A Short Sale occurs when a home owner is unable to keep up the mortgage payments and must sell or lose their home to a foreclosure. The home owners is considered upside down. The Lender has the option to allow the home owner sell the home and the Lender will pay all of the closing costs and accept the net proceeds from the sale as payment in full. This helps the seller by allowing them to avoid a foreclosure on they record. This helps the Lender by allowing them to sell the home quicker and reinvest the proceeds sooner. This helps the Buyer by making a property available the otherwise would not be.
This all seems like a win win win for all parties. However the Lenders continue to drag their feet. They should be selling these homes and unloading distressed properties quickly. The nation could run through the distressed home inventory in a matter of months rather then years. There was supposed to be a streamline process that would get homes selling again. Lenders continue to have their own agenda.
It's time for the Federal Government to step in and put Americans first. Show some guts and stop corporate America from being the tail that wags the dog! Wake up Americans! We have a voice, let's use it!
Your Friend & Realtor,
Tony Lewis RE/MAX of Valencia, Ca. www.TonyLewis.com tonyglewis@yahoo.com 661-702-4720
