When Load Modifications are not available- Short Sale is Likely to be the Best Next Option

When Load Modifications are not available- Short Sale is Likely to be the Best Next Option www.HomeSeekerCenter.com

Short sales represent a way out for distressed homeowners who want to avoid losing their homes to foreclosures. Short sales, homeowners will sell the house at less than the total amount of mortgage they owed. However, this foreclosure prevention method requires the complete cooperation of lenders who will agree to accept the sale price as settlement of homeowners’ debt. Short sales represent a good option for almost all homeowners who are at risk of losing their homes. However, real estate experts say that the process of completing a short sale transaction has become complicated. This resulted for hundreds of pending short sales deals to fail as potential homebuyers grew tired of negotiating and then waiting for lenders to complete an approval process. The current process of assessing requests for short sales starts when delinquent homeowners or their agent approached the banks with a proposal to sell their distressed properties for less than their outstanding debt. Distressed Property Owners need changes and improve the short sales process to live up to expectations to help homeowners protect their properties from foreclosure. A typical short sale request takes about 45 to 60 days to process at banks. Homeowners’ demand for short sale as a way to help them avoid foreclosure is rising. Short sales in 2009 compared to figures in 2008.