According to real estate data and analytics firm CoreLogic, the number of short sale has more than tripled since 2008. Their research study states that short sales will continue to rise from their estimated numbers, 400,000 short sales annually, and be an important part of the mortgage recovery. Four states, Texas; California; Florida and Arizona, account for 55.8% of the national short sale volume.
Though the numbers of short sales are likely to rise, CoreLogic states that this increase in short sales could potentially open the floodgates to short sale fraud. CoreLogic estimated that losses due to preventable short sale fraud amount to $310 million by the end of 2010. The average loss from each instance of short sale fraud is $41,500 with fraud occurring in 1 in every 53 short sales.
This study is evidence that there are alternatives to foreclosure to many homeowners. Programs such as HAMP and HARP, short sales and deeds-in-lieu of foreclosure are just a few of the alternatives that may be available to you. If you are facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Lawyer to explore your foreclosure alternative options.
