You may have heard or seen a report on a new flood of foreclosures coming. The data is showing owners have miss at lest one mortgage payment in the first quarter of 2010. There’re assuming these folks are going into foreclosure in the months to come, we beg to differ, we believe these “one missed payment” borrowers are actually being told by the bank to do so albeit indirectly. The home owner for whatever reason is working hard to make there payment and can’t they have tried for a loan modification and did not qualify.
Now the bank tells then to sell using the short sale option, however they need to be late, thus they miss a payment. In our local real estate market short sales make up 31+ percent of the market. We don’t see anything on the horizon to influence this trend and expect short sales to dominate the real estate markets as bank owned did in 2008.
Richard & Janet - Certified Short Sale Professional
661-733-0507 OR 733-0508
Keller Williams Realty AV Serving Palmdale, Lancaster in California
www.HomesByJR.com
www.ShortSaleByJR.com
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