Sea Isle City Townhouse for Sale ~ New Listing

4 Bedroom 3bath Townhouse in Sea Isle City Townsends Inlet area ! Bay views ! Contact Yvonne Carey for more information ! (609)992-1966 direct ! 221-82nd St. East, Sea Isle City, NJ

Benefits of a Jersey shore short sale vs foreclosure

So what are the benefits of going through a short sale rather than letting a lender foreclose on your property? The biggest advantage is that you will be able to buy another home in the future a lot quicker than you would with a foreclosure. Generally speaking the turnaround time for getting another loan after completing a short sale is two to three years. In a foreclosure it is typically five to seven years. There are a number of circumstances that can affect the time frame including whether the loan is FHA, Fannie Mae or Freddie Mac. For a complete financing guide see buying a home after short sale or foreclosure.

One of the other big factors you need to consider is your employment status. There are a number of large companies that will not hire a new employee that has a foreclosure on their resume. While this may not seem fair with all the financial turmoil that has taken place over the last five years, employers look at a foreclosure as a black mark on your record. In other words when you short sale a property you are owing up to a financial commitment. In a foreclosure you are walking away and taking no responsibility for your debt.

The last reason why more and more will choose a short sale over a foreclosure is just the sheer embarrassment of going through a foreclosure proceeding. In some states an auction is held right on the front lawn of the property. Who wants to lose their home and then have salt rubbed in the wound by watching a bunch of buyers compete over it. This is an unsettling experience for most.

The goal of almost anyone that goes through a short sale or foreclosure will be to improve their financial stability moving forward. Of course improving the impact a short sale or foreclosure had on their credit scores will typically be one of the first areas that people look at once they are back on their feet. There are certain things you can do to help fix your finances after a short sale or foreclosure that are covered in this helpful article.

Unfortunately, sometimes people just don’t realize they have options and just lose their home to foreclosure. Many have never taken the time to do any research and just assume there are no alternatives. A short sale can be a great alternative for some home owners – best of luck if you are one of them!

If you are need to short sale your home or condo in Sea Isle City, Ocean City, Avalon, Stone Harbor, The Wildwoods, Cape May ! I would love to interview for the chance to have The Landis Co. represent your short sale transaction.

We are successfully completing short sales through out The Cape May and Atlantic County areas. Short sales are difficult transactions that are critical to have the right Realtor representing you. Do not make the mistake of picking a Real Estate agent that does not have experience closing short sale transactions.

For more information about short sales or foreclosures contact The Landis Co., Realtors. info@LandisCo.com or call me at 609-263-3400

Jim Sofroney
Broker/ Owner
The Landis Co., Realtors
6000 Landis Avenue
Sea Isle City, NJ 08243
609-263-3400
www.LandisCo.com

Foreclosure inventory remains near all-time high

LPS: Most homes in foreclosure in judicial states delinquent for more than 2 years

BY INMAN NEWS, MONDAY, JULY 9, 2012.

Inman News®

The number of U.S. homes in the foreclosure pipeline remained near an all-time high in May with judicial foreclosure states posting inventory levels more than twice that in non-judicial foreclosure states, according to a monthly reportfrom loan data aggregator Lender Processing Services released today.

The nation's foreclosure inventory stood at 4.1 percent of all active mortgages in May. This includes all loans that have been referred to an attorney for foreclosure but have not yet finished the foreclosure process through sale.

That percentage doesn't show the "stark contrast" in foreclosure inventories between states that handle foreclosures through the courts and those that don't, said Herb Blecher, LPS Applied Analytics senior vice president, in a statement.

"In the former, 6.5 percent of all loans are in some stage of foreclosure -- that's more than 2.5 times the rate in non-judicial states where only 2.5 percent of loans are currently in the foreclosure pipeline," Blecher said.

"Both these figures are significantly higher than the pre-crisis average of 0.5 percent, but it is worth noting that the average year-over-year decline in non-current loans for judicial states is less than one percent, whereas in non-judicial states, it's down 7.1 percent."

More than half, about 53 percent, of loans in foreclosure in judicial foreclosure states have been delinquent for more than two years, compared to just over 30 percent in non-judicial states, LPS said.

Serious delinquencies of 90 days or more, which are not included in foreclosure inventory, made up 3.2 percent of active mortgages in May. Overall, 7.2 percent of active mortgages were delinquent in May, down nearly 10 percent from May 2011.

Foreclosure starts rose 2.9 percent year over year in May, to 202,707. Foreclosure sales stood at 73,439 in May -- far below their September 2010 peak of 124,347. Starts outnumbered sales by almost 3 to 1, LPS said.

Florida, Mississippi, New Jersey, Nevada and Illinois posted the highest shares of non-current loans among states in May. Non-current loans include both delinquent loans and those in the foreclosure process.

Montana, Alaska, South Dakota, Wyoming and North Dakota posted the lowest shares of non-current loans.

As of April, new mortgage loan originations had increased 7.4 percent on an annual basis, to 510,127.


For more information about Sea Isle City & Jersey Shore real estate go to www.LandisCo.com 


Jim Sofroney
The Landis Co., Realtors
6000 Landis Avenue
Sea Isle City, NJ 08243
609-263-3400
jws@landisco.com


www.SeaIsle.net
www.Sofroney.com