Stop Foreclosure on Your House Through a New Method Called the Short Sale

Fort Lauderdale Florida is going through a foreclosure crisis of its own. According to Realty Trac, a real estate company that compiles information, Fort Lauderdale has the highest foreclosure rate in the state of Florida with 6,801 foreclosures in the month of December 2008. That number tallies up to a whooping 1 in every 118 houses were in foreclosure. That means certain neighborhoods were slaughtered in the month of December.High foreclosure rates are nothing new to the state of Florida, but for a smaller city like Fort Lauderdale the results can be staggering. Whatever the cause of the foreclosure crisis, homeowners are the recipient of that unfortunate trend. Homeowners that once had equity are sitting by the way-side while their home values plummet like a cast iron rod in the ocean. Owners that once could rely on refinancing their way out of trouble to stop foreclosure is not so reliable of a plan that it once was. Refinancing was a strategy to buy time to make up future back payments. Now without that options, owners are finding themselves in a position that’s on a course towards the foreclosure highway.Homes that once had enough equity to sell and profit are now homes with no equity or so little equity that no real estate agent will take their home as a listing. Real estate agents are traditional by nature and they need to see their profit clearly in order for them to take a listing. The Fort Lauderdale – Broward county housing market is suffering.There is one option for homeowners that find themselves in a long term hardship that may need to sell their home fast to avoid foreclosure and that option is a “short sale”. A short sale is when a homeowner’s lender agrees to discount the mortgage amount, aka principle balance, to an amount that will attract buyers before the foreclosure takes place. Short sales are becoming more of a trend. In the current Fort Lauderdale housing market, a short sale is one of the best solutions for homeowners in foreclosure to receive the relief they need in order to put their house properly priced for sale in the market.

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