Woodland Hills, CA (PRWEB) October 22, 2008
Homeowners, lenders and servicers are actively seeking solutions as the number of properties falling into foreclosure continues to break records.
Realty Trac recently reported that nearly one in ten homeowners is in danger of defaulting on their mortgage. The Case-Shiller index also illustrated that home prices have fallen 21.1% from their July 2007 highs with predicting markets expecting a further 12% reduction. As the real estate crisis has led the economy to the brink of collapse, the panel discussed practical solutions to deal with the main challenges associated with loss mitigation techniques.
The "Mastering the Short Sale" panel presented short sale transactions as the most effective alternative to home foreclosure. On the featured panel was Eli Tene, who led the discussion on strategies to process a short sale quickly and the range of challenges that come with it.
Panel topics included: inaction on the part of lenders to find viable solutions to default situations, fundamental advantages of the short sale, and potential downsides of pursuing a loan modification. Tene insisted that most foreclosures will be eliminated if lenders adopt proper procedures for dealing with default situations.
As an expert in the field, with thousands of short sales completed over the past 19 years, Tene stated that, "by performing a short sale we keep families safe from the pitfalls of foreclosure as well as saving lenders from the heavy costs involved."
Tene points out that the core causes of the problem remain unsolved. "When someone is losing their job or doesn't make enough money, sooner or later a loan modification won't hold. Many lenders are just delaying a predicament that could have been solved through a short sale in the first place. Many of the loan modifications I see today turn into short sales and foreclosures shortly afterwards."
The Five Star Conference occurs annually, bringing together various mortgage lending and default servicing sectors. The symposium seeks to promote the effectiveness of default servicing professionals through independent education and networking activities. Participants addressed the industry's current needs and challenges in order to foster a solution-driven environment.
I Short Sale has been assisting distressed property owners and industry professionals by offering mutually beneficial solutions. To learn more about I Short Sale or find out about upcoming seminar series, go to http://www.ishortsale.com or call (877) 90-SHORT.