As the Foreclosure Market Freezes the Short Sale Market Takes off in North Carolina!
We have all seen the news about the debacle of the large banks "robo-signing" documents without throughly verifying that all the proper work has been done. In North Carolina Attorney General Roy Cooper has already asked 15 major lenders to halt their foreclosures in order that an investigation can be done and they can prove that they followed the letter of the law and are not guilty of the mistakes of other lenders. Of the fifteen lenders the attorney general has asked to halt their foreclosure proceedings the following lenders have; Bank of America, Ally Financial, Inc, GMAC Mortgage, PHH Mortgage, PNC Mortgage, and JP Morgan Chase. Now while those banks have suspended all foreclosures OneWest Bank is suspending only some foreclosures while it reverifies the affidavits. Now of the remaining fifteen lenders the following lenders are doing their own internal reviews and are stating that they have found no problems; BB&T, Wells Fargo (Wachovia), MetLife Home Loans, SunTrust Mortgage, US Bank Home Mortgage, and Citi Mortgage. Of the remaining banks HSBC (Household Bank) and American Home Mortgage have communicated to the attorney generals office that they are doing their own reviews and will report back after they conclude their internal investigations.
The North Carolina Attorney General Roy Cooper is also the President of the National Association of Attorney Generals. He has joined together with a total of all 50 states banding together to investigate this mess. Mr. Cooper said that they have no problem with the banks that are following the laws and guidelines set forth before them by the state. They have asked the banks that if needed they should hire third party auditors to help with their own internal investigations.
Short Sale transactions however are not affected at all. As a matter of timing all the homes that were in the foreclosure process are now excellent candidates for short sales. I have had more then one call from homeowners to request help on new short sales and even old ones. These homeowners have actually gotten a reprieve and are ready to sell.
So for all those buyers that were looking for a "deal" by finding a foreclosure home for sale an excellent alternative is a short sale home in Greensboro, Winston-Salem, or High Point, North Carolina.
Some excellent examples of available short sale opportunities:
These are but three of the six short sale listings I have. There are many more throughout the Triad. Short Sales can get you quite a deal if you just have a little patience. There is more paperwork involved but the savings can be something.
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