Twin Cities, Apple Valley, Lakeville, Burnsville & Bloomington MN Real Estate - Jeff Scislow RE/MAX Results

In a recent survey it was shown that Certified Distressed Property Experts across the nation are providing extraordinary results that are giving homeowners hope with respect to the sale of their home when they’re forced to complete a short sale

In the absence of an effective Loan Modification – where the payments and/or principal balance of a homeowner’s mortgage are adjusted downward – owners are being forced to leave their homes by the thousands here locally and by the millions nationally due to borrowers inability to make the payments!

Sales of vacation homes dropped nearly 31 percent last year, while investment-home sales fell just over 17 percent according to the 2009 National Association of Realtors Investment and Vacation Home Buyers Survey. While the market was down in all segments, these two categories fell by a greater amount than the sales of primary residences, which fell by just over 13 percent.

A Short Sale results when the homeowner sells their property, the net proceeds are insufficient to payoff the mortgage balance, yet the mortgage company agrees to accept less than the mortgage payoff amount in order to close the sale. All Short Sales are subject to mortgage company approval and require an extensive amount of work to reach a successful outcome.

The latest Obama plan designed to help homeowners stay in their homes by modifying their mortgages and avoiding foreclosure has made some progress over the past two months. The program is called “Making Home Affordable” and has a price tag of $75 billion.