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"The median monthly payment reduction for borrowers enrolled in
the (HAMP) program is $522" - DSnews.com
Short sales in Orange County, CA
If you look at the Short Sales here in Orange County, CA you might amaze yourself. Ask any realtor or homeowner trying to short sale their home. Most will tell you it is one of the most difficult processes they have been through. Short sales in Orange County, CA are backlogged, and backlogged big time. The issue is what is called Shadow Inventory. This is the gridlock of thousands of homeowners waiting to get a possible loan modification or a short sale. A main problem for this build up is the fact that in any short sale, if there is two lenders, both lenders have to agree and approve the short sale (in most circumstances). This means that if you have a second mortgage, and the sale price of your loan will not cover the balance of the first, the second is not getting much, if anything at all. This means you are going to have a hard time getting the second mortgage to agree.
The practical knowledge behind the problem makes sense, but take a close look at the numbers and the problem becomes staggering. It truly shows how large this foreclosure crisis is. In Orange County alone there are 3,639 short sales pending. This number seems even larger when you realize that only an average of about 600 California Short Sales get completed each month. It a huge problem, and is a representation of what's going on in many hard hit regions of the country.
Aside from multiple lenders complicating the California Loan Modification and Short Sale process, short sales have even more factors. Unpaid property taxes, HOAs, and property taxes even make the situation more complex and difficult. If you are a homeowner in Orange County, California, you may be well served by contacting a local attorney for help with getting your short sale or loan modification approved.
The Orange County Register: Mortgage Insider was a source for this article.
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