There are more than four million homes in the US either in foreclosure or 90 days or more late with payments in August 2011, according to published reports.
Many of these homeowners fall into the criteria for a short sale, which could allow for debt foregiveness under certain circumstances. Short sales are advantageous when compared with foreclosure for many reasons.
With a large amount of bad loans, lenders have had to prioritize which homes to target and the others have languished in the foreclosure process.
Once borrowers start missing payments, they spend an average of one year and nine months (611 days) in the foreclosure process before lenders repossess the homes, according to LPS Mortgage Monitor. The average was 523 days a year ago and 251 days three years ago.
The length of time to repossess a foreclosed home has been increasing as the numbers above indicate. Bottlenecks are worse in judicial states where foreclosures are processed through the court system. In non-judicial states foreclosures take about six months less time when compared with judicial states.
I can help with the short sale process and we can work together towards a successful short sale.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment