A short sale is something that occurs when a homeowner is not able to make the mortgage payments on time due to a financial hardship. Instead of foreclosing on the property after one or more missed payments, the bank may agree to allow the homeowner to turn the home over to the bank, which will sell it to as close to market value as possible. Here's what you need to know about how short sales work and what circumstances might call for one. Step 1: The Homeowner Provides Information To The Bank The first step in the short sale process is for the homeowner to submit an information package to the … [Read more...]
Florida Takes Top Foreclosure Slot For September 2012
Foreclosure volume continues to slip. According to foreclosure-tracking firm RealtyTrac, in September, the number of foreclosure filings nationwide fell 7 percent from the month prior, and fell 16 percent from September 2011. RealtyTrac defines a "foreclosure filing" as any of the following foreclosure-related events : (1) A default notice on a home; (2) A scheduled auction for a home; or, (3) A bank repossession of a home. September's 180,427 foreclosure filings mark the lowest monthly total in more than 5 years. It's a signal that the U.S. housing market is in recovery, while also … [Read more...]
