In addition, since the governmental modification programs and refinance programs didn’t avail themselves to homeowners who were either too wealthy or owned too much on their homes; a very large percentage of the shadow inventory homes are luxury class. Many of these homeowners have given up and have vacated their homes.
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When time is of the essence and there is not a great deal a borrower can control, our advice is to control the things you can. So, follow the instructions of your short sale specialist to the letter, compile all the requested detail, and make sure everything is accurate and valid. It can be done; you just have to do it right. The best way to avoid foreclosure is to pursue alternatives like a short sale or a loan modification. Don’t run from the obligation, but instead confront it head on with an experienced Realtor and your lender to determine the best approach. One or the other? If you go into Foreclosure you will most likely receive a Deficiency Judgement agains you. You don’t want this!!! Or maybe you do, I don’t know you! You should probably speak to an attorney on this matter. Banks have a 5yr. Statute of Limitations as to whether or not they send [...] If you are going into foreclosure and you live in your primary residence, don’t ever move out of the property! If “someone from the bank” calls you and states that there is a sale date scheduled for “next week” or the “end of the month”, speak to an attorney prior to doing anything. Chances are [...] |
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