time, but costs are paramount consideration in my situation (wife will buy the house), and I just need a job…any job

Thanks for reading.

Greg 

Answer 

Greg:

Your outlook may be a little simplistic because, for the most part, you do need to be licensed and insured in order to get jobs – especially from REO realtors and property preservation companies – which is where a lot of the work in foreclosure clean up is.

Just read through some of the job ads on this site and you’ll see requirements that a business be licensed and insured.

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There’s plenty of work out there. Get it! Get the Foreclosure Cleaning “Business in a Box” for 40% off and get started!

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“What are Property Preservation Companies and What Is Their Role in the Foreclosure Clean Up Process?”

Property preservation companies are firms that handle everything from cleaning up, securing and boarding vacant properties, to making repairs, collecting rents and evicting tenants from occupied properties. Banks/lenders often rely on them to service the needs of their repossessed (REO / bank-owned / foreclosed on) properties.

Property preservation companies handle jobs in-house and contract jobs out to other companies (eg, foreclosure clean up businesses). That’s how it works. 

Type of License and Insurance Required to Start a Foreclosure Cleaning Business

The type of license required is a general business license; some call it an occupational business license. As for foreclosure cleanup business insurance, get general liability, at minimum, to start.

“Do I Need to be Bonded to Start a Foreclosure Cleaning Business?”

You don’t need to be bonded to do foreclosure cleanup. To find out more about bonding, simply conduct a  general search online, eg, use Google.com.
 
“Do I Have to Offer All Types of Services When I Start a Foreclosure Cleanup Business?”

You can offer whatever services you’d like and only bid on those portions of the job. When you register with property preservation companies (the larger, more formal entities; vs. foreclosure cleanup companies, the smaller entities offering services “to” mostly prop preservation companies), there is usually a list on vendor applications asking which services your company offers. You can simply check off the services you are offering to them. You do not have to offer the full spectrum of services. 

Get FREE First-Hand Info on How to Start — and Operate — a Successful Business Cleaning Foreclosed Properties

Get solid, FREE, first-hand info about how to start a foreclosure clean up business. You can also find more detail in our How-to guide, which you can purchase separately, or as part of our “foreclosure cleaning business in a box.”  
 
Good luck to you and your wife in your new biz! 

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Why Foreclosure Cleaning Companies Will Be Profitable for Years to Come

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Foreclosure Cleaning Business: How to Start One While Working Fulltime

Foreclosure Cleaning Business Owners: Advice from a Banker Who Handles Foreclosed Properties on How to Land Foreclosure Cleaning Jobs

How to Bid on Foreclosure Cleaning Jobs: Inside Peek at an Actual Foreclosure Cleanup Bid

Foreclosure Cleaning: How to Get Non-Foreclosure Cleaning Jobs

Foreclosure Cleaning Business Advice: One Sure Way to Make Your Company Stand Out from the Competition

How to Get More Foreclosure Cleaning Jobs with Postcards

Cleaning Foreclosure Properties: Learn How to Price Jobs by “Spying” on the Competition

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs.

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ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

According to the MSNBC article, White House wants to convert foreclosed houses to rentals, the government wants to get rid of the shadow inventory of homes bogging down the market by selling them off to investors who rent them out. The article states:

There are currently about a quarter of a million foreclosed properties on the books of Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) and millions more are coming. . .. [these and some other organizations] are engaged in a collaborative effort to face this new wave of foreclosures head on and figure out a way to keep these properties from sitting heavily on the books of the government and sitting empty in the nation’s neighborhoods.

The way the government plans to deal with this wave of foreclosures coming is to sell them off to investors in huge blocks of “50, 100 or 500 properties per deal,” according to the aforementioned article. There are benefits of doing this, but mostly drawbacks for existing homeowners.

2 Benefits of Converting Foreclosed Homes to Rental Properties

As alluded to in the article above, the benefit is two fold: (i) banks get these bad investments off their books; and (ii) the housing market can hopefully start the recovery process because a lot of the backlogged inventory will be gone.

While this is a good deal for investors (mostly large-scale ones), it sucks for the average homeowner, for the following reasons.

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5 Drawbacks of Converting Foreclosed Homes to Rental Properties

(i) Neighborhood change: The complexion of a neighborhood can change in a nanosecond when it goes from being mostly owner-occupied to renter occupied.

(ii) More flight: This can cause existing homeowners – who may be able to afford their mortgage and want to stay – to flee if the neighborhood starts to change.

(iii) Push struggling homeowners out: It can also push struggling homeowners who are on the fence about keeping their house right on out the door. After all, why stay when the neighborhood is starting to change for the worse – and property values are already down.

(iv) Further decrease property values: And, it can also continue to drive down existing property values. Many renters don’t put the same stock in keeping up a property as a homeowner.

(v) Low-income renters: Many of these large investors rent to low-income individuals (eg, Section 8). Many of these large-scale investors aren’t going to be living anywhere near the properties they purchase. Hence, they aren’t invested in the area. All they care about is getting their check/rent at the beginning of the month. And, that’s why many seek to lease to Section 8 renters.

For the most part, it is not something existing homeowners want because it has the reputation (real or imagined) of more crime, lower property values and neighborhood devaluation in general.

For all of these reasons, while converting foreclosed homes to rental properties may be great for the government and for investors, it may well screw the existing Average Joe homeowner.

What do you think? Is it a good idea for the government to convert existing foreclosed homes to rental properties? Please share in the comments section below.

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Home Foreclosure News of the Day: Want to Protect Your Property Value? Good Schools the Key

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Foreclosure Crisis Lessons: How Foreclosures Affected One Neighborhood

Home Foreclosure News: Foreclosures Continue to Drag Down Housing Demand, Preventing Economic Recovery

Home Foreclosure News of the Day: Gov’t Seeks “Partners” to Buy, Rehab, Invest in Foreclosures – Can You Help?

Buy Foreclosed Properties at a 40% Discount: Why This Isn’t Necessarily a Good Thing

How to Lose Your Foreclosed Home at Auction and Still Receive Thousands of Dollars

Home Foreclosure News: More Foreclosed Properties Expected to Hit the Market, Presenting Opportunity for Homebuyers Willing to Take Risk

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs.

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ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

If you live in the Atlanta, GA area and are facing foreclosure, help is in your area this week. And, some might say not a minute too soon, if the following Georgia foreclsoure statistics are anything to go by.

Georgia Foreclosure Statistics

As of 1/10/2012, according to stats on RealtyTrac.com, a real estate tracking site, 1 in every 330 housing units received a foreclosure filing in November 2011; and there were 75,472 foreclosure homes, selling for an average price of $118,249.

Stopping Foreclosure in Georgia: Grim Job – State Among Those with Highest Foreclosure Rates 

According to the Realtor Mag article, 10 States With the Highest Foreclosure Rates, Georgia ranked #4 in August 2011, with 1 in every 346 households receiving a foreclosure notice. The total foreclosure filings in the state in August was 11,743. 

Foreclosure Help for Georgians: NACA

NACA is the acronym for the Neighborhood Assistance Corporation. It’s described this way on its website: 

The Neighborhood Assistance Corporation of America (“NACA”) is a non-profit, community advocacy and homeownership organization. NACA’s primary goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable homeownership.

 It’s free, it’s legitimate and it’s helped many Americans stop foreclosure. Learn more about what to expect when you attend one of NACA’s “Save the Dream” stop foreclosure events.

Sign up to attend NACA’s stop foreclosure workshops in Atlanta. Also learn what to bring with you when you attend. The event runs from today, January 10^th, through January 15^th and is at the Georgia World Congress center.

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Free Prevent Foreclosure Help in Georgia to Stop “Imminent” Foreclosure  – How to Help NACA Help You 

One could say that foreclosure laws in Georgia favor lenders because it is a non-judicial foreclosure state. This means your lender doesn’t have to go to court to kick you out of your home. So, if you’re trying to stop foreclosure in Georgia and are in dire straits (ie, your home has been scheduled for sale on the courthouse steps), according to homeowners who’ve been where you are, NACA can help.

Following is what you need to do to stop an imminent foreclosure in Georgia (with NACA’s help):

[FYI] NACA normally requires you to attend a free four-hour Home Save workshop (if you live within 100 miles of a NACA office). However, if your auction date is imminent, they will still help you. I was already a NACA client when I received my foreclosure notice. . . .  

I found the online version of our County’s legal paper and the advertisement for my home. The ad should give you the attorney handling the foreclosure (which also should have been mailed to you, regular and certified). Call them and tell them you have called NACA and need to know if the lender has called off the sale. Then call your lender as well to let them know NACA has your case information. Mine was called off less than 2 weeks before the sale (June 2009), and has not been rescheduled as of yet. [Source: LoanSafe.org. See 11/17/2009 post by member raharkne under the heading, “Re: Can NACA stop an imminent foreclosure.]

If you’re facing foreclosure in Georgia, we hope this info helps.

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Underwater On Your Home? Filing Chapter 7 Bankruptcy? Should You Reaffirm Your Mortgage?

Mortgage Foreclosure Timeline: How the Foreclosure Process Works & How Long You Actually Have to Move if You Eventually Lose Your Home

“Cash for Keys” Can Help if You Have a House in Foreclosure & Can’t Afford to Move

Right of Redemption Laws: How to Get Your Home Back – Even After It’s Sold as a Foreclosure

Stopping Foreclosure: What to Do When the Bank Refuses to Accept Your Mortgage Payments & Tries to Escalate the Home Foreclosure Process

Foreclosure Lawyer: Need One? How Not to Get Ripped Off & Choose the Best One

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

Property Preservation Contractors (Dallas, TX ): Seeking reliable contractors throughout the Dallas area who have property preservation experience. Equipment Needed: Truck trailer, own lawn equipment and basic tools of the landscaping/property maintenance trade. Other Qualifications: Ability to travel to and from Rockwall daily to pick up/drop off work is critical, and need working knowledge of HUD guidelines. Get full details on this property preservation job.

Property Preservation Crews Needed (Miami, FL): Primarily Broward & Palm Beach Counties. Professional landscaping and cleaning crews needed to mow grass, do janitorial refreshes, and bid for jobs on vacated/foreclosed-on properties. Rate of Pay: $20/25 for cuts; other jobs paid on a case-by-case basis (will be discussed during interview). Get full details on this property preservation job.   

Property Preservation (Entire Area of AR): Immediate work available. Large property preservation company seeking to hire subcontractors to perform a wide range of duties on foreclosed on / vacant properties, ie: winterization, landscaping/lawn maintenance, trashouts, boarding up, changing locks, lite construction repairs, etc. Liability insurance necessary. Rate of Pay: You will be paid weekly; rate will depend on type of duties performed. Get full details on this property preservation job.  

Learn why property preservation companies are excellent places to look for foreclosure cleanup jobs.

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Get 1,500 Contacts to Start Landing Foreclosure Cleaning Jobs. Learn more in the The Property Preservation & Real Estate Industry Contracting & Subcontracting Directory.

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Property Preservation & Maintenance Contractor Needed for Foreclosure Work (American Falls, ID): Scope of Duties: Changing locks, boarding up windows and doors, trashouts, winterization, perform minor property repairs, etc. Pay Schedule: Paid weekly. Get full details on this property preservation / foreclosure cleaning job. 

Construction Rehab Contractors Sought (Toledo, OH): Large, national property preservation company seeks contractors in Toledo (and surrounding areas) to service bank-owned (ie, foreclosed on) homes. Duties include performing repairs and doing general property write ups. Liability insurance necessary. Get full details on this property preservation / foreclosure job.

Preservation Contractor (Beaumont, TX): Help needed ASAP! Property preservation company seeks subcontractors to handle cleanup, trashouts and do repairs on foreclosed properties.  Equipment needed: Truck, trailer, lawn care, generator, air compressor and assorted hand tools. Pay: This is a subcontracted job, hence, you will be paid on a per-job basis; pay depends on duties completed. Candidate with experience in general home repair is ideal. Scope of Duties: lawn care, lock changes, patching roofs, replacing/installing windows, etc. Get full details on this property preservation job.

Skilled Property Preservation Contractors Needed (All of New Jersey):  Contractors will be working on bank-owned / foreclosed properties. Scope of duties: Duties include, but are not limited to: mowing grass / general lawn maintenance, changing locks, doing trashouts, bidding on minor property repair jobs, accurately filling out property condition reports, etc. Must be able to meet stringent deadlines. Get full details on this property preservation job.

Residential Property Inspector (West Virginia):  Company seeks freelance home inspectors to conduct visual and QC inspections for certain zip codes in the West Virginia area. Scope of Duties: Photograph property exterior and interior (where necessary) for lender for mortgage and insurance records. Rate/schedule of pay: Inspectors are paid twice monthly; $8 per drive-by inspection, which only takes a few minutes most times. General liability insurance required. Get full details on this property inspection  job. 

Contractors Needed to Work on Foreclosures (Gillette, WY): Duties include, but are not limited to: making lite repairs, winterizing the property, landscaping/yard maintenance, trashouts, board ups, changing locks, lite construction repairs, etc. Liability insurance necessary. Rate of Pay: You will be paid weekly; rate will depend on type of duties performed. Equipment needed: Tools, digital camera, truck, trailer, internet access. Get full details on this property preservation job.  

Contractors Needed for Foreclosure Jobs (Jackson, TN): Company seeks property preservation and maintenance contractors to work on foreclosed properties. Pay: Weekly (depends on duties performed); immediate work available. Scope of duties: lawn care/maintenance, winterization, janitorial, trash removal, security property via boarding up windows and changing locks, etc. Liability insurance needed. Get full details on this foreclosure job.  

 City Requests for Proposals / Bid Requests

Following is some important info to keep in mind as you peruse the listings below . . .

 A Note about Missed Bid Deadlines, Pre-Bid Meetings, Etc.

Sometimes contracts get cancelled, reassigned and/or re-issued. Sometimes winning bidders pull out and/or are fired. Other times, not enough qualified bidders apply. We say all this to say, contact the applicable agency to see if your bid can still be accepted if you’ve missed a pre-bid meeting and/or the deadline to submit has passed.

Good luck in the bidding process!

City Request for Proposal – Landscaping: Stone Mountain, GA: The Evermore Community Improvement District Board of Directors is seeking a professional landscape maintenance contractor to provide for the maintenance, care and upkeep of the State Highway and local street right-of-way (ROW) within and bordering the Evermore CID. The intent is to give the contractor the overall responsibility of ensuring that all street ROW areas within the district, regardless of parcel ownership, sustain a consistent, high-quality appearance. Pending approval by the Evermore CID Board of Directors, it is anticipated that the effective date of this agreement would be no sooner than February 1, 2012 and would terminate January 31, 2013. Deadline to submit: January 16, 2012. Get full details on this city contract for landscaping services.

City Bids Requested for Pool Cleaning Services – Miami, FL: The purpose of this Invitation to Quote is to solicit sealed quotes for pool cleaning and maintenance services at the pool located at the Miami-Dade Public Safety Training Institute. Get full details on the city contract for pool cleaning/maintenance services (must give email address to receive full bid info).

City Request for Proposal – Landscaping (Columbus, OH): This Procurement is a Small Business Set Aside for landscaping and related services to the Kinneary U.S. States Courthouse. Scope of Services: Provide following to North Side of Building, flower beds and lawn areas along Long Street and Marconi Blvd: mow grass; de-weed flower beds and sidewalks; trim shrubs, bushes and dead tree limbs; edging; mulching all areas of south lawn; remove litter/debris. Work commencement date: Work under this contract is expected to commence on or about March 1, 2012.  Deadline to Submit: 1/27/2012. Get full details on this city contract for landscaping services.

Helpful Related Posts on How to Find Foreclosure Clean Up Jobs / Contracts

Advice on Bidding for Foreclosure Cleaning and Other Lite Commercial/Construction Type Jobs

Advice on How to Bid on Janitorial and Commercial Cleaning Jobs

Foreclosure Cleanup Jobs: New Biz Owner Lands 10 Jobs from Property Preservation Company

Foreclosure Cleaning Jobs: Why Landlords Are Fertile Marketing Ground for Foreclosure Cleanup Businesses

Foreclosure Cleaning: How to Get Non-Foreclosure Cleaning Jobs

Foreclosure Cleanup: Many Cities Allocating Gov’t Funds to Cleaning Foreclosed Properties

FAQs About Cleaning Foreclosures a Living

Foreclosure Cleaning Business: Why You Should Never Discuss Rates or Prices Over the Phone

P.S.: Bank Failures Can Mean Big Business for Foreclosure Cleaning Businesses! Learn which banks closed have closed recently. Then, learn how to use bank failures to grow your foreclosure cleaning business.

P.P.S.: Like this post? Tweet it and follow Foreclosure Business News on Twitter.

Copyright ©2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

According to the MSNBC.com article, As home prices fall, more borrowers walk away, more and more homeowners are willing to go the strategic default route. The article states:

A survey last year by two Chicago-area finance professors, Paola Sapienza at Northwestern University and Luigi Zingales at the University of Chicago, found that roughly three out of 10 mortgage defaults in 2010 were by homeowners who could afford to make their payments, up from 22 percent in 2009.

Just a few years ago, phrases like “voluntary foreclosure,” and “strategic default” weren’t a part of our everyday lexicon. However, as the housing crisis drags on and an arguably “jobless economic recovery” stares most Americans straight in the face, it’s not surprising that they are now.

 Strategic Defaults: 9 Reasons They’re Becoming More Prevalent

The above-cited article touched on a few of these, but following are what we see as some of the top reasons strategic defaults will continue to rise for the next few years.

1. Underwater Homeowners: Many homeowners remain significantly upside down on their homes (ie, owe more on the more on the mortgage than the home is currently worth). 

This means many are essentially stuck because they: (i) can’t refinance and; (ii) can’t sell (unless they want to write a check for the difference at closing and/or do something like a short sale), which can harm credit-.

So if a homeowner wanted to get rid of their home – for any reason, they can’t. For example if a job opportunity came up in another city; or a retired couple wants to want to sell and move to a warmer climate, many simply can’t do it because they can’t unload their homes.

Faced with situations like this, many choose the voluntary foreclosure route so they can get on with their lives. 

2. Banks Won’t Modify Home Loans: Banks have, thus far, been unwilling (at least publicly) to write down principal balances. Even a Harvard professor has weighed in saying that this would be the best thing to do, as we wrote about in the 12/6/2011 post here, Home Foreclosure News: Occupy Wall Street People Have Been Stealing Our Ideas on How to End the Home Foreclosure Crisis, stating:

We’ve long said it on this blog – the best things banks can do to prevent foreclosure – for millions! – is to reduce the principal balance. Now, a Harvard professor, who is an economic advisor to the president, is championing the same thing in The Los Angeles Times article, Obama administration ramps up mortgage refinancing effort:

A far more ambitious proposal is offered by Martin Feldstein, a Harvard professor and top economic advisor to President Reagan: Reduce the principal on the mortgages so that the loans are no more than 110% of the value of the properties. . . . Banks would absorb half the cost of the principal reduction, and the government the rest.

Could this practical solution to the foreclosure crisis finally gain some traction?

And the best thing about this plan is that banks and homeowners would share the financial burden. But to date, most banks just haven’t been willing to go down this road, seemingly preferring to let more and more strategic defaults happen.

3. Banks Hard to Deal With: In addition to not modifying loans, the runaround that banks give many homeowners who do try is simply unheard of. Many homeowners report having to send in the same  paperwork to their lender’s foreclosure specialist half a dozen times, only to have it lost.

Others report having a hard time finding out who even owns their home loan because it’s been sold so many times.

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4. Stagnant Economy: In the U.S., the unemployment rate remains abnormally high, at 8.5 percent. The Wall Street Journal expounds on this, stating:

. . . the unemployment rate ticked down to 8.5%, its lowest level since early 2009. But economists gathered here for the American Economic Association’s annual convention took a longer and generally dimmer view. Even if recent progress continues, the recession already has had a lasting effect on a generation …

And, one of those “lasting effects” is undoubtedly the ability to purchase (and hold on to) a home, which brings us to the next reason strategic defaults are likely to continue rising . . .

5. Credit Freeze: Banks are still not lending money (eg, there’s a credit freeze) – not for home loans, small businesses, HELOCs (although, who has equity anyway these days) – nothing! Most are still trying to bolster their bottom lines after what the housing crisis (and recession) did to them over the last few years.

While no one is suggesting that we go back to the days of zero down home loans, it’s harder for even seemingly qualified borrowers to get money. Without banks lending money for mortgages, it’s hard for home sellers to find qualified home buyers.

Many homeowners simply don’t have the financial reserves to “hang on” until the market gets better. Hence, more strategic defaults.

6. Broke Homeowners: Many homeowners have depleted their life savings, trying to stop foreclosure. Retirement accounts have been tapped, liquid savings accounts have been drained and even educational savings accounts for kids have been drained.

This leaves many homeowners without any other options; a strategic default is all that’s left.

7. Exhausted Homeowners: Many homeowners are simply drained — not only financially, but emotionally and physicall as well. In fact, the threat of home foreclosure has left many ill. They’re at the point where voluntary foreclosure is a welcome option, not a financial death sentence, because it gives them room to de-stress, regroup and rebuild.

8. Saving is the New Rule: This home foreclosure crisis has been a learning lesson for many Americans. Many have made getting out of debt a major priority. And, many look at a strategic default as a way to shed “bad debt” (eg, an underwater home). 

9. Regroup and Rebuild: Because of things like shadow inventory, there’s a lot on the market to choose from. Many who undergo voluntary foreclosure are able to turn right back around and purchase comparable properties at deep discounts, especially if they’re in the group that could afford to pay their previous mortgage, but chose to strategically default.

Many Americans are coming to see their homes as financial investments, rather than becoming so emotionally attached. So, they have no problem dumping it – especially as home values are not projected to rebound for more than a decade in many cases. 

The sad reality is, because so many lenders have dropped the ball, many homeowners are coming to not only see a strategic default as their only option, they’re beginning to embrace that option wholeheartedly.

This is going to put many lenders in the real estate (instead of lending) business – whether they like it or not.

Learn more about strategic default: how to do it, what it is, credit implications, etc.

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Copyright © 2012 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.