Many Americans don’t have good credit. Rising costs are forcing many homeowners who were once financially secure to default on their mortgage payments.
In April 2008 delinquencies on prime loan, a market worth $12 million dollars, more than doubled. The economy is not expected to see a rebound anytime soon. Prices for homes continue to fall. The unemployment rate reached its highest point in four years in July. The homeowner faces higher bills, but makes less.
While adjustable mortgages were popular when property values were high and interest rates were low at the time, many Americans now find themselves in financial trouble. Some borrowers may see their principal and interest payments increase by more than twice, even if their home loses value. Many homeowners won’t be able pay their debts, even if their home is sold.
Banks also feel less inclined to approve or reverse loans. In such a climate, default and bankruptcy rates are likely to rise. California alone received 121,000 notices de default on loans between April and July.
Many companies are seeking to profit from the downturn in housing markets. Deer Park Development Corporation, which is based in Nevada, purchases foreclosed homes across Arizona, Nevada, California, and Florida. The corporation’s agents and brokers have over 35 years experience in real estate. They know how to find the homes that can turn a profit.
Once the company has found a good home, it will work with the homeowner to purchase the house at a half-off. After the sale, homeowners can be rented out by Deer Park Development Corporation. Deer Park Development Corporation offers former homeowners the opportunity to purchase their property at a predetermined cost after the lease ends.
The company is currently looking for investors who want to make a profit in the down market housing market. Visit www.investors.com for more information. www.deerparkdevelopmentcorp.com.
