All indicators based on loans that have closed, are telling us that foreclosures may double in 2011!
That's right, DOUBLE!Â
ButÂ there is some good news for buyers and sellers. Â Â Â
Homeowners who are having trouble making payments can request loan modifications. If they are denied the modification, and want to sell their home, then they may be eligible for the HAFAÂ Â Â short sale process. In this process, homeowners need to let thier bank know that they want to participate in the process. The sellers will receive up to $3000 once the sale closes. The bank will have a financial incentive as well, and they are only allowed 14 days to accept or reject an offer.Â Even junior lein holders receive incentives to accept the offer.
This is designed to shorten the time it takes to sell a short sale-which is one of the things that has been holding up sales in that arena.Â Both buyers and sellers can benefit from this program!
Broker, Real Pro NW