I have just completed a course in Short Sale and Foreclosures. I am serving South East Idaho including Teton Valley and the Upper Valley. I am here to help.
According to the Short Sales and Foreclosure Resource Course:
•· National delinquency survey from Mortgage Bankers Association (MBA) 1stQu 09 12.07% defaults and loans in foreclosure. Highest ever recorded in history of the MBA survey.
•· Realty Trac reported that 1.9m plus filings recorded in first 6 months of 09.
•· NAR survey shows short sales and foreclosed properties accounted for 1/3 of existing-home sales in July of 09.
Consequences of foreclosure:
Distressed homeowners:
•· Loss of home
•· Loss of equity
•· Damage to credit:
•o Lowers credit score by 200 points or more
•o Remains on credit history for 7 years
Neighboring Homeowners:
•· Declining home values
•· Loss of equity
•· Increased possibility for vandalism and theft
Surrounding Community:
•· Declining home values
•· Reduced taxpayer base
•· Increased possibility for vandalism and theft
Consequences of Short sale
•o Lessen the impact a foreclosure can have on the surrounding community
•o Won't damage the distressed owner's credit as much as a foreclosure (for example if the borrower is still current with other payments, a short sale may lower the borrower's credit score by as little as 50 points).
Call me for all your Real Estate Professional Short Sale, Foreclosure and R.E.O. needs.
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