Real Estate InfoHub Online

First off, there are many misconceptions about foreclosure, deed-in-lieu, and short sales. I hope to debunk them here.

Gainesville FL – It takes a lender months to foreclose on your house. I have seen some lenders take 2-3 years to foreclose on a house. There are two reasons this is happening. First, there are a lot of people unable to make their payments. Second, the court system is backed up.

If you can’t afford your house payment, or are in foreclosure, then you should ask your lender for a loan modification. Many Gainesville Homeowners are getting their loan modifications approved. However, it takes a lot of work.

The re-default rate of loans modified in the first quarter of 2009 was 51.5 percent by the end of the year, according to the Office of the Comptroller of the Currency and the Office of Thrift Supervision.

Gainesville FL – We recently talked to someone who did a Gainesville loan modification with HSBC. We couldn’t believe how easy the process was for them. They didn’t have to wait 60 days for a person to be assigned to work on the loan modification. They didn’t have to fill out an entire “package”, the fax machine actually worked, and everything went smoothly. I’ve have good experiences on HSBC short sales. Obviously they also do a good job on loan mods. Now, let’s contrast this with a large American Bank, such as Bank of America or JP Morgan Chase.