Real Estate Short Sales

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  • Miami real estate market continues to be popular with US and overseas buyers
    The Miami real estate market, one of the most popular in the nation with ... While traditional sales remain strong, distressed property transactions declined in Miami due to fewer short sales. In March 2015, only 28% of residential sales in Miami were ...
  • Real estate fraud charges: Did you hear the one about the fake agent?
    “Real estate cases are very complicated,” said Bruce Moore ... a pro surfer and co-founded a clothing brand bought by Billabong. Hayes is charged with short-sale fraud on a house in Costa Mesa. In a short sale, a bank agrees to the sale of a home ...
  • GNIAR: Local real estate market takes off
    Short sales were on the market the longest at a median of 165 days ... To begin your home search, find a REALTOR®, a real estate related industry professional (known as GNIAR Affiliate Members) and to learn about the local housing market and more visit ...
Real Estate Short Sales

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  • Week in Review: Homebuilder Earnings and Weak New Home Sales
    Existing home sales were encouraging as well. New home sales were a big disappointment, however, and it’s hard to reconcile builder optimism—measured by the NAHB (National Association of Home Builders) Housing Market Index—with depressed housing ...
  • Broker chooses rapid-selling James Place for his new home
    With its first three phases completely sold out - and homes in Phase 4 quickly going under contract - James Place in Morris Township is opening its final phase. It's easy to see why this successful new community from award-winning builder Mark Built Homes ...
If you owe more on your mortgage than the fair market value of your home and want to sell it for what ever reason, then you must short sale.

Your mortgage lender may, but is not obliged, to agree to accept a mortgage payoff that falls short of the balance that is owed originally. In other words, a bank agrees to accept less than what is owed on a borrower’s mortgage

A short sale does not always make the remaining balance due “disappear” unless specifically agreed to by the lender. In the past and in some states, the borrowers could remain legally and financially responsible for the balance amount. However, a foreclosure can be avoided through the short sale process, which is the primary goal so that the borrower’s credit is not as severely damaged as it would be through a foreclosure.

If a foreclosure is imminent, a short sale can help soften the blow and give the home owner more time to straighten out their finances and personal credit.

A foreclosure can put a serious black mark on a person’s credit. It’s a forever thing. If you go the foreclosure route and wanted to buy another property, you must disclose to the lender on your loan application, every time, forever. The stress that the foreclosure process can cause, most homeowners are willing to consider just about any alternative. The worst thing that a homeowner can do is nothing at all. By being proactive, a borrower can often find viable alternatives to foreclosure and a short sale is one of the most popular and realistic options because for those who are facing the prospect of a foreclosure, a short sale might be the right option. Loan modification may not be the best option either when facing foreclosure for most people because of the mere fact they are upside down on their mortgage.

Real Estate Short Sales
Real Estate Short Sales
There are many types of loans that are secured by real property. These may be purchase loans, refinanced loans, home equity loans, or one of the various other types of loans. The type of loan and type of property will determine what remedies a lender may have if the homeowner fails to make the agreed upon payments. The available remedies, the homeowner’s overall current or potential future financial strength, the lender’s cost in acquiring the loan and any shared loss or similar agreement if the loan was acquired by purchase or merger, are some of the many factors that the lender may consider in deciding how to proceed when a loan is in default.

California Real Estate

California Forclosures

Debra Gruszecki reporting California and an Inland region rocked by mortgage distress failed to make the Top 10 list of places with the most foreclosures in March…

Florida Real Estate

Speed Up Florida Foreclosures

Florida’s Senate Banking and Insurance Committee this week approved legislation that would speed up the state’s foreclosure process, a move that would remove some protections for homeowners…

Georgia Real Estate

Georigia Foreclosures

Douglas County is no longer the foreclosure capital of Georgia according to Ron Daniel article. After two straight months at No. 1, Douglas County dropped to eighth…

Illinois Real Estate

Illinois Foreclosures

Foreclosure activity in Illinois slipped 2 percent in the first quarter from the previous quarter and fell 4.5 percent from a year ago, but the state’s foreclosure…

Maryland Real Estate

Maryland foreclosures

Old Town Manassas, once the face of the Washington region’s foreclosure crisis, is now enjoying a resurgent housing market despite the weak economy. Taylor Holland article continues…

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