Foreclosure Deal: One REALLY Good Thing to Come Out of It for Homeowners
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According to the MercuryNew.com article (a Silicon Valley-area publication), Foreclosure process will be slow this year:
“January’s [foreclosure] numbers should put to rest any notion that we will see a wave of foreclosures in 2012,” said Sean O’Toole, head of ForeclosureRadar . . . . In fact, O’Toole said, “there is little chance of a wave this year even if all the banks started the foreclosure process en masse tomorrow.”
Post Continued Below . . .
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The article also alluded to the fact that the recent foreclosure deal is going to slow down the process even more for many homeowners, because it includes ”incentivized provisions” for banks to work with existing homeowners on things like home loan modifications and refinancing options.
Either way, all of this is good news for homeowners trying to stop foreclosure because it means that they can take some time to really assess their options, eg, do they want to give up the home (do a voluntary foreclosure / strategic default); fight to stay in it; do a short sale; etc.
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©2012: Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.