Thousands of homeowners who thought they'd cut a deal with their banks to sell their houses for less than their unpaid mortgages are seeing those agreements fall apart months later, contributing to the mounting foreclosures that threaten the housing... I have taken two training seminars on short sales and it is still very frustrating to wait. Clients assume that it is the Realtors holding things up, but as the following article indicates the banks are learning as they go. I'm working with Countrywide Bank who say they have over 5oo short sales they are working with. What a mess, but there are good deals for those who can be patient.
http://www.usatoday.com/money/economy/housing/2009-08-04-short-sales-mortgages_N.htm
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