Fort Lauderdale Real Estate News | Short Sales in South Florida
Information released from Inman News indicates that the top 5 banks in the United States have become more congenial to short sales in order to comply to the terms of the $26 billion mortage settlement.
These banks include Citibank, Bank of America, JPMorgan Chase, Wells Fargo, and Ally Financial. These banking institutions have offered their assistance from the settlement via short sales or deeds in lieu of foreclosure. Based on the terms of the settlement, these five banking institutions are ordered to provide $17 billion in assistance to homeowners through the form of principal reductions, short sales, or loan modifications.
74,614 homeowners have been provided an average of $116,200 individually in the form of deed in lieu of foreclosure or short sales. The amount of sales of homes in the pre-foreclosure stage have increased since January of 2012. Reports from RealtyTrac show that sales of homes in pre-foreclosure stages have soared to the highest they’ve been in three years while the sales of foreclosed homes have decreased.
Aside from deed in lieu of foreclosure and short sales, mortgage providers are providing more first-lien loan modifications to homeowners in need. Based on reports regarding the $26 billion settlement, 7,093 borrowers have acquired first-lien loan modifications which on average come out to roughly $105,650 each.
Is a Short Sale right for you?
The Henri Frank Group brokered by Remax Preferred are CDPE [Certified Distressed Property Experts]. This training towards certification to assist their clients to successfully short sale their property. Before you decide to short sale your property, you must have a strategy. You need to get a legal consultation. Realtors Frank Vigliotti and Henri Vezie of the group recommends their clients first meet with them and the attorney’s at Nugent and Ground in Fort Lauderdale. Serving all of Florida, attorney Patricia Nugent can help you sort out your options and recommend what is best for you. It is a free consultation, Patricia Nugent can meet evenings or weekends. Contact the Henri Frank Group at Remax Preferred and we can set up the meeting.
If short sale is your choice, we can help. We have had extensive training on the process and can get it done for you. The group has been bringing short sales to a successful conclusion since 2007, when the need for short sales first became an issue in South Florida. Wilton Manors, Fort Lauderdale, Oakland Park, Coral Springs, Plantation, Hillsboro Beach, Pompano Beach, Miami Beach, Boca Raton and all cities throughout the South Florida region of the USA, we can help. It has to begin with a phone call or send an email to us.
Visit the Henri Frank Group website short sale information page: http://henrifrank.com/short-sales.php