Recent tax incentives provided by federal and state governments caused a surge in home buying earlier this summer.  This surge kick-started the housing economy in California enabling homeowners to sell more distressed properties.  At the same time, banks have increased the number of distressed mortgages on which they are foreclosing.  According to Bloomberg news, "U.S. foreclosures reached a high in June, with more than one of every 1,000 homes taken over by lenders, Zillow said. The number of properties receiving a notice of default, auction or bank seizure climbed in three-quarters of U.S. metropolitan areas in the first half of 2010, Irvine, California-based RealtyTrac Inc. said July 29."

To date, homeowners facing foreclosure have had the luxury of time as banks have been inundated with foreclosures and unable to process them all.  That luxury of time is coming to an end.

Short sales provide homeowners with an opportunity to sell their home, have their debt forgiven, and escape a bad mortgage situation.  Now is the perfect time to take action on a bad mortgage situation before the bank comes knocking with a notice of default - or worse.  If you are facing a bad mortgage situation and don't know what to do next, or what your options are, we recommend contacting our partner company Fitzpatrick and Prince Real Estate.  This reputable company will sell your home; they have a great deal of experience working with banks to close short sales.  Start a conversation with the team at Fitzpatrick and Prince today by calling them toll free at (800) 829 5158.