We’re Making Short-Sales Easier

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Short Sales are up! And the rate of increase in short sales is accelerating.

The Office of the Comptroller of the Currency released their First Quarter 2012 Metrics Report recently. In the report they covered the success the banking industry is having in each of serveral categories regarding the current housing crisis. Here’s what they found:

Loan modifications

These are “actions that contractually change the terms of mortgages with respect to interest rates, maturity, principal, or other terms of the loan.”

 

[box type=”info”] Down 36.7% from last year[/box]

Completed foreclosures

Where “ownership of properties transferred to servicers or investors. The ultimate result is the loss of borrowers’ homes because of nonpayment.”
[box type=”info”] Up 2.7% from last year[/box]

Newly initiated foreclosures

“Mortgages for which the servicers initiate formal foreclosure proceedings during the month. Many newly initiated foreclosures do not result in the loss of borrowers’ homes because servicers simultaneously pursue other loss mitigation actions, and borrowers may act to return their mortgages to current and performing status.”
[box type=”info”] Down 8.1% from last year[/box]

Short sales

“Sales of the mortgaged properties at prices that net less than the total amount due on the mortgages. Servicers and borrowers negotiate repayment programs, forbearance, or forgiveness for any remaining deficiency on the debt. Short sales typically have a less adverse impact than foreclosures on borrowers’ credit records.”
[box type=”info”] Up 19.7% from last year[/box]

NEW at Charles Rutenberg Realty. We have a short-sale division which seamlessly handles transaction from start to finish!

Source: KCM Blog

[author] [author_image timthumb=’on’]http://rutenbergblog.com/wp-content/uploads/2012/08/Charles-Rutenberg-logo-small.jpg[/author_image] [author_info]Courtesy of Ruth Pfeffer, Manager/Service & Administration- CRRLI [/author_info] [/author] 

 

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Joe Moshe
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Joe Moshe

Joe Moshe is the Broker/Owner of Charles Rutenberg Realty Long Island, offering 100% commission to Agents. With over 1000 agents, it's one of the fastest growing, most progressive real estate brokerages on Long Island.
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