A short sale is where the lender(s) agree to receive less than the full loan balance and allow a sale. Short sales have a well-deserved bad rep for being painfully slow and complex. But three developments are changing things dramatically:
1. Banks are slowly getting organized and staffing up.
2. World Savings, Wachovia, and Wells Fargo have dramatically sped up and simplified the process for many of their loans. In some cases they can give an approval in a matter of days or even minutes.
3. HAFA: This is the new federal "Homes Affordable Foreclosure Alternatives" plan. It's controversial due to taxpayer-funded incentives (aka "bribes") to banks and homeowners to do what's already in their best interests. But it may help by organizing, standardizing, and speeding up the process.
2. World Savings, Wachovia, and Wells Fargo have dramatically sped up and simplified the process for many of their loans. In some cases they can give an approval in a matter of days or even minutes.
3. HAFA: This is the new federal "Homes Affordable Foreclosure Alternatives" plan. It's controversial due to taxpayer-funded incentives (aka "bribes") to banks and homeowners to do what's already in their best interests. But it may help by organizing, standardizing, and speeding up the process.
Are you or someone you know having trouble paying a mortgage or owe too much to sell?
Please give me a call (510) 847-2628 I can go over the options for you and give you accurate information.
Please give me a call (510) 847-2628 I can go over the options for you and give you accurate information.
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