“Short sales occur when banks allow the owner to sell for less than the amount owed on the mortgage.” One type of short sale is a pre-foreclosure sale, which increased by 15% in the fourth quarter of 2011 over the same period the previous year. One reason for the growth in short sales was the decline in sales of bank-owned properties “amid concerns about legal challenges to foreclosure processing.” Miami, in particular, experienced more pre-foreclosure sales than bank-owned sales.
If you have a troubled loan or another reason for needing help making a short sale, do not hesitate to call Boyer Law Firm. We can help you obtain the result you are looking for.
Information for this article was obtained from http://blogs.wsj.com/developments/2012/03/01/short-sales-stepping-out-report-shows/.