Stop Foreclosure on Your Fort Lauderdale House Fast With Your Lenders Permission

Fort Lauderdale, Florida - 2009

Homeowners in Fort Lauderdale, Florida and other major cities face a serious problem that is plaguing the country and that problem is the foreclosure crisis.  Everyone is hearing about the big lender bailouts from the government and lenders are being affected by the foreclosure crisis as well.

Fort Lauderdale neighborhoods are sinking in value since lenders are repossessing homes and the same lenders place the same houses on the market for thousands and tens of thousands less than the average homeowner.  Homeowners with a house that has little to no equity have little success putting their house up for sale, so they choose to contact a real estate agent.  Real estate agents are falling victim to the foreclosure crisis as well and are up to their eyeballs with listings that sit on the market for month after month and sometimes up to a year or longer.  Result is real estate agents are turning homeowners away and letting them take up for themselves.

Foreclosures are a big problem in Fort Lauderdale and other cities in Florida that is why lenders are becoming more proactive with finding solutions to end the crisis.    Lenders are aware that a majority of homeowners have little to no equity and are coming up with ways for owners that want to sell their house rather than hold on to it.  One way that lenders came up with is a process called the short sale. 

A short sale is when the homeowner’s lender agrees to reduce the mortgage balance owed to allow a quick sale on the owners house and to make it more marketable.  Short sales are beneficial for homeowners because it helps a homeowner sell their house fast and walk away from a home they can no longer afford to keep.  Plus when a homeowner decides to buy another home some lenders back by Fannie Mae and Freddie Mac may lend to them within 2 years rather than 5 years if the homeowner let their house go to foreclosure.

Lenders are doing short sales in Fort Lauderdale Florida and really any city in the US.  Lenders agree to a short sale also because it allows them to cash in or the note they are holding so they can put their money to use in another performing loan.  The also save money on doing a short sale because taking a mortgage to foreclosure can be costly and reselling the home can take a half of year easily. 

Short sales are becoming a fast way for lenders and homeowner as one stop the foreclosure process while giving a buyer a good deal on a house that wouldn't normally go for a good price.