I Short Sale, Inc. Provides Default Solutions Expertise at the Fifth Annual Five Star Default Servicing Expo
Woodland Hills, CA (PRWEB) September 26, 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, email info@ishortsale.com or call (877) 90-SHORT.
Homeowners, buyers and real estate industry professionals who want to learn more about the short sale process are invited to be a guest of Craig Long, LLC for a special event featuring Raffi Tal, Chief Operating Officer of I Short Sale, Inc.
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The information contained in this website is intended to be used for informational purposes only and to provide a general overview of the topics described herein. There may be tax and other legal consequences associated with a short sale. I SHORT SALE makes no representations or warranties concerning potential tax or legal consequences relating to any final disposition of any property. Clients are advised to consult with a tax professional regarding the potential tax consequences for their particular situation. I SHORT SALE is providing a service in response to a complex situation and offers a recommended solution where possible. Nothing is represented as tax advice to our clients as every situation may result in different tax consequences. I SHORT SALE is not a law firm or an accounting firm and regarding any specific questions relative to any transaction, I SHORT SALE strongly encourages all parties, agents, and brokers involved in a transaction to seek such advice from a professional advisor. Legal Statement
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