Under pressure from regulators, state attorneys general, and the courts to review and fix their foreclosure procedures, banks and their servicers have suspended foreclosure sales.
Short sales do not need court approval. This foreclosure alternative allows borrowers to sell their homes and walk away from their mortgage debt free — that is, if the bank agrees to the sale price; according to National Mortgage News
"No one loses money in real estate who keeps a property long enough." That is a bold statement made by Michael Gerber publisher.
and it is true. With very few exceptions property values will always go up over time. The values may fluctuate, but it is a very rare instance that a property loses its value and never recovers.
Carman Vo with Prime Lending states "As a mortgage professional with over 15 years of experience I believe mortgage rates will remain low, getting a home loan may continue to take a longer than normal time and homeowners looking to refinance will be tempted by zero-closing cost mortgages. I think first time home buyers still have the edge as prices remain low and inventory remains plentiful."
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I hope this information was and is helpful. We look forward to working for YOU!
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