The Florida Association of Realtors reports that the number of foreclosure filings reported in the U.S. last month more than doubled versus August 2006, and jumped 36 percent from July - a trend that signals many homeowners are increasingly unable to make timely payments on their mortgages or sell their homes in time.
The mortgage industry has been rocked by a surge in defaults, particularly among borrowers with subprime loans and adjustable rate mortgages that initially had attractive "teaser" interest rates but then can adjust upward, resulting in a payment shock.
Many of the loans, some of which adjust in as little as two years, were issued in 2005 and 2006 during the height of the housing boom.
Lagging home sales and flat or decreasing home prices have also left homeowners unable to make their mortgage payments hard-pressed to find buyers.
The latest figures also reflect an increase in the number of homes going into foreclosure that are not being picked up in estate sales and are ending up going back to lenders.
If you are late on your payments, don´t run into foreclosure - there are other options available.
Welcome to the world of Short Sales!
A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers´ mortgage obligations and closing costs.
As an expert we will guide you through the entire process. We will help to expedite your transaction and protect your interests. Banks are working with us to save you as a homeowner from foreclosure. It is in all parties best interest to find a workable solution for everybody involved. As knowledgable professionals we can help you sell your home in what looks like an impossible situation!
Call us today @ 941.866.1666 to discuss the possibility of a short sale.
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