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For Struggling Homeowners, Short-Sale Decisions Taking Way Too Long

George and Susan Hitchcock thought they were doing the responsible thing.

They could no longer afford the mortgage on their ranch house in Farmington so they put it up for sale, knowing they owed more than the house was worth. When they finally got an offer in December, they hoped their lender, Countrywide Financial, would accept it even though it was less than the mortgage.

After all, there had been so much publicity about lenders working with homeowners.

For three months, the couple tried to get an answer from Countrywide, to no avail. Finally, in early March, the buyer lost patience and walked away.

The Hitchcocks aren't alone. Across the country, borrowers who owe more than their homes are worth are struggling to get answers from their lenders when they seek out what is known as a "short sale." Sometimes it is months before there is a "yes" or "no" answer, often coming after a frustrated buyer has withdrawn an offer.

If there is another offer, the whole process starts all over again.

A short sale is, in essence, a negotiated deal between a lender and homeowner. The lender accepts less than the value of the mortgage and the homeowner agrees to walk away — sometimes after kicking in more money, sometimes not. Both sides avoid a further slide in the home's value, and more important, they avoid a foreclosure that would be costly to everyone.
complete story

Source: The Harford Courant - Kenneth R. Gosselin

Posted by Real Estate - Associates on April 25th, 2009 1:40 PMPost a Comment (0)
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