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ness, however, this can also be misleading. There are no Deutsche Bank offices anywhere near Rappahannock County.
Mike Brown - a real estate attorney based in Washington - explained Deutsche Bank is a major holding company for these asset trusts, a buyer of bundled loans including the so- called “sub prime” loans that precipitated the financial crisis on Wall Street.
Brown speculated that “we’ll see fewer properties in 2009 that go through foreclosure,” primarily because “lenders are more willing to work with borrowers today.”
“Rates are fantastic, but there is still a very tight credit market,” said Brown. But because banks are more willing to work with borrowers - banks don’t want foreclosed assets on their books - buyers are in the market looking for good deals. Between short sales - banks not foreclosing but allowing the mortgage holder to find a buyer, often less than what the borrower owes, and well below what the borrower paid - and refinancing, “I think 2008 will have been the worst of this,” said Brown.
Data from RealtyTrac, however, does show that there were several more homes in “pre-foreclosure” (those property owners receiving a default notice from their lenders) in December than in the preceding five months. But, as Brown notes that of the notices of foreclosure, “not
94.1%