Record Mortgage Lender and Bank Failures in 2009

Record Mortgage Lender and Bank Failures in 2009

According to this Real Estate Economy Watch article, Lender Failures Set New Record, a record 225 mortgage related companies failed in 2009. This is a 36%+ increase over the previous record of 165 in 2007 and a 81%+ increase over the 124 mortgage lenders that failed on 2008. In short, things are only going to get worse. The article states "The annual surge was fueled by a spike in bank failures — which increased more than 400 percent. Banks account for most of the country’s residential originations." 2010 will be the first year of many years of massive bank failures. In my opinion, only banks and mortgage lenders that embrace short sales will have a chance of surviving the coming financial storm. There will be simply be too many delinquent homeowners for banks and mortgage companies to foreclose on even most of them and survive. Short sales will become the preferred method of dead asset disposition taking the place of REO sales.

If you are a Middle TN homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact me to discuss your options including a loan modification and a short sale (a real estate short sale occurs when the sale proceeds are not sufficient to pay off all the mortgages and liens on the property/home). I am a Middle Tennessee distressed real estate, short sale, pre-foreclosure (preforeclosure) and foreclosure REALTOR and Expert. I primarily help sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in Middle Tennessee (Rutherford County TN, Williamson County TN, Davidson County TN, Robertson County TN, Maury County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN, Belle Meade TN, Nolensville TN, Spring Hill TN, Gallatin TN, Springfield TN and Mt. Juliet TN).  If you do need to short sell your home or property, or you need a quick sale due to being in foreclosure, you can request short sale and foreclosure help and assistance on my website at Get Short Sale and Foreclosure Help and Assistance from a Middle Tennessee Short Sale and Foreclosure REALTOR and Real Estate Expert.

Former Bank Executives Want to Buy Failed Banks

Former Bank Executives Want to Buy Failed Banks

According to this Reuters article, Some ex-bank execs want into FDIC auctions, former bank executives are raising investment funds to acquire failed financial banks. While the FDIC has not been willing to approve many such private equity deals thus far (almost all of the failed banks/financial institutions have been taken over by other banks/financial institutions), the article quotes Paul Miller, FBR Capital Markets analyst at Reuters Global Finance Summit, as saying the FDIC will likely become more receptive to private equity acquisitions of failed banks/financial institutions since "There's just not enough good banks to take over all the bad banks. We're going to see more of these groups bid right alongside other banks." I agree. There are definitely not enough "good banks." That is one of our problems. I just hope that the banks/financial institutions or private equity groups that take over the failed banks/financial institutions are sensible and willing to work with homeowners who want to short sell their homes.

If you are a Middle TN homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact me to discuss your options including a loan modification and a short sale (a real estate short sale occurs when the sale proceeds are not sufficient to pay off all the mortgages and liens on the property/home). I am a Middle Tennessee distressed real estate, short sale, pre-foreclosure (preforeclosure) and foreclosure REALTOR and Expert. I primarily help sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in Middle Tennessee (Rutherford County TN, Williamson County TN, Davidson County TN, Robertson County TN, Maury County TN, Murfreesboro TN, Smyrna TN, La Vergne TN, Eagleville TN, Lascassas TN, Rockvale TN, Christiana TN, Brentwood TN, Franklin TN, Nashville TN, Belle Meade TN, Nolensville TN, Spring Hill TN, Gallatin TN, Springfield TN and Mt. Juliet TN).  If you do need to short sell your home or property, or you need a quick sale due to being in foreclosure, you can request short sale and foreclosure help and assistance on my website at Get Short Sale and Foreclosure Help and Assistance from a Middle Tennessee Short Sale and Foreclosure REALTOR and Real Estate Expert.

Tennessee Foreclosures Filings Increase Nearly 20% in March 2009

According to this article in the Memphis Busines Journal, RealtyTrac: Tennessee foreclosures up in March but trending down in 1Q, foreclosures increased in March 2009 compared to February 2009 by 19.7% and by 13.1% when March 2009 was compared to March 2008.  According to the article, the overall foreclosures in the 1^st Quarter of 2009 are 16.3% lower than the 1^st Quarter of 2008.  Unfortunately, the writer of the article used an article of the title that misrepresents the facts.  The sad truth is that in order for foreclosures in the first quarter of 2009 relative to 2008 and still have foreclosures soar in March 2009 by 19.7% it means that in January 2009 foreclosures dropped substantially, but that drop was followed by huge increases.  It is normal for foreclosures to be low in January so this is not abnormal.  However, a near 20% increase for March is not good.  According to the article, Tennessee has one foreclosure filing per 263 households.  That ranks 17^th nationally.  For comparison purposes, Pennsylvania (my home state) has only one foreclosure per 464 households.  This means Tennessee’s foreclosure rate is 76% higher than Pennsylvania’s rate.  Not good.  Contrary to whatever nonsense and spin is out there in the media foreclosures are going to increase for the next several months, if not longer due to general economic problems (think unemployment) and continuing financial problems (think bank failures).