Redding's Ups and Downs

Short Sales, meaning the homeowner owes more than their home is worth, has been a buyer's worst nightmare.  Realtors, buyers and sellers have been frustrated by the process taking anywhere from 3 months to 9 months to close escrow.  Often times, after that amount of time the buyers walk, even if the process is about to be approved.  Often, the seller's home actually goes into foreclosure before they can get approval of a short sale.  That nightmare happened to me.  I can't tell you how beat up I felt when that happened.  

Under a new program that applied to federally regulated banks, called The Home Affordable Foreclosure Alternatives Program, the government offers financial incentive to mortgage companies, loan servicers and borrowers to complete a short sale transaction in a timely manner.  The new program should help stabilize the housing market by preventing more foreclosures. This is good for everyone.