This is a great blog post that needs to be reposted. We need to get the word out that there is a alturnative to forclosure. Hundreds of home could be saved if home owners are educated on the process of a short sale. Many can be saved from facing foreclosures by just linking up with a Realtor that is knowledgeable about short sales and halping distressed owners.
Based on data from RealtyTrac and NAR, more than 700,000 HOMEOWNERS FILED FOR FORECLOSURE AND NEVER LISTED THEIR HOME IN 2010. How many of those 700,000 homeowners could have been saved from foreclosure?
This number was both shocking and sad to me. Our goal this year is not only get this number down, but also to provide as much correct information as possible to help homeowners make the best decision they can when faced with a distressed financial situation.
A SHORT SALE IS A FAR BETTER OPTION than a foreclosure for the vast majority of people who find they can no longer afford their homes or investment properties. Unfortunately, not enough people know what their options are. Most lenders are doing a better job with indicating to their borrowers on foreclosure alternatives. Where they fail is in properly explaining to their borrowers how the process works and why it benefits them. Almost all of the clients we have who were turned on to a short sale by their lender had no clue how to go through the short sale process or how it was beneficial to them.
In the end, ANYONE who finds themselves in a situation where they can no longer afford their home and finds that they have little to no equity as well should at least inquire about how a short sale to see how it could help them.