Coastal REO Solutions of Myrtle Beach, South Carolina specializes in short sales, foreclosure prevention, and troubled asset management. We are here to make sure your real property assets are protected and prevent any further damage to your credit. There has never been a better time to work with lenders and other mortgages backed by Fannie Mae, FHA or Freddie Mac. A short sale to prevent a foreclosure is the preferred method of loss mitigation by Lenders. If you are losing your home to foreclosure or “under water”, that is, you owe more on the mortgage than the house is worth, and can’t find a way out; contact us today and let us help you explore your options to prevent foreclosure.
The foreclosure news in South Carolina is very grim this month. RealtyTrac, a real estate industry site that tracks these numbers, found that South Carolina foreclosures rose an incredible 36% between September 2011 and October 2011. Lenders foreclosed on 3,562 homes this month. That number of foreclosures in South Carolina also represents a 19% increase from the same period in 2010 when the housing bubble was thought to be much worse. One of every 700 homes in South Carolina is in foreclosure. These foreclosure figures put South Carolina at #13 amongst all the states for number of foreclosures. South Carolina currently has a “stay” on mortgage foreclosures on a property if it is your primary residence. If you are in this situation with your home foreclosure, you need to immediately contact Coastal Reo Solutions to help you keep your family’s home.
Foreclosures were filed on 1 in every 563 houses on the national level in October. Foreclosure filings, which comprise default notices, scheduled auctions and bank repossessions, were issued on 230,678 homes, according to RealtyTrac. That is a seven-month high for distressed properties for the U.S. Officials expected an increase in foreclosure filings because of delays in processing caused by lenders failure to adhere to proper paperwork filings on mortgages. This is another reason why the preferred method of loss mitigation for banks is a short sale. The lenders never take possession of the property; all they have to do is agree on a settlement amount that is less than what they are owed on your mortgage to prevent the foreclosure.
One of the best strategies to prevent foreclosure is to do a short sale on your home. Coastal REO Solutions is fast becoming one of the top firms in Myrtle Beach for handling short sales. But what exactly is a short sale? Well, in a short sale the mortgage holder agrees to let you sell your house for less than what is owed as a complete payment. This may be the best approach if you are “under water”. It is vital to get written agreements that the lender will annul your mortgage debt and not try to collect any amount that is not covered by the short sale.
This is where the experience of Coastal Reo Solutions in handling short sales can be very important. They have put together many short sales for people in Myrtle Beach and along the Grand Strand. They can negotiate with your lender on your behalf, with a better chance of success than you would have on your own. The relationships that Coastal REO and Jason Ellis have developed with local banks will make it easier to get a short sale agreement processed properly. Their trusted status can benefit your situation and cut through the red tape that can be involved in a short sale. If you are headed towards foreclosure please call at 843-839-8046 or email us at info@coastalreosolutions.com.
Coastal REO Solutions has a free monthly newsletter you can sign up for to stay informed about short sales and foreclosures. Also, feel free to use our custom one-touch short sale and bank owned property search application. There has never been a better time to purchase a short sale or foreclosed home in Myrtle Beach, South Carolina.
Coastal REO Solutions is also eager to help any of our fellow Myrtle Beach Realtors. If you don’t like or don’t have experience in dealing with short sales, troubled assets or foreclosures, be sure to talk with us about our Referral Program.
[...] you have a short sale or foreclosure, an IRS Form 1099-C Cancellation of Debt will be issued from your lender if they [...]
[...] REO Solutions is one of Myrtle Beach’s most experienced and qualified short sale real estate firms. If you need help, we are ready to assist you by talking with your mortgage lender for you. Coastal [...]
[...] looking at it as a business decision and trying to take the emotion out of the situation. This is how your lender looks at a short sale, as a transaction to get the most value out of an under-performing asset. It may be harder for you [...]