Westside LA CA – According to the Wall Street Journal , the average homeowner with a home in foreclosure hasn’t made a payment in 492 days. What’s even crazier is that those homes are still in the foreclosure process.
That means that a homeowner can live rent free for even longer than 492 days. How long could they potentially live rent free?
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In some states like Florida and New York, we estimate that they can live rent free for two years. We have even seen cases where homeowners were able to live rent free for three years.
If you are facing foreclosure, then I am sure that is good news. But, I’m sure you are wondering why it is so long. Let me explain.
The entire foreclosure system is backed up. There are several parts that make up the “foreclosure system.” The first part is the bank’s foreclosure departments
These departments coordinate everything in the foreclosure process. The second part that is backed up are the foreclosure lawyers. There are only so many lawyers trained in foreclosure work.
The big law firms that specialize in foreclosures are now handling 2-3 times as many foreclosures compared to a few years ago. The last part that is clogged is the courts.
The courts are not going to have judges start processing foreclosures unless that judge is properly trained in foreclosure legalities. So they are scrambling to find judges experienced with foreclosures.
This is turning into a spiraling problem. Two years ago many homeowners would have looked down on someone who took advantage of the system.
Today those same homeowners are emboldened by seeing other people do it with no consequences. That is why I think the problem is going to take a few more ways to work itself out. Thinking about a loan modification?
Our Westside LA loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at dana@danaehrlich.com to request a Free Copy.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 800-559-3759
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thanks for reading this, Dana Ehrlich.
Dana is a Real Estate Agent at eXp Realty. Westside LA Short Sales Realtor:
Phone: 800-559-3759. dana@danaehrlich.com.
Westside Pre-Foreclosure Specialist
View My homes for sale at.
Dana Ehrlich specializes in loan modification assistance and short sales in Westside LA California. Westside LA Loan Modification Help, Westside LA Short Sales. Westside LA Short Sale Realtor. Westside LA CA Short Sales. Westside LA Realtor.
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Important Notice
Dana Ehrlich, eXp Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Dana’s personal views and do not reflect the views of eXp Realty.
This information on Westside LA Loan Modification News: The Average Homeowner Can Live 492 Days Rent Free is provided as a courtesy to our viewers to help them make informed decisions.
