Elle Gaensslen & Sandra Munley hold SFR Certifications (Short Sale & Foreclosure Resource) from NAR (National Association of Realtors) to ensure their clients receive the most relevant and expert guidance.
What is a foreclosure:
Foreclosure is a legal process by which a defaulted borrower is deprived of his or her interest in the mortgaged property.
What is a short sale:
A short sale is a situation in which the seller (1) owes more money on the loan than the sale of the property will likely produce on the market and (2) is unable or unwilling to bring money to closing. The seller may or may not be in pre-foreclosure.
Did you know...
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Realty Trac, a firm that monitors foreclosure activity, reported that more than 1.9 million foreclosure filings were recorded in the first six months of 2009.*
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A National Association of REALTORS® (NAR) member survey shows that short sales and foreclosed properties accounted for a third of existing home sales in July 2009.**
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According to a national delinquincy survey from the Mortgage Bankers Association (MBA), the percentage of mortgage defaults and loans in foreclosure for the first quarter of 2009 was 12.07 percent, the highest ever recorded in the history of the MBA survey.***
Options for Distressed Homeowners:
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Refinance
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Sell and bring cash to closing
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Lender workout
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Short Sale
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Deed in lieu of foreclosure
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Foreclosure
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Do nothing and walk away (Strategic Default)
What to do if you are in these situations:
*Realty Trac www.realtytrac.com/ContentManagement/PressRelease.aspx?ItemID=6802
**National Association of REALTORS® Research Division.
***Mortgage Bankers Association. National Delinquincy Survey: Q109.
