Foreclosure
Cleaning Business Opportunity - 1 in 54 Homes Entered Foreclosure in 2008
By
Yuwanda Black While the numbers in the title of this article may
seem astounding, it's true according to the MSN real estate piece
entitled, Foreclosures up 81% in 2008. Of course, this spells
opportunity for those who clean foreclosures for a living, or those who
want to start a foreclosure cleanup business.
But digging deeper, what else does this mean? And, where does this
leave foreclosure clean out companies? Following is an explanation.
4 Reasons Foreclosure Cleaning Companies Will Be Profitable for
Years to Come
The Worst is Yet to Come: The article goes on to state that,
"Rising unemployment and sliding home prices have some experts expecting
2009 to be even worse." In other words, the worst is yet to come, and
no one seems to know where the bottom is.
As President Obama criss-crosses the country selling the recently
"signed into law" stimulus package, the part that concerns homeowners is
not the proposed $400-$800 more it will put into their pockets - but what
is going to be done with the $40-$50 billion dollars that have been
allocated to stem the tide of foreclosures.
This brings up the next point, ie . . .
Foreclosure (Loan Modification) Programs are Not Working: There
are a host of loan modification programs out there aimed at helping
struggling homeowners stave off foreclosure. But, the numbers cited
highlight the fact that very few of them are working.
And again, it's going to get worse before it gets better because guess
what, it's no longer just those who got subprime mortgages who are going
into foreclosure. Now, those with fixed-rate mortgages (eg, those who had
good credit and got traditional mortgages) are starting to default on
their home loans too.
A Credit Suisse managing director interviewed for the above-mentioned
article said he expects over 8.1 million foreclosures to happen over the
next four years. This means lots of business coming down the pike for
foreclosure cleaning businesses.
Job Losses Compounding the Problem: Job losses are probably why
even borrowers with good credit who have traditional mortgages are losing
their homes. Everyone from GM to Home Depot to Starbucks is slashing jobs.
And, as the mortgage is usually the biggest expense, it also becomes
the hardest payment to keep up with when a job is lost.
Again, this spells opportunity for foreclosure cleaning business
owners.
It's Hard to Qualify for a Home Loan: With tons of houses
already on the market, tons more are about to be added because it's harder
to qualify for a mortgage now.
Even the proposed $8,000 tax credit to homebuyers that's in the
stimulus bill won't help this. For, how can you get the credit if you
can't qualify for a mortgage. Banks now require credit scores of 750 and
780. Just a few years ago when the market was booming, you could get 100%
financing with a 580 credit score. This underscores the dramatic change
the industry has undergone.
Why Cleaning Foreclosures for a Living is a Growth-Oriented Job and
Business Opportunity
While things will get better - because that's the American way -
cleaning foreclosures is a business opportunity that's going to boom for
some time to come. And, even when the market rights itself, there will
still be a need for the types of services foreclosure cleaning businesses
offer.
May be reprinted with the following, in full: Learn how to start
a successful business
cleaning foreclosures so you never have to work for someone else
again. Everything you need to know can be found at
Start-a-Foreclosure-Cleanup-Business.com, ie, 200 pages of first-hand
information from the owner of a leading foreclosure cleanup company in
Atlanta, GA.
Article Source:
http://EzineArticles.com/?expert=Yuwanda_Black
http://EzineArticles.com/?Foreclosure-Cleaning-Business-Opportunity---1-in-54-Homes-Entered-Foreclosure-in-2008&id=2004804
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