The Short Sale Process and New Developments, Dateline June 22, 2010 Stockton and Lodi, CA
Underwater borrowers in Stockton and Lodi are under a great deal of stress and frustrated about how to resolve their situation, Well over 82% of Stockton and Lodi homeowners whose homes end up in foreclosure have rarely contacted their lender to inquire about mortgage modification or a short sale. Often fear and lack of information about the real estate market stops homeowners from taking that step forward to solve their real estate problems.
New government guidelines regarding the home affordable modification program (HAMP) and HAFFA have added much needed alternatives for homeowners underwater or in default on their mortgages.
I have written in previous Stockton Lodi real estate blog posts that many lenders such as Wachovia, Wells Fargo are pursing short sales. Even Bank of America is actively pursuing short sales. Lenders are finding foreclosure and bank owned homes bring substantially lower sales prices and cost more to do. It is estimated that net proceeds in a foreclosure are averaging 68% and of proceeds received in a short sale.
The Stockton and Lodi communities have been blighted by foreclosure real estate. Homes are more likely to be vandalized and have code enforcement actions filed against them, with Short Sales homes suffer less from deterioration and are often a better choice for home buyers. A short sale home for sale is more likely occupied and maintained by the homeowner.
If you are considering a short sale or loan modification or simply don't know what direction to go, contact Hugh Lilly at PMZ Real. The Lilly Real Estate Group @ PMZ can answer many of your questions in a no obligation consultation. There a no upfront fees and on an approved short sale, the lender pays all costs of the sale.
Contact us at (209) 479-9222 with questions and concerns you have. Please follow our Stockton Lodi Real Estate Blog for more information for home buyers, homes sellers and for the latest breaking news on Short Sales, the Stockton Lodi Real Estate Market and valley real estate trends.