Short Sale vs. Foreclosure

In today’s market, homeowners who can no longer make their house payments and find themselves in a financial hardship may inevitably be faced with considering these two options– a short sale or a foreclosure.

Scottsdale, Arizona REALTOR® Michele Cervantez says if you find yourself in this position, depending on your specific situation, a short sale may be a better option.

“More than 20 percent of borrowers owe more than their home is worth and find it impossible to sell their home for profit should they become behind on payments. An additional 33 percent have equity cushions of 10 percent or less, putting them at risk should house prices decline much further. Why then do so many people lose their homes in the foreclosure process?

For whatever reason, a mentality exists that if the problem is ignored it will go away. I speak to so many homeowners that had been paralyzed with fear or had fear of the unknown, so they did nothing… initially. But there are many I don’t get to speak to and they ‘walk away’. Many lenders these days are so overwhelmed that they may be taking longer to start collection calls or issue a letter of notice of default.

A homeowner is considered in ‘default’ once the house payment is late. This process used to take about 45 to 60 days before a ‘Notice of Default’ was sent to the homeowner. According to many homeowners I speak to, lenders must be so behind it is now taking almost 3 to 4 months and up before the lender files the notice. Soon after, if payments are not brought current, the lender issues a ‘Notice of Trustee Sale’ wherein the homeowner has 90 days to cure the default or the home will go to trustee sale (auction). Often times, by the time the homeowner receives these notices, they are so behind on the house payments that they have no way of catching up and the home goes to trustee sale.

Others faced with the stress of foreclosure are still too ashamed to speak with their families, pastors, CPA or anyone who can help them or steer them in right direction. Thank goodness homeowners are realizing more and more that they are not alone due to the economy and they can takes steps to resolve the default through short sale. Many homeowners I speak to are relieved realizing that they can be proactive in the process and restore some dignity they feel they have lost…”

Read more: Short Sale vs. Foreclosure | REALTOR.com® Blogs

Real Housewife OC Alexis Bellino Foreclosure Home

I think I have seen the The Real Housewives of Orange Country maybe once or twice, so I cannot say much about their houses.

But it seems that Alexis Bellino is not doing too well - her house, which was marketed as the owner having spent over $6 m on it, was on the market first for $3.4, then $3 and now, after having been in foreclosure process since last summer it seems to have been sold.

I like the way the agent describes the views as peek-a-boo, and truly it seems that they climbed on the roof of the house to get a shot (using a strong zoom) of the Newport Beach and the sea... I am also wondering if the interior is staged as it does not seem to have too much life in it, and I also wonder if every celebrity nowadays has a little screening room in their house? I'd rather have a gym or spa with a sauna and hot tub and would opt to go out when I wanted to see a movie...

This 6-bedrooom house looks massive, and certainly has many garages too.

Beautiful old-fashioned front

Patios can look nice also, but this one just looks neglected

Someone please explain this - gated community living, attached houses?

I like the round curves in the ceiling, but pool table as the centrepiece of the living room?

I might have made the bed the centerpiece of the room - since it is the bedroom

Landings are hard to dress, but this just looks like a doctor's waiting room now -maybe a chair, side table and a bookshelf for a nice reading corner?

Large room and such a small table? So much space left, what about a grouping of chairs - something to fill the space. This room also revolves around TV, is that really needed since there is the media/screening room too

The mandatory screening room...

Just still looks a bit bare and dark

I certainly would have used this lovely grand piano as a centrepiece - this really is not a good place to play it

This little girl has a tad too much of pink, pink and frills...?

Hallways can be nice too with art, photo groupings...

Beautiful staircase but all in all a bit lame. Something on the landing. Large area rug. Potted plants..?

An aerial view gives a better understanding of the house. Interesting L-shape meaning that there are lot of hallway space to dress.