"I spoke to a homeowner who received a Notice of Default from his lender, and he was just 30 days late on his mortgage payments," said Richard Eastern, Washington Property Solution CEO. "Banks are definitely moving much faster to initiate foreclosure."
Bellevue, WA (PRWEB) April 22, 2013
The number of short sales in King County rose 32 percent in the first quarter of 2013 as compared to the same period a year ago, according to the Washington Property Solutions 2013 1st Quarter Short Sale Statistics Report released today.
The number of REO sales ("real estate owned" properties owned by the lender) fell sharply – down 52 percent over the same period, according to the new short sale report released by Washington Property Solutions, a short sale negotiating firm. Quarter-to-quarter comparisons show a different picture for bank-owned property sales. Reversing a year long trend, REO sales represented a greater percentage of overall sales in King County in the first quarter of 2013, rising to 10 percent of all home sales.
Eastern says that homeowners who are underwater need to make a decision more quickly than in the past because lenders are significantly accelerating their foreclosure process.
"While you still hear of people who defaulted on their mortgage two years ago and continue to live in their home, I recently spoke to a homeowner who received a Notice of Default from his lender, and he was just 30 days late on his mortgage payments," said Eastern. "Banks are definitely moving much faster to initiate foreclosure."
The full report can be found at http://www.washortsales.com/short-sale-statistics-reports/.
About Washington Property Solutions
Washington Property Solutions is a short sale negotiating firm based in Bellevue, Washington. Founded in 2003, the company has helped brokers and homeowners successfully negotiate over 900 short sales with a 90% success rate in closing. Washington Property Solutions also consults with homeowners on qualification for the Home Affordable Foreclosure Alternatives (HAFA) process and the Washington State Mortgage Foreclosure Fairness Act (FFA). Washington Property Solutions negotiators are licensed Windermere Real Estate brokers.
For more information, visit http://www.washortsales.com.
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