Many homeowners are faced with foreclosure, as we have discussed in plenty of my previous articles. After attending a seminar with several professionals earlier this year, here is what one local attorney has to say about getting aligned to Short Sale your home NOW, not later!
"5 Reasons to Short Sale Now" - by Brian Lit, Esq., The Lit Law Group, P.A.
1.) Impending Inventory Avalanche: Pending inventory that will be brought by both 90+ day delinquent borrowers and those in default currently, but not yet foreclosed upon, will rise rapidly in 2011. Florida is in the worst shape with estimates of over 479,000 units of new inventory from Miami, Fort Lauderdale, Tampa and Orlando coming to market in the next 18 months.
2.) Short Sale Approval Speeds: Lenders have streamlined the process of Short Sales, and will work diligently at continuing to improve the way their Short Sales are being handled & ultimately approved. 2011 will be the year of the Short Sale!
3.) New Pressures to Expedite the Foreclosure Process: Both Fannie Mae and Freddie Mac have implemented stiff financial penalties for those lenders & mortgage servicing companies that let the Foreclosure process drag beyond the pre-established timelines set forth. Foreclosures will happen at a much faster pace in 2011, and beyond.
4.) Your Financial Future: A successful Short Sale is almost certain to be a better option for your financial future than a Foreclosure will be. Your credit will be able to recover more quickly and you will have no remaining uncertainties for future liabilities that could arise if you were to let the home fall victim to Foreclosure.
5.) Downward Pressure on Pricing Continues: Most economists are predicting that home prices will continue to fall. The more prices fall, the more upside down you may become, and the more your liability grows.
If you're a homeowner in the Tampa area and are seeking the possibility of a Short Sale, The Lit Law Group offers free initial consultations, and can get you started for as low as $397 according to an advertisement of theirs I read. Take a look at the video by Brian called, "Leveraging the Legal Side."
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