Between the robo-signing roller coaster and the zombie apocalypse foreclosures, what more could possibly happen in this industry? In short, boomerangs. More specifically, boomerang foreclosures.
So just what IS a boomerang foreclosure?
Well, a boomerang foreclosure is…a re-defaulted foreclosure.
In other words, it’s a foreclosure that has come back and must be dealt with – just like a boomerang. And boomerang foreclosures are appearing in force by the hundreds, even thousands, in over 20 states around the country. A reality that will only increase the deeper we go into 2013.
According to RealtyTrac VP, Daren Blomquist, “The foreclosure industry is now playing catch-up with foreclosures delayed by the Foreclosure Fairness Act which took effect in July 2011. The Foreclosure Fairness Act forced lenders to slow down the pace of foreclosures in the short-term, but resulted in a backlog of distressed properties that ultimately did not qualify for any type of foreclosure alternative and so are now being pushed back into the foreclosure pipeline.”
Judicial Foreclosure Process + Increased Boomerang Foreclosures = Time
According to RealtyTrac, it is NOT a surge in brand new defaults that’s behind the increased foreclosure numbers in over 20 states. The increase is, in actuality, from the long overdue processing of delayed defaults (“boomerangs”) stemming from the housing downturn several years ago.
Blomquist goes on to explain, “2012 was the year of the judicial foreclosure, with foreclosure activity increasing from 2011 in 20 of the 26 states that primarily use the judicial process, and a judicial state — Florida — posted the nation’s highest state foreclosure rate for the first time since the housing crisis began.”
Below is what happened in just two of those states over recent months…
The fact is that the judicial foreclosure process takes MUCH more time than the non-judicial foreclosure process. Nationally, in the fourth quarter of 2012, the time taken to process a foreclosure from default notice to bank repossession took an average of 414 days. So in the states with the most rigorous guidelines — like New York, New Jersey and Florida — it can take up to THREE YEARS to process just one foreclosure. Just one.
And THAT is why 20 of those 26 judicial states experienced foreclosure increases in 2012. Combine the judicial process with lenders finally beginning to process all of those backlogged defaults – those “re-defaults”or boomerang foreclosures – and you get a whole lot of time passing. And that time opens up a prime business opportunity for you. Read on…
So why do these boomerangs matter to YOU?
In all honesty, they will mean nothing to you. Unless you choose to take action right now.
Banks all across our country are hiring and paying property preservation businesses to care for these high numbers of boomerang foreclosure properties. In many cases, these homes have been vacant for several years – and will continue being vacant for much longer. Preservation businesses continue to maintain them on a weekly basis – AND continue getting PAID for their maintenance services, year-in and year-out.
As the market is now flooded with thousands of these boomerang homes, more property preservation businesses are needed. ASAP.
If you’re interested in a viable business opportunity where you are the boss, with more business than you know what to do with, simply go to our website to find out how to start a foreclosure cleaning/maintenance business. www.ForeclosureCash.net
We will TEACH YOU HOW TO BE a property preservation professional. From A-to-Z. www.ForeclosureCash.net
No matter where you’re located in the U.S., there is demand for property preservation services. Will you help? And make a great living while you’re at it!
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