Recently, the Orange County Register reported that banks now own 4,852 homes in Orange County. That's up 21% from this same time last year!

These numbers, while high, are not surprising. With the economy still struggling and unemployment numbers at record highs, many are having a difficult time keeping up with their mortgage payments. They would sell their home and take out a less expensive mortgage on a new home, except they are underwater on their mortgage and unable to sell. These homeowners believe that selling their home would only result in their owing money on a home they no longer live in. So these homeowners decide to pay their mortgage as long as they can until they fall behind and ultimately are foreclosed upon.

If you are struggling to make your mortgage payments and are underwater on your home, you do not need to endure foreclosue! You have another option.

A Short Sale is the sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan resulting in the lender forgiving debt in order to avoid foreclosure.  The thing to know about Short Sales is that they are more complicated than standard sales as they require much negotiation with the bank and prospective buyers.  For a short sale to succeed, you need people with short sale expertise who understand the process and can push the sale through to completion.

If you think a short sale might be right for you, we recommend you work with Fitzpatrick and Prince Real Estate and Rasmussen Law Firm. They have a proven record of success having closed 95% of their short sales. Nationally, the average short sale closure rate is only 20%. Additionally, these companies have worked together on a number of short sales, they understand how the other operates, and can move quickly, together, to negotiate with the banks to close your short sale. Start the conversation today with Mark, Whitney, or Blake at Fitzpatrick and Prince Real Estate. 800.880.9962