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I HEARD THEY STOPPED ALL FORECLOSURES SAN PEDRO CA

By
Real Estate Agent with Keller Williams Realty, LA Harbor DRE#01311750

I HEARD THEY STOPPED ALL FORECLOSURES!

SAN PEDRO CA REAL ESTATE

This is Wendy Rich-Soto, Your San Pedro Real Estate Girl! I have been really suprised lately as I have talked with different people about short sales.  One woman here from San Pedro who is currently in default sat with me for almost an hour explaning that she had heard they had stopped all foreclosures Indefinitely.  She said that she could probably stay in her home for a year or more without paying.  By then, she would be back on her feet and most likely be able to work out some sort of payment arrangement with her current lender. 

  The sad reality is that this is not true.  While it is true that Bank of America halted foreclosures for about 10 days to review their practices, they lifted the moratorium and got back to business without delay.  If you had gone into default even 18 months ago, you could stay in your home for a long time without making a payment before they finally foreclosed.  That is because systems were not in place to expedite the process.  Each bank scrambled to come up with a clear and concise way to deal with a borrower in default.  While, each bank has a variance of practices, the end result is the same.  Homes are taken away from borrowers who are in default via foreclosure.

  The fact of the matter is that if you are having a financial hardship that is preventing you from making your monthly mortgage payments, you have options.  But you have to act because if you do not do something to help yourself, your home will be taken from you.  Luckily there are options.  If you have a temporary set back, you can most likely work out a loan modification with your current lender that will allow you to stay in your home.  If your set back is more permanent in nature, i.e, job loss, illness, pay cut, insolvency; you may qualify for a short sale.

  A short sale vs. a foreclosure is like night and day where your credit is concerned.  Now, you may be thinking "What difference does it make? My credit is already ruined!" Your credit can always be rebuilt! However, a foreclosure stays as a public record FOREVER! A short sale does not even register on your credit report! There isn't a spot for it!  After a short sale, you can purchase another home in as little as two years.  Whereas, with a foreclosure it could be 5-7 years!  The foreclosure remains on your credit for an entire decade usually.    A short sale also allows you to sell your home with diginity and leave on your own terms and time frame.  You aren't kicked out of your home by the sheriff which is something no one wants to experience ever!  Your destiny is in your hands.  Call me so we can go over your options.  There is always hope and there are always solutions.    ~Wendy

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Comments (2)

Jim Patton
Aspire Home Real Estate 209-404-0816 - Modesto, CA
Realtor - Stanislaus ,Merced, San Joaquin Counties

Wendy - Good post.  I have heard the same thing from a few people.  Of course people hear all kinds of rumours and half truths for all kinds of sources.  We just have to be there to educate them.

Oct 25, 2010 02:42 PM
Cal Yoder
Keller Williams Elite - Lititz, PA
Homes For Sale in Lancaster PA - 717.413.0744

Oh wow. You have definitely done a great service for folks who have this misimpression. Facts and correct information enable people to make better choices.

Cal

Oct 26, 2010 08:49 AM