Fair Game A Condo Was Sold, Until It Wasn’t
HORROR stories abound across Foreclosure Nation. But once in a while, a new one comes along to remind us just how dysfunctional our mortgage market is.
Chaos and conflict rein over many mortgage workouts. Until that changes, housing will struggle.
The case at hand — and it’s a whopper — involves a short sale on a condominium in Deltona, Fla. Short sales are transactions in which a bank and a borrower agree to sell a property for less than the amount owed on the mortgage.
While loan modification programs have received the greatest push from the government, short sales are crucial to cutting the inventory of foreclosed properties. And yet they are far less common than deals like loan modifications and forbearance plans that let people retain their homes.