There’s some good news coming from inmannews.com & foreclosureradar.com that indicates the foreclosure cancellations in california have increased 174% over the past year meaning banks are starting to work more with homeowners to avoid foreclosure.
Hello everybody and welcome to another episode of The Reside Daily Bite. We have some exciting news coming out at California today. And I say that like maybe I’m Wolf Blitzer on CNN; but I’m in California (but it sounds better to say: “the news is coming out at California”).
But it is exciting news released from inmannews.com. They talked about an article that came out of foreclosureradar.com and it says, “Loan mods, short sales appear to gain traction in California” and this is really exciting news for distressed homeowners. And what it says is, “Foreclosure cancellations in California skyrocketed 174% year-over-year in April. (Foreclosure cancellations…this is not foreclosure, this is foreclosure cancellations in California skyrocketing 174% year-over-year from last April). What this means is, the banks are turning a little bit and showing they are having a willingness to work more with home owners, either in the loan modification process (meaning, homeowners can modify their loan to more agreeable terms to the homeowner) or to the short sale process (when homeowners are distressed and can no longer afford to make payments on their home and they need to sell for less than what the house is worth).
Tomorrow, I’m actually going to talk a little bit about the short sale process…
And that’s my report for today. Good news: loan mods, short sales appear to be gaining momentum. So if you are in that situation, make sure you talk to your realtor and talk to your lender and see if there is something that you can work out.
Tomorrow, tune in to The Reside Daily Bite because I will talk specifically about short sales. My name is David Doucette. Thank you so much for checking out The Reside Daily Bite.
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