In 2010, there were 1M foreclosures in the US. 700,000 of those NEVER spoke to a real estate agent. A short sale has less of an impact on the homeowner's credit, as well as the value of their neighborhood. We work with homeowners and investors that are facing foreclosure, so they can have a settled account on their credit. Typically, a homeowner can buy again after a short sale within 24-36 months, while after a foreclosure that can be significantly longer, 5-10 years in some cases. With a short sale, there is typically no deficiency judgement filed by the lender. It is more common for the lender to file a deficiency judgement after a foreclosure, so they can try to recoup some of their losses.
The US Government has tried to intervene on the behalf of the troubled homeowners, but the logistics have proven to be a bit problematic. As well all know,the government's only truly successful endeavor is the US Military. Politicians tend to work for the good of themselves, as opposed to the greater good. This is a blog subject for another day and time.
Please feel free to share your thoughts and ideas with us. If you are looking to contact me directly, feel free to e-mail tomblac@gmail.com
Thank you,
Tom Black
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