Is Owner Financing the Light at the end of the Foreclosure Tunnel ?
There is likely not a single American family that has not been impacted in some way by current economic circumstances. We are told that economic indicators appear to be bottoming out, and that there is light at the end of the tunnel. If true, could it be too late for those hit hardest by a perfect storm of lost jobs, and lost homes? For those emerging from the rubble of foreclosure, is the light at the end of the tunnel really an oncoming load of shame, misery, and substandard housing ? Foreclosure filings were reported on 315,716 homes in January 2010. This represents an increase of 15% over the same month in 2009, according to the latest government statistics. And, whats more, foreclosure is no longer a fate suffered only by those with reckless credit histories, and ballooning mortgage payments. Due to continuing job losses, increasing numbers of people with good credit history and fixed rate loans are losing their homes. To better grasp the harsh reality of these foreclosure numbers, perhaps it would be helpful to consider them from a more relevant perspective. "We speak in terms of distressed houses, when the real issue is distressed families, says David Cain, Chief Operating officer of www.ownerfinanceahome.com. " I couldn't even get a safe apartment for my kids" says Deondre Nettles, who lost his home in Long Beach California. My credit score was way too low, and no desirable apartment in town would have me" The most promising housing solution for families emerging from the rubble of foreclosure is likely an increasing number of owner financeable properties becoming available all across the country. Owner financing will usually require far less stringent credit qualifications than banks and traditional lenders. Investors and homeowners are finding an eager owner financing market with lots of motivated buyers grateful for the opportunity to reestablish their credit. "The number of owner financed, residential real estate transactions will be exploding in the next year or so," says Cain. How do you go about finding homes available for owner financing ? Talk to real estate agents who will likely have a list of investors who are finding that owner financing offers great returns on their real estate investments. Or, seek out real estate investor clubs. Search the internet aggressively. Search for local owner finance homes,and sites that offer searchable listings of owner finance homes. If you are persistent in your search, there may be a real second chance opportunity for you at the end of the tunnel.