Nationwide Foreclosure Moratorium | Bank of America (and soon others) Halt ALL Foreclosures

Thanks to my Angel for this

Nationwide Foreclosure Moratorium | Bank of America (and soon others) Halt ALL Foreclosures

Submitted by Tim Harris on October 8, 2010 – 11:48 am8 Comments | Popularity: 7% [?]

Breaking News: Bank of America has halted foreclosures in all 50 states…..(you can bet all lenders/ servicers will soon follow).

By this time next week expect there to be a nationwide foreclosure moratorium. That moratorium will last…best guess...a few weeks.

Long time HREU students will remember there have been foreclosure moratoriums implemented now and then since the bubble popped.

Now what, what does this mean to you?

Honestly, not much.

Fact is that these homes have to be sold. The FHA (in a PR today) said the average ‘owner’ is staying in their home payment free for 18 months before actually having to move because of the foreclosure sale. So, with this robo-signers mess its realistic to assume that most non-paying homeowners will be able to stay in their homes for an added few months.

From an agent’s perspective this moratorium gives you more potential SHORT SALE opportunities.

For example, contact the owners who haven’t made a payment in…15-18 months (ForeclosureRadar.com) and offer your services as a ASD Agent (Accredited Short Sale Designation). There are literally millions of owners who are in this position. Amherst Securities reported this week that 20% of ALL Americans will lose their home. Realtors, the bottom line is..there are people in your community that need your help…go help them. Today.

If your primary focus is REOs what does this moratorium mean to you? Obviously fewer listings being assigned over the next few months. Use this time to engage owners who need to do short sales (remember students, spokes. A smart agent has multiple sources of leads. Don’t just be a one spoke wonder!). Making money from BPOs. As we have been advocating for years (pleading?) every agent must be doing BPOs. The consistent income from doing BPOs will allow you to have the financial peace of mind that only comes from consistent effort. Listen to the 90 minute BPO training and how to list REOs teleconference now.

HREU students and future students. See this whole robo-signer…foreclosure moratorium drama for what it really is. A temporary bump in the road. Don’t over react to this (largely political) story.

Here is a CNBC video:

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http://timandjulieharris.com/2010/10/08/nationwide-foreclosure-moratorium-bank-of-america-and-soon-others-halt-all-foreclosures/