Disaster or Oppotunity?

The Business Record ( Dec. 09) show that bankruptcy filings in the Southern District of Iowa have increased 20% from 2008 to 2009. In Polk county there were 944 bankruptcies filed in 2006. In Dec. of 09, 1,862 were filed in Polk County.

The website realtytrac says there were 7,284 new foreclosure filings in 2009. The newest Business Record has the latest statistics for Des Moines area foreclosures. Mortgages that were 90+ days delinquent in Dec. 09 - 5.04%. In Dec. 08, 3.35% were 90+ days delinquent. The foreclosure rate in the Des Moines area ( 1.71%) is higher than for the state of Iowa (2.04%), but lower than the national average (3.16%). Those figures are for Dec. 09.

These are startling statistics. But as Winston Churchill has been quoted - A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty. We need to put on the rose-colored glasses and identify the opportunities. Mortgage companies and banks do NOT want to be landlords. These properties will get sold. Could one of them be your dream house? It might be a good time to investigate. You could qualify for an $8,000 or $6,500 tax credit. You could get a new mortgage with still low interest rates. You could shorten your mortgage to 15 years and gain equity quicker.

If you are in one of these dire situations, don't hide your head in the sand. Talk to professionals and see what solutions are available. Repeat, mortgage companies do NOT want to be landlords. Short sales can be worked out, deed in leau of foreclosure, loans retructured. Lets look for the Opportunities.

Whatever your situation is, The Eisenlauer Team is ready to assist. Give either Bill (770-2455) or Bob (979-2883) a call.