Banks are taking back homes a lot quicker than ever before. Â It used to be that they would wait to see if a homeowner wanted to try to do a loan modification, however, they are not waiting now. Â According to RealtyTrac the number for July of 2010 was 92,858 residential properties going to foreclosure which is a gain of 6% a year ago.
I think this is based on a few factors. Â The first is that many folks are still out of work and therefore, a loan modification still won't help them to stay in their home. Â Secondly, many homeowners are so overwhelmed and owe so much against the current value they really don't have a problem just walking away instead of doing a short sale on their home which would help their credit a lot more than a foreclosure.
I am a certified short sale specialist and would love to help you with a short sale. Â So, if you find yourself in that situation, please give me a call at 951-204-1864.
Joan Patterson, B.A., G.R.I., A.S.P., Realtor, Licence #01431647
Keller Williams Realty