Short sales will preempt foreclosure nightmares
- By Rachel King
- Published 26 May 2009
- Business
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Rating:
Unrated
Short sales will preempt foreclosure nightmares
The foreclosure of a home is painful for any property owner, but being left in the aftermath of a rejected foreclosure can be devastating. A new epidemic of mortgage holders walking away from foreclosures is causing problems nationwide. The soft housing market and vandalism that often happens when a house sits vacant are weighty factors in making the decision to walk away. Foreclosure properties often start out as viable properties, but by the time of the sale, properties may not be worth the expense of the foreclosure. Property owners are more frequently being informed that their foreclosure has been walked away from, sometimes leaving the property inviable, vandalized or without tenants. These walk-aways are causing additional expense and financial burdens on property owners. The owners still owe on the mortgage, but are often unable to pay. It is difficult and time-consuming to determine what company holds the loan of the property. This is more frequently due to the companies and banks going under. As problems surrounding foreclosures continue to spread, property owners are looking for ways to preempt property-seizing nightmares. For owners who can no longer afford their mortgage payments, there are alternatives to bankruptcy or foreclosure proceedings. One option is a "short sale." If the bank agrees to a short sale, the owner uses an agent to find a buyer for the home, which is sold at a loss. With the lender’s approval, the difference is forgiven. Unlike a foreclosure, where the defaulting owner may receive proceeds from the property sale if the amount exceeds the outstanding loan, in a short sale the property owner receives no profit from the sale of the property. This is the trade off for the hassle, pain and financial hardships a foreclosure can create. With a 24 percent increase of foreclosures in the first three months of 2009 alone and more anticipated in the near future, property owners across the nation are looking for help in navigating around foreclosures. America’s Home Rescue is an agency that helps home owners avoid this nightmare. Their goal is to help homeowners keep their credit intact and be able to painlessly move on with their lives. The property owner pays nothing for the agency’s services and the commission is paid by the bank on behalf of the property owner. America’s Home Rescue is a group of real estate professionals who work with homeowners and lenders to find a beneficial solution to foreclosures and other financial woes. Among other solutions, America’s Home Rescue recommends a short sale as the best choice for home owners in fear of losing their home. Botkin, Brigette. ShortSaleSolutions.biz is the resource for all of your Short Sales needs.
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