February, 2010
Short Sales and Foreclosures
In times of economic hardship, our industry must face home foreclosures and short sales as an inevitable part of our jobs. We at H.B. Wilkinson Title Company want you, our valued customer, to know that our staff is ready and able to provide you with all of your title insurance needs related to these unfortunate situations.
A short sale is a sale of real estate where the sale price is less than what is owed on the loan. A short sale may occur when a person can no longer afford to pay their mortgage and the lender agrees that selling the property at a lower price and taking a loss is better than no money at all. Normally both parties allow the short sale of the property so they can avoid foreclosure. This does not necessarily mean that the borrower is no longer obligated to pay on the loan. They may need to pay the remaining balance that was not covered in the sale - which is known as a deficiency.
Foreclosures occur when the person stops making their mortgage payment and the Lender takes possession of the property.
Visit www.hud.gov/foreclosure/index.cfm for a guide to avoiding foreclosure.
No one wants to see a family lose their piece of the American Dream. Talk to your Mortgage Lender or Realtor® about ways you can work together in order to keep your credit score intact and a roof over your head.
H.B. Wilkinson Attends ALTA Conference
On January 30th, H.B Wilkinson CEO, Gregory Kosin, and President, Daniel Mennenoh, attended the American Land Title Association's Large Agent's Conference in Atlanta, Georgia. From Pennsylvania to California, the title industry was well represented by agents from across the nation. Those present discussed the effect that the new RESPA rules and regulations have imposed on our industry. With the guidelines constantly being reviewed and changed, H.B. Wilkinson Title Company is staying on the leading edge by educating their staff to keep up with those changes in order to ensure you a smooth and legal closing.
