We recently hooked up to a national reporting company that monitors credit reporting. We thought that we would start out in a small way to test out the data, so we asked for 5 zip codes that constitute the Edmond post office, only asked for 60 and 90 days late and above $150K in a mortgage balance. What we got back was 236 names. It wasn't what we thought since we excluded over 90 days and under 30, plus we could have taken the mortgage lower. This is just a sampling tof the trouble people are having paying their mortgage. If I had asked for the 28 zip codes we monitor and all homes in default, then I would have had to take out a loan to get the data. If you couple this with the fact that I met a Realtor who was doing a price opinion of one of my contracted for short sales then you get the big picture.
She told me that six months ago she was getting 4 request per month on distressed property valuations, but this year she has been getting 6 to 12 per week, just one agent. As much as we want to believe in the stability of the Oklahoma City market, these numbers call that a lie. Yes this is not Florida or nevada, but we are facing a serious problem. Oklahoma is a judicial state and it takes a long time to get a home foreclosed on. The good news to that is that it gives me team time to get out out of a mess with a still decent credit rating. The bad news is that this delay is starting to hit the market. If we go back to the bad old 1980's here, the amount of foreclosed properties dragged market values down. I'm not saying that the same huge decrease will happen, but it will happen. 2010 will be rough on Oklahoma homeowners.
If you are in this dilemna the time to consult with us is now. Too often people bury their head in the sand and take a lottery mentality that they may hit the jackpot. Rarely has this happened. Once you hit the 6 month behind mark, then the attorneys fees start piling up, the mortgage company will only take the whole amount including attorneys fees, late payment penalties, and interest, and you are in no position to make it back. We are here to help anyone in the Oklahoma City area who has experienced a hardship. Call us and we can advise you of your options.
Joe Pryor & Charlene Humphreys, Distressed Property experts
joe@joepryor.com
chumphreys2@cox.net