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Short Sales Increasing, Coastal Credit Solutions Responds
Real estate short sales are predicted to see an increase in 2010 and Coastal Credit Solutions is sending its highly rated service team to help.
By: Joe Cain
As home values fall and unemployment rises, many homeowners will need to sell their homes in an underwater state – where they owe more money than the home is worth. This short sale situation creates an opportunity for home buyers, but can be a nightmare for the seller and lender. Financial services companies like Coastal Credit Solutions help the current homeowner get through the process as painlessly as possible.
Foreclosures have increased dramatically in the last 18 months and have been hard hitting in markets that have historically seemed immune such as luxury, high end homes. “Foreclosure creates a situation few people want to be in,” says John Casarietti, Chief Financial Officer of Coastal Credit Solutions. “Lenders and homeowners work to avoid the situation all together, but it is a necessary step in some situations.”
A way to circumvent the foreclosure step is a short sale. If the homeowner can continue to stay on top of their payments during the sales process, lenders can avoid managing a vacant property (which has potential to lose value quickly). This can minimize the loss that the lender is facing and the impact to the seller’s credit.
Coastal Credit Solutions has been providing financial services to consumers since 2005 and is one of the few companies in their industry with an A rating from the Better Business Bureau. This quality of service is what they will be bringing to the real estate short sale process and other solutions.
It is too early to tell just how 2010 will shape up with regard to the real estate markets, but it is likely that companies that are well positioned to help people manage their debt concerns will be valuable resources for homeowners.
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Coastal Credit Solutions provides financial analysis services to the general public in an effort to bring consumers to a state of debt awareness about, and improvement of, their financial situation.