Short sales in Cheyenne WY are a major part of the real estate market. The banks realized that short sales in Cheyenne WY are a better option than foreclosure for them, the homeowner and the neighborhood. Daren Blomquist, vice president at Realty Trac, said: “We believe 2012 was a record year for short sales.”
Some borrowers prefer short sale because in Cheyenne WY, though they cannot stay in the property, they often walk away with cash incentives from lenders and healthier credit reports unmarred by foreclosure. For lenders, short sales in Cheyenne WY provide a more efficient and cheaper alternative to the increasingly lengthy and costly foreclosure process.CNN Money explained that banks get about 20% less for a foreclosed home. Foreclosure can take years to unload, during which expenses, like property taxes, insurance and other expenses, mount up.
JP Morgan has projected that over 500,000 short sales were done last year. The NECN article shows that short sales in Cheyenne WY are here to stay for some time. There are 12.5 million homeowners in the U.S.A. who still owe more on their mortgage than their home is worth. The NAR research indicates that the number of short sales in the United States increased by 9.2% in 2012 and surpassed the foreclosure deals.
Ira Rheingold, of the National Association of Consumer Advocates, said that short sales in Cheyenne WY are mostly a good thing. Bloomberg News reported that data from mortgage tracker Lender Processing Services show short sales surpassed foreclosures. According to the indications and real estate market trends, the short sale process is better than foreclosure.
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