Overland Park KS Homes for sale & Johnson County Real Estate Blog: Banks prefer Short sales instead of foreclosure in Johnson County KS

Banks prefer Short sales instead of foreclosure in Johnson County KS

The new data is in and foreclosures for Johnson County Kansas are down, way down. The mortgage lenders have realized that foreclosure is not their best option. It is time consuming and it is expensive. They are now engaging the short sale as the best option to handling delinquent mortgages. 

Short sale has become the solution of choice for more lenders dealing with delinquent loans in Johnson County Kansas. While their are still many homes being foreclosed, it is usually the homeowners that is unwilling to seek other options than the lender. The lenders have finally made the decision to seek short sale first and many are calling the homeowner to initiate it. Many lenders are even providing considerable amounts of money to the homeowners if the short sale is succesful. It is not uncommon to see homeowners receive $2500 at closing and in some case as much as $20,000 to complete a short sale instead of foreclosure.

Are you behind on payments? Have you seeked councel? Foreclosure is not the best option and there is a simple reason. It is call a deficiency judgement. It is the difference between what you owe and what they eventually collect by reselling your house. You can be sued for that amount and even have your wages garnished. 

With a short sale we can negotiate with the lender to make sure that any deficiency judgement will be waived and that the short sale amount received at closing is final settlement on the debt. Sounds a lot better than a deficiency judgement?

Need short sale help? Call us, we are certified Short Sale and Foreclosure agents

Russell Home Team 913-681-1383

 

 Mike Russell is a REALTOR with Keller Williams Realty. Mike specializes in Johnson County Kansas Homes and Real Estate for sale. Mike is a tech savvy realtor with over 17 years experience. Did you enjoy Mike's Blog? Feel free to subscribe or join Mike on his Social Network to stay up to date on Overland Park, Olathe, Leawood, Lenexa, Shawnee and all of Johnson Counties real estate news and more...

Mike Russell & Associates can be reached at 913-266-5828 or MRussell@KW.com  or www.SearchjocoHomes.com

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Comment balloon 2 commentsMike Russell • June 01 2012 07:33AM

Comments

"short sale as the best option to handling delinquent mortgages."

I believe that mortgage modification is the BEST option.

Posted by Lenn Harley, Real Estate Broker - Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) over 6 years ago

Lenn,

 

I agree that keeping homeowners in their homes would be the best solution but when have banks ever done what is best for the homeowner?

Posted by Mike Russell, Overland Park Kansas Real Estate (Mike Russell & Associates) over 6 years ago

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