Miami Real Estate: Should Lenders Speed up Foreclosures?

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By Jeff Collins
Efforts to keep defaulting homeowners from losing their homes have largely failed, leaving few options apart from letting foreclosures take their course, attendees at a national real estate writers conference were told.
Speaking at the National Association of Real Estate Editors’ annual conference, Shaun White, RE/MAX Real Estate’s VP of corporate communications, said the foreclosure process needs to pick up speed.
For example, White said, the typical foreclosure — from default notice to auction — took 400 days in the first quarter of this year, vs. 340 days in the first quarter of 2010 and 151 days in 2007.
Lenders are only about halfway through an estimated 7 million to 8 million expected foreclosures. The federal loan modification process — Home Affordable Modification Program — has resulted in 670,000 successful loan modifications, too few to “put a dent in the problem.” said White:


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Pamela Diaz-de-Leon With an accomplished background encompassing Diplomacy, Architecture, Business and Film, Pamela Diaz-de-Leon brings to the real estate industry the entrepreneurial expertise which stem from her interdisciplinary experience. Her world wide network of distinguished personalities carefully knitted of relationships formed in her five years as the Cultural Attaché for the Instituto Cervantes, serving the King of Spain, in Chicago, and her Hollywood connections acquired while working with a recognized film distributor, give her the global platform in which she has developed her business with great success. Knowledgeable, informed and organized she holds ethics and integrity as her highest values thus, providing her customers with an excellence of service that ensures their utmost satisfaction and their continued loyalty to her work. Office. 305.677.5055 Cell. 305.720.8439
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