If you haven't heard, the State has enacted a moratorium on foreclosures for the next three months. The governor signed the bill in February.
Here's a short article from the Mercury News: http://www.mercurynews.com/news/ci_12585513?nclick_check=1
This will give homeowners who are struggling with staying out of foreclosure a chance to take a deep breath and look hard at their situation. Three months isn't a long time to wait, but with some good signals in the real estate market and loan modification programs out there, struggling homeowners have choices.
The best advice I can think of for homeowners is to consult a Realtor. They will probably have information about specific loan modification programs, whether lender driven or government driven. A Realtor will be able to help determine market value for your home and the saleability of you property as well.
They can explain the process of selling in a "short sale" situation too. Many lenders are have gotten better at working out the details of a "short sale". We are actually closing more of them now than in the past.
Let's hope this works out to be a good move for the overall health of our real estate market and the economy.
Let me know what you think!
No comments:
Post a Comment