The situation we are seeing is the worst housing crisis since the Great Depresion with 10.9 million U.S. families in trouble:
- 7 Million delinquent or some stage of Foreclosure.
- 4 Million are not current on their Mortgage.
- 3 Million are HAMP ( Home Affordable Mortgage Program) elegible 60+ day delinquent loans with 1.3 million elegible for HAMP Modifications.
- As of November 2020, there are 504,648 active permanent modifications.
- Total U.S. delinquency rate is 9.29% and down from 10.14% a year ago.
- Long term unemployment 6.2 million as of December 2010
- Unemployment rate Nationwide 9.8%, in CA at 12%
- Any Borrower who either fails or is denied a loan mofification is someone who should consider foreclosure alternative options.
With all this craziness happening in Real Estate, a lot of home owners are either going to be ended up either in Foreclosure or doing a Short Sale. Short sale process takes usually 45 to 60 days to get an approval from the lender (s). Short sale is a better option for homeowners comparing to foreclosures, since they can buy a house in 3 years comparing to 7 years to a foreclosure. What is a short sale: Is a home sale process when the homeowners house is upside down ( they owed more that the actual house value).
If you have more question about foreclosures or short sale, advantages and disadvantages, do not hesitate to get in touch with me by e-mail or by phone, my contact information is here on this blog.
CLICK HERE TO VIEW ALL AVAILABLE HOMES FOR SALE IN LOS ANGELES COUNTY
Alberto Pacheco
Realtor Calbre Lic 01200694
818 481 9211
Keller Williams Porter Ranch
Real Estate Consultant
