June 21st, 2010 2:23 PM by Radha Berry
If you are in Foreclosure, about to go into Foreclosure, or know someone who is in Foreclosure you need to Read This!
A recent letter from my attorney stated that Palm Beach County is implementing the "Rocket Docket" concept to resolve the back log of foreclosure files. Previously, Palm Beach County had one judge to handle all 53,000 foreclosures. This caused a major delay for banks and allowed some homeowners to stay in their homes in some cases more than two years without making any payments. For this very reason many counties in Florida had already implemented the "Rocket Docket" concept. Because of this new concept, there have been documented cases where people on the West Coast of Florida are losing their home in less than 20 seconds in front of the Judge. A national statistic shows that foreclosures were up 81% in May of 2010 compared to May of last year. Banks have made an aggressive push and forced court systems to decrease the length of time to take your home. If your modification is not working or you have been denied, keep on reading.
As the court systems change their strategy so must you!
If you have tried modification and it is just not working, don't just walk away and get a foreclosure. In most cases the better option is to short sell the property. Here are some of the advantageages of short selling.
1. in some cases, you can purchase again in as little as 18 months following the successful completion of a short sale
2. With a short sale you can try negotiate a complete release of your debt or at a minimum reduce your debt dramatically.
3. You can avoid a foreclosure judgment for the full amount owed which otherwise would remain on your credit for 10 years.
A short sale has several advantages over foreclosure and other options. With a short sale you are allowed to sell your home for less than the amount owed. The short sale also allows you to negotiate with the bank and attempt to receive a full release of your mortgage debt and obligations. If you have a second mortgage the short sale also provides you with the option to negotiate a settlement on that debt. The most exciting advantage of a short sale is that you can purchase another home again in as little as 18 months after completing your short sale with repaired credit. The short sale is less damaging to your credit.
Don't wait until it is too late to take control of your situation, Call the residential sale and short sale experts at Buccaneer Realty today for a free private consultation and discuss your options. Buccaneer Realty will guide you through the entire process from start to close and help to put you back into a position to purchase faster than you may thought possible.
For more information on the Buccaneer Realty short sale plan please call 1-561-312-7777 or email us at Info@TheGoodPirates.com