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Short Sale 2.0
A major shift is taking place in the way the massive log jam of distressed properties is being dealt with. Over the last couple of years, defaulting homeowners have become a protected class. I say this without intent to sound heartless, but I still believe in the basic tenet that you can't keep stuff you didn't pay for. Houses included.
 
Partly because we have a government today that seems to distrust successful businesses, and partly because the banks brought it on themselves, the government has been abusing the mortgage lending industry for years. Law suit after lawsuit, a public relations smear campaign and iron fisted regulations have been unleashed on our mortgage lenders. As a result, it is common for defaulting borrowers to squat in homes for years without paying their mortgage or taxes. The result is skyrocketing costs for banks who attempt to foreclose. It really is out of control.
 
The result of this is Short Sale 2.0 - the next phase. In Short Sale 1.0, lenders were schizophrenic. They would take months to make decisions on short sale offers, and be totally inconsistent. One day they would approve a case, the next they would decline an ... more

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