More opting for short sales vs. foreclosures
It’s a tarnished silver lining for people at risk of losing their houses and homeowners in neighborhoods blighted by bank-owned properties, but the robosigning scandal that slowed the foreclosure process to a crawl appears to have increased lender interest in short sales….
Short sales, in which the lender agrees to let the owner sell the home for less than the amount owed on the mortgage, and foreclosures both climbed in 2010, but while short sales rose by 26,000 this year, the number of foreclosures fell by 255,000, according to Hope Now…
…Short sales are better for homeowners. They can stay in their homes, and the quicker process means they can begin rebuilding their credit sooner.
Are you a struggling homeowner? Check out our Avoiding Foreclosure section for resources and tips.