MAKING SENSE OF THE STORY
• Fewer than three of five short sales close in California, illustrating the complexity and difficulty of navigating lenders’ and servicers’ short sale procedures, according to C.A.R.’s survey, which gauged REALTORS®’ experience in working with short sale transactions – transactions in which the lender or lenders agree to accept less than the mortgage amount owed by the current homeowner.
• Although not every homeowner or mortgage is eligible for a short sale, those who are able to finalize a short sale avoid a foreclosure on their credit record and can move on with their lives.
• Banks are taking much longer to respond to short sale offers than those specified in government guidelines for banks. Nearly two-thirds of survey respondents said banks took longer than 60 days to respond to short sale offers. Often, this results in buyers walking away from the transaction.
• “Increasing the number of successful short sale transactions is one important way we can help California families avoid foreclosure and move our economy closer to recovery,” said C.A.R. President Beth L. Peerce.
• C.A.R. is asking government agencies, such as the U.S. Dept. of the Treasury, to force banks to complete all short sales following HAFA guidelines and to comply with the program’s time frames.
Read the full story from the LA Times here: “Banks drag feet on short sales, survey finds.”
Latest posts by Renee West (see all)
- Live on the secluded Promontory bay in the Newport Harbor. Listed for $4,795,000. Generous sunny patio and your own private docks!!! - May 25, 2019
- This turnkey, Lido Village, Bayfront home features a private 100’ boat slip, one of the largest boat accommodations in Newport Harbor. Contact Renee for your private showing- email@example.com. - April 18, 2019
- European Inspired Villa in Dana Point!Offered at $7,333,333.00. Contact Renee West : firstname.lastname@example.org your exclusive tour around the Dana Point community! - April 15, 2019