It looks like banks are finally getting their act together and realizing that foreclosing on a homeowners is ultimately more costly than allowing them to complete a short sale. At least according to an article in the Las Vegas Sun (“Short sales soar while foreclosure sales slacken“).
A “short sale,” for those unfamiliar with the term, is where a bank allows a home to be sold for less than the amount left on the mortgage.
I’d like to be able to say that this trend is occurring because banks did the math and had the foresight to realize that the overall cost of foreclosure–including the devastating impact it has on communities in the midst of a foreclosure crisis of this scale–would ultimately be much greater than any losses due to short sales.
But it seems like this is really only occurring because the government is finally offering incentives to banks and because banks have tired of flooding the market with foreclosed properties which is now just depressing the real estate market further.
In any event, it is occurring now and it’s important to be aware of.
If you’re concerned about foreclosure in Las Vegas, it helps to have good Las Vegas bankruptcy attorneys to provide Las Vegas foreclosure help and, if necessary, Las Vegas bankruptcy help.
There are a range of options, from loan modification to foreclosure mediation to use of the bankruptcy laws for your benefit.