Tuesday, July 26, 2011

Orange County CA Property Owners Should Avoid Foreclosure Through Short Sales

AVOID FORECLOSURE 

Lenders/Banks are in the business of lending money and usually don't want to own and manage residential real estate. 

When a lender/bank takes a property back through foreclosure, it's a lengthy and expensive process (banks lose money) and results in lender/bankers holding the property in inventory as a non-performing asset (while banks lose more money). 

Lender/bankers have a limit to the amount of non-performing assets they can hold (while losing even more money).  When that limit is reached, lender/bankers have strong incentive to dump properties at discounts (while losing big sums of more money). Orange County, CA

4,852 Orange County homes were in bank/lender inventories after foreclosure during June 2011, which is up 21 percent as compared with June 2010 (according to ForeclosureRadar.com). 

Lender/banks don't want more foreclosures and have slowed down their processes.

Notices of foreclosure auctions on Orange County homes dropped by more than a third year in June 2011 as compared with June last year, and number of default notices were down also.

SHORT SALES CAN BE POSITIVE 

SHORT SALES can indeed be positive as alternative for the borrower (homeowner) and also for the lenders/bankers (and their shareholders).

It would be better for lender/banks to stop losing money and help owner/borrowers do SHORT SALES in a timely manner ~ allowing owners to sell the properties and AVOID FORECLOSURE altogether. 

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We help people AVOID FORECLOSURES.  Lender/banks should want to stop losing money, stop foreclosing on Orange County properties, and stop owning non-performing assets.  They should encourage SHORT SALES and streamline their approval processes.  

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Posted via email from Explore OC Homes

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