Small Business Owners Hopeful For a Break as Banks Slow Pace of Foreclosures
It's a sad scene: banks kicking families out of their homes as the new bidders sit outside on the lawn waiting to "win" the foreclosed house at a steep discount from its original market price.
Unfortunately, foreclosures like this have been all too common since the real estate bubble burst a few years ago in 2006. Recently, a New York Times article revealed that due to the heightened scrutiny, banks are now slowing their pace of foreclosures and double-checking their numbers to reduce errors.
According to David Streitfeld's article,
"The drop in foreclosures began in late September when some lenders were revealed to have been using so-called robo-signers to process thousands of foreclosures without verifying the accuracy of the data. As the investigations into the problems proceeded, the uncertainty caused many lenders to become more cautious."
These "un-verified" facts bring severe detriments and stress to homeowners who are forced out of their homes on short notice. Currently, there are more than four million households that are in serious jeopardy of losing their homes due to defaults. While the banks maintain that erroneous foreclosures are extremely rare, they are still more cautious now than before on running a family out of its home.
This slowing of foreclosures is exactly what has to happen on business loan foreclosures where the banks are hurting small businesses with their egregious bullying tactics which are ruining many small businesses that should not be ruined.
As a small business lender who see this all the time and as a finance expert who's a good judge of which businesses should be worked with and out of the bank, I see great opportunities with companies that could preserve their business and their jobs by working with an alternative lender when they don't get the financing and expert advice the need from their banks.
If this same kind of slowing of foreclosures expands to small business loans, that would help out a lot of companies all across the country. While it's always a good idea to remain hopeful for such a change, there are also alternative lending options available for small businesses who want to minimize the risk of losing their financing.
Don't let the banks close down the business you worked so hard to build. Do your research on alternative financing options and learn more about Protecting Your Small Business Financing: Is Your Company At Risk of Losing Its Bank Loans?
Since 1998, US Capital Partners has been providing prompt, innovative, and reliable financing solutions including lending, corporate financing, and debt re-structuring to businesses across the United States and abroad. If you are looking for financial support, visit US Capital Partners, LLC. at http://www.uscapitalpartners.net/ or call (415) 882-7160.