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An incredible number of foreclosures

Mon Jul 28, 2008 12:07PM | By Tony

See more in Personal Finance | Permalink | Email | Comments (0)

A loan officer whom I've known for years sent around 2,500 letters to her old clients some 10-14 days ago, in effort to get at least some business going as times are truly horrendous for mortgage brokers. 11 people called her back to discuss their situation. And close to 2,000 letters came back with "Moved", "No longer at this address", etc. What it means is that people moved out, get foreclosed most likely. If it is a case, that is truly stunning, no?

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