Great news today for anyone contemplating a Short Sale….Also validation that Banks don’t want to Foreclose if there is another alternative. Citi Mortgage announced that their pre-foreclosure preventions outweighed their Foreclosures 10 to 1 during the first quarter!
With this great news also comes the reality that lenders/banks are taking the time….and lot’s of time to review these Short Sales.
We work with all the major lenders and servicing companies, and it’s obvious that some of these “guys” have a great process in place. One major lender, Wachovia, is outstanding to negotiate with, they only require a few documents from the homeowner and have an approval process in place that is taking just under 30 days!!! To the extreme, Chase Mortgage is taking 30 days to even recognize that an offer has been received….making their approval time nearly 120 days…hmmmm?
We’re confident that these delays will be corrected, and a smooth process put in place in the near future, Short Sales make real $$$$ and sense.
