Although the number of Connecticut homes facing foreclosure has decreased by almost 30 percent from last year, there are still enough foreclosures to cause home prices to decline. Such situation has always been considered to be bad for the state but amidst this unfortunate situation, there are those who are cashing in.
Some state marshals in Connecticut reportedly earned an amount ranging from $500,000 to as much as $2 million in over the year. But they have done so legally. How? It is actually surprising since it involve serving legal papers to homeowners, town clerks and banks. According to state law, these marshals will be paid from anywhere between $350 and $400.
With the thousands of foreclosure filings each month, this actually should not be surprising. Of course, these state marshals are still required to file proper income tax returns and annual income statements.
Still such news is quite unsettling. On one hand, you will see that there are really individuals who are benefiting from the present housing crisis. aside from these marshals, there are also foreclosure brokers who are earning considerable profit. Buyers are also on the winning side since they could now afford properties in the high-end markets.
On the other hand, there are still millions of distressed homeowners who are facing the possibility of losing their homes to foreclosure. at present, most of them are being assisted by non-profit organizations and even local officials in order for them to find a long-term solution to their mortgage problems. Even lenders are opting to work out repayment terms that filing foreclosure since it is more cost-efficient.
Without a doubt, the foreclosure crisis has indeed resulted to a mixture of good and bad situations. Of course, the decision on how to handle such situation will be entirely up to you.
