Morris County NJ – According to the Wall Street Journal , the average homeowner with a home in foreclosure hasn't made a payment in 492 days. What's even crazier is that those homes are still in the foreclosure process.
That means that a homeowner can live rent free for even longer than 492 days. How long could they potentially live rent free?
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
In some states like Florida and New York, we estimate that they can live rent free for two years. We have even seen cases where homeowners were able to live rent free for three years.
If you are facing foreclosure, then I am sure that is good news. But, I'm sure you are wondering why it is so long. Let me explain.
The entire foreclosure system is backed up. There are several parts that make up the "foreclosure system." The first part is the bank's foreclosure departments.
These departments coordinate everything in the foreclosure process. The second part that is backed up, is the foreclosure lawyers. There are only so many lawyers trained in foreclosure work.
The big law firms that specialize in foreclosures are now handling 2-3 times as many foreclosures compared to a few years ago. The last part that is clogged, is the courts.
The courts are not going to have judges start processing foreclosures unless that judge is properly trained in foreclosure legalities. So they are scrambling to find judges experienced with foreclosures.
This is turning into a spiraling problem. Two years ago many homeowners would have looked down on someone who took advantage of the system.
Today those same homeowners are emboldened by seeing other people do it with no consequences. That is why I think the problem is going to take a few more ways to work itself out. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at email@example.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 877-722-8553
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Gainesville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Merydith Endelman.
Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:
Phone: 877-722-8553. firstname.lastname@example.org.
Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Merydith Endelman's personal views and do not reflect the views of Realty Executives International.
This information on Morris County Short Sales: The Average Homeowner Can Live 492 Days Rent Free is provided as a courtesy to our viewers to help them make informed decisions.
This entry hasn't been re-blogged: