Good news for homeowners – the amount of short sales processed this quarter has surpassed foreclosures for the first time in years. This means that banks are becoming more accepting of short sales in lieu of going through the entire foreclosure process. While a short sale is not ideal for either the bank or the homeowner financially, it can help both parties in different ways. Rather than be forced into foreclosure, a homeowner can put his home up for purchase through the short sale process. This means that the bank must accept an offer that is lower than what is currently owed on the home. In many cases, the final sale price is significantly lower than what is owed. However, short sale prices are usually higher than prices fetched at foreclosure auctions.
Statistics show that in January, houses were sold at a 29% loss during foreclosure auctions whereas short sale homes were sold for 23% less than market value. If you were served with a notice of foreclosure in Texas and want to see what options you have to keep your home,contact the Malaise Law Firm now to get immediate advice from a knowledgeable San Antonio bankruptcy attorney who is well-versed in foreclosure law.