Orange Beach - Gulf Shore Short Sales Could Gain Ground with New Platform

Beautiful Orange Beach and Gulf Shores are hot destinations for vacationers - and investors who developed desirable rental condos along the beach.  The area is also a popular place to buy a second home as well as a primary residence.  With the mortgage problems of the last few years, some owners, both investors and homeowners, found themselves at risk of foreclosure.  To avoid this, some have looked to short sale as a way to prevent foreclosure, but the short sale process is long and tedious.

Recently, a major national lender has partnered with California-based Equator (formerly known as REOTrans) to begin the very first module for short sales designed to speed up the process.  Although Equator declined to name the lender, the San Francisco Chronicle has reported that Bank of America (BofA) is the lender that Equator is in partnership with for this program.

The purpose of the Equator system is to allow everyone to work together in real time during the short sale process. This greatly improves communication and approval timelines for clients, borrowers, vendors, and real estate agents.

A short sale is when a lender and borrower reach an agreement to sell a property threatened by foreclosure at a price that is less than the amount owed on the mortgage. This method has become very popular when attempting to dispose of distressed properties but tends to be a prolonged process.

According to Equator, accessibility, responsiveness, communication, and fulfillment are the keys to achieve success with a short sale. By utilizing the Equator short sale platform, a large lender can provide troubled borrowers 24/7 access so they can provide the information necessary to process a short sale. All of this will streamline the current process of a typical short sale.

Equator's system also completes a faster turnaround for loan approval, guarantees quick fulfillment and stays in full compliance with government programs.

If you are or someone you know is considering a short sale of their home, please contact Lance Steffek at (251) 981-2225 for the help you deserve.   Lance is an expert in working with distressed properties.  Short sales and foreclosures can offer attractive opportunities for buyers.  Lance can also help you finds great property to buy in the Gulf Shores-Orange Beach area.