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FYI: Its important to understand that Banks/Lenders are better off doing a SHORT SALE than FORECLOSING on a property.
The Home Affordability Act was establishd by the Obama Administration in hopes to help 4 to 5 million homeowners who have a solid payment history on an existing mortgage owned by Fannie Mae or Freddie Mac. In addition to 3 to 4 million at-risk homeowners to help avoid foreclosure by reducing monthly mortgage payments. Although these numbers sound significant and it seems as if everyone in default can be saved by this program, the truth is that this program CANNOT help everyone. Not only is the default rate in America far beyond those staggeing numbers, but the program has specific guidelines and one MUST QUALIFY to be approved.
The good news is that "if you do not qualify for one of the Home Affordabilty Programs there still is HOPE. You maybe eligible for a Short Sale. A successful short sale will result in you avoiding foreclosure!"
Many Banks/Lenders are approving short sales as they know that a short sale maybe their best option.
UNDERSTANDING THE BANK’S PERSPECTIVE
Why do Banks/Lenders prefer SHORT SALES over a FORECLOSURES?
If a property goes into foreclosure, the bank has to deal with:
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Lower Attorney Fees
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Transferring the Utilities
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Eviction
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Taxes
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Bankruptcy
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Holding Costs
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Potential Property Damage
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Management
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Worry About Securing the Property
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Re-sale Costs
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Insurance
***AND the MARKET VALUE may drop even more AND loss of the use of their money (additional fees) can easily add up to $15,000 to 30,000 in costs.
Contact us today to see if you qualify for a short sale
Time is of the essence ~ every second counts~ ACT NOW!
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