AVOID FORECLOSURE 

Citibank is now offering owners up to $35,000 to help people AVOID FORECLOSURE and SHORT SALE their homes (terms and conditions apply). 

It's like other major mortgage loan servicers who offer to pay sellers to participate in a SHORT SALE as opposed to letting their homes go to foreclosure.  (Other servicers with short sale incentive programs include Bank of America, Wachovia, and Chase Bank.) SHORT SALES

It looks like lenders would rather participate in a SHORT SALE than foreclose on a property. 

Lenders usually lose big money on foreclosure processing, then they must keep property on their books as non-performing assets, then part of shadow inventory needing to be cleaned and cared for according to government regs, then spending more money to list and sell as bank owned.

Short sales now account for 25% of the liquidation of distressed properties (during summer of 2011).

However, SHORT SALES continue to present challenges for owner/sellers and their agents from (a) short sales taking lots of time, from 3 to 12 months for lender approval, (b) investors fight with each other over whether or not to approve short sales, and (c) services and their negotiators are swamped with applications and don't always get their own procedures right themselves.

Distressed property owners should always AVOID FORECLOSURE and hire an experienced agent in their area to advise about alternatives and try a SHORT SALE. 

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Source of some information is Melissa Zavala, real estate blogger, Carlsbad, CA ~ www.ShortSaleExpeditor.com.  This is not the providing of legal or income tax services.  You should consult with a lawyer and/or income tax professional, and experienced Realtor agent, about avoiding foreclosure and whether a short sale is right for you and your situation. 

Harrison K. Long - solutions for real estate and business - REALTOR® and broker associate, GRI - Coldwell Banker Residential Brokerage - 949-854-7747 (phone) - ExploreProperties@gmail.com (email) - CA DRE 01410855 - SFR short sale and foreclosure resource certified by the National Association of REALTORs® - also now serving as an appointed director at California Association of REALTORs®.

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Contact us about short sales and real estate ~ listing and selling of homes and properties @ Orange County, California. 

 

 
Post is included in group: Realtors®
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Harrison K. Long, business, REALTOR®, GRI, Broker

Harrison K. Long

Irvine, CA

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Coldwell Banker Previews, Irvine, South OC

Address: 6833 Quail Hill Parkway, Irvine, CA, 92603

Office Phone: (949) 854-7747

Cell Phone: (949) 701-2515

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