Tooele Real Estate Information on Mortgage Resets !!!
Information on Home Mortgage resets in Tooele was murky Friday, but by Saturday I was absolutely confused.
Last week the news people were claiming that not only was the the Salt Lake sub prime mortgage problem not over, but that it was going to get worse.
The reason ? Over the next two years almost 25% of ALL of the home mortgages in Utah would reset upward and that 25% of Utah home owners would be facing foreclosure because the increased payment could not be handled.
I wasn't real concerned because you know if you have been reading our "short sale" reports that Tooele has not experienced the same problems that other parts of Utah have. (plus I didn't believe the numbers).
Then Saturday, on TV and all weekend on the Internet, these numbers were quoted as NATIONAL statistics.
That got my attention. Although it was never clear if the reports meant 25% of ALL the homes would be facing foreclosure, or 25% of one quarter of all the homes that have a mortgage could have a problem.
If true, either way, that's a bunch of bank owned, foreclosures, short sales, and home sales that will require third party approval. We need to start working now, because there are a lot of tools out there now to help families keep their home.
Your local Realtor should know what tools are available. If your home loan is due to reset in the next 2 years, you need to call your Realtor today. Find out the steps you need to take to NOT BE A STATISTIC.
If you don't have a Realtor, but want to talk to one, call us at 435-840-5029.
If you want to know more about us before you make that call, visit our website @ Tooele Real Estate and learn how we work.
You can also go to our blog to see what weve written on Bank Foreclosures .
There is more there than Real Estate information on mortgage resets in Tooele.