Santa Barbara Foreclosure Information

Foreclosure Information

Foreclosures are perhaps the most popular type of home among buyers in today’s real estate market.

This is because the current market has produced dramatic price cuts on homes throughout the entire nation. Santa Barbara real estate is no exception either and has seen the prices of it’s foreclosures fall even further below the homes original market value. In fact foreclosures are often the first homes that would be homeowners ask to see long before seeing any other homes. Santa Barbara real estate agent Timm Delaney works with individuals and families to help find foreclosures that make great homes.

Timm Delaney, your Santa Barbara Realtor is a Foreclosure Specialist

Foreclosure VS Short Sales

1. 1. Foreclosure Definition – A foreclosure is essentially the process by which a lender reclaims a home from a homeowner. Foreclosures occur when a homeowner has either fallen behind in his/her mortgage payments and/or is no longer capable of making the payment. For a homeowner a foreclosure is detrimental to their credit and is seen by some as a social stigma. There are several things a home owner can do in order to try and keep their home, among them government programs designed to reduce monthly payments and rework a mortgage. There are are also short sales. Thinking about Foreclosing on your home? Contact Timm Delaney today to see if you can avoid it!
   2. Short Sale Definition – One option homeowners have when faced with a possible foreclosure is the short sale. In simple terms a short sale is the process by which a lender buys back the home they sold at a much lower price. Short sales are generally far less damaging than foreclosures and many homeowners whom choose a short sale over foreclosure qualify for a new home in a relatively short period of time. Thinking about a short sale? Contact Timm Delaney today to help you make the best decision!