Virginia Short Sale Specialist / Realtor - Certified Distrssed Property Expert (CDPE)

Mortgage Delinquencies, Foreclosures Break Records in 2010 Q1

If you're having problem making your mortgage payment, you're not alone.  More than 10% of all homeowners missed one or more mortgage payment!   This is a crisis.   Here's the AP article talking about this.

http://news.yahoo.com/s/ap/20100519/ap_on_bi_ge/us_home_foreclosures

You don't have to foreclose.  There are alternatives to foreclosures especially short sales that will allow you to get out of the home honorably.  You can read my post on foreclosure vs short sale here.  If you have any questions, please contact me for free, confidential consultation. 

Simon Hahn - Keller Williams Realty

Virginia, Maryland, Washington DC short sale specialist

703-662-1466

 
 

Lowest Foreclosure Rate in 4 Years

Yahoo! posted an AP news article showing that foreclosure rate being the lowest in 4 years.   You can read the article here. 

I have noticed this pattern as well.  Brambleton is a popular subdivision in Ashburn.  In 2010, there's been 2 foreclosure listings so far compared to 17 short sale listings.  One reason is sellers are more educated about other options besides a foreclosure.  You can read more about it on my short sale resource site here.

Virginia Short Sales Specialist, Maryland Short Sales Specialist, Washington DC short sale specialist

703-662-1466

Citigroup Suspends Foreclosures for the Holidays

Click here to view full article in USA Today. 

Citigroup will provide temporary break for close to 4,000 borrowers during the holiday season by suspending foreclosures and evictions for 30 days.  Citigroup is also working on some "long-term fundamentals".

From my personal experience, I have seen borrowers staying in their homes for close to 2 years without making a payment.  2 years is the longest that I have seen.  

Let me say this, the banks don't want you to foreclose.  They would much rather work out an alternative plan whether it be loan modification, short sale, etc.  My advice has been unless the bank lowers the principle balance, loan modification is usually a temporary fix.  For most, short sales seem to be the best solution.  I have done over half dozen short sales involving CitiMortgage so give me a call if you have any questions about short sales.  My direct number is 703-662-1466.