Chicago IL – 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?
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 short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at firstname.lastname@example.org. I will contact you for a free consultation.
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 (312) 953-6725
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Chicago Short Sale Super Man. Helping you avoid foreclosure. www.ShortSaleSuperMan.com
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Thanks for reading this, Phil Buoscio.
Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc.. Chicago Short Sales Realtor:
Phone: (312) 953-6725. email@example.com.
View My homes for sale at www.BetterLivingRealty.com.
Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. 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. The views expressed here are Phil Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc..
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