Short Sales: The Average Homeowner Can Live 492 Days Rent Free

By
Real Estate Agent with RE/MAX Action
IL – According to the Wall Street Journal [1], the average homeowner with a home in foreclosure hasn't made a payment in 492 days. What's even crazier is that those homes are still in the foreclosure process. That means that a homeowner can live rent free for even longer than 492 days. How long could they potentially live rent free? Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. In some states like Florida and New York, we estimate that they can live rent free for two years. We have even seen cases where homeowners were able to live rent free for three years. If you are facing foreclosure, then I am sure that is good news. But, I'm sure you are wondering why it is so long. Let me explain. The entire foreclosure system is backed up. There are several parts that make up the "foreclosure system." The first part is the bank's foreclosure departments These departments coordinate everything in the foreclosure process. The second part that is backed up are the foreclosure lawyers. There are only so many lawyers trained in foreclosure work. The big law firms that specialize in foreclosures are now handling 2-3 times as many foreclosures compared to a few years ago. The last part that is clogged is the courts. The courts are not going to have judges start processing foreclosures unless that judge is properly trained in foreclosure legalities. So they are scrambling to find judges experienced with foreclosures. This is turning into a spiraling problem. Two years ago many homeowners would have looked down on someone who took advantage of the system. Today those same homeowners are emboldened by seeing other people do it with no consequences. That is why I think the problem is going to take a few more ways to work itself out. Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at dtoomey@remax.net. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (847) 338-0180 Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. Thinking about a loan modification? Our Gainesville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy. Thanks for reading this, Dennis Toomey. Dennis is a Real Estate Broker at RE/MAX Action. Short Sales Realtor: Phone: (847) 338-0180. dtoomey@remax.net. For Real Estate that's hassle free, just pick up the phone and leave it TOoMEy! View My homes for sale at www.HouseByZip.com. Dennis Toomey specializes in loan modification assistance and short sales in Elgin Illinois. Elgin Loan Modification Help, Elgin Short Sales. Elgin Short Sale Realtor IL Short Sales. Realtor. Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Dennis Toomey's personal views and do not reflect the views of RE/MAX Action. This information on Short Sales: The Average Homeowner Can Live 492 Days Rent Free is provided as a courtesy to our viewers to help them make informed decisions.
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Rainer
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Kimberly A Norgard
Devlin McNiff Halstead Real Estate - East Hampton, NY

I have heard of this, but not seen it myself.  I've heard of people staying in their homes for up to two years.

Feb 23, 2011 11:31 PM #1
Rainer
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Ken B. Banks
Keller Williams Realty - Spring Hill, TN
Realtor Broker CRS ABR RCS-D CDPE CMRS SRES

  I recently earned my CDPE designation for short sales and distressed properties. The whole country was not prepared for this onslaught of distressed house sales. More of us realtors are getting Continuing Education training and earning designations to better prepare ourselves for these difficult situations.  The mortgage companies are hiring more people to help turn things around in far less time than before. Preparing a package on the front end and finding crucial information from the homeowner at the start is very important.

Feb 24, 2011 01:01 AM #2
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Rainmaker
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Dennis Toomey

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