Countrywide Financial Corp. is one of the leading lenders in the real estate business and now they are finding themselves once again in red ink. They reported a loss of almost $900 million in various housing-related issues including bank Foreclosures. The year 2007 has not been any great for many homeowners who defaulted on their mortgages causing a rise in the number of government foreclosures. The year 2008 has also started on a bad note with rising pre foreclosure homes and this has put big lenders like Countrywide Financial Corp. on the back foot.
The California based mortgage company said that it had lost almost $893 million in the first quarter of 2008 itself and as a result of that their profit has been severely affected. The annual revenue of the company also suffered due this situation as it fell from $2.41 billion in 2007 to $678.9 million in 2008. All this is caused by the delinquencies of homeowners whose properties are now being listed in distressed properties list. The unfortunate thing is that most of the homeowners are not aware of the various options they have to stop foreclosures. The crux of the matter is that if the homeowners can speak to the lenders and make them understand their poor financial condition or inability to make a particular mortgage payment then lenders can assist them.
So at the end of the day the mortgage companies are reporting heavy losses due to bad loans or delinquencies while homeowners are reeling under the after effects of foreclosed homes. At such a time, an investor like you can get a great home through a short sale. All you have to do is create a membership account at MostlyForeclosures.com and download the comprehensive foreclosure listings.
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