In the past week, several major banks have announced that they will stop the foreclosure process until they have more time to evaluate the process and be sure that there are no errors in their paper work. Is this good news or bad news? The answer of course is that it depends.
If during this time, banks can work with homeowners to modify loans and this keeps people in their homes, then it is probably good news. Owners get to stay in their homes, and be happy (ok, the banks can't control...
I heard an interesting statistic the other day: Only twenty percent of all short sales that have been approved by the banks ever closes escrow.
Let me start at the beginning. A short sale refers to a home or condo that is being sold, where the purchase price being paid by the Buyer (the market value) is less than what the Seller owes on the property. When a Seller places their home on the market and they know that the value is less than what they paid (selling for whatever...
