Loan Solution Associates - White Knight of Short Sales

STAMFORD, Conn., Nov. 23, 2010 /PRNewswire/ -- Financially distressed homeowners and their realtors have found a way to expedite short sales and avoid foreclosure, with the help of debt negotiation firms like Loan Solution Associates. This Stamford, CT business works hand in hand with homeowners, realtors and banks to facilitate the sale of distressed properties.

"Sometimes we can help negotiate a modification or other foreclosure alternative, but often the best solution is to sell the property that is causing financial distress," says Jon Hoffman, Stamford resident and Managing Director of Loan Solution Associates. "Short sales can give homeowners who are 'under water' a fresh start, a way to close this chapter of their financial lives and move on," he continues.

Historically, banks have favored foreclosures over short sales, but short sales are usually a much better option for homeowners than foreclosure. The negative impact to a homeowner's credit is much less severe with a short sale. "Homeowners who go this route can often qualify for a new mortgage in as little as 2 years, as opposed to 7 years for a foreclosure," Hoffman explains.

Loan Solution Associates was one of the first licensed debt negotiation firms in the state of Connecticut, and specializes in finding ways to bring all parties into agreement to facilitate the short sale process.

"Often, homeowners and realtors do not have the expertise to wind their way through the procedural red tape that many lenders require when a house is being sold at a loss," says Hoffman. "Knowing each bank's process and being able to anticipate it is the key to a successful short sale, and our chances of approval are in most cases very, very good," he explained.

While short sales have existed for many years, these transactions are expected to grow further in the years ahead, especially as banks are under renewed pressure to find alternatives due to recent foreclosure "robo signer" paperwork problems. Short sales are believed by many real estate experts to be the answer to restoring the market to equilibrium and recovery.

"Short sales have become a very necessary element to help cleanse the system of distressed properties, and get new homeowners in these homes. It's a win-win in a time when our industry is searching for ways to stabilize real estate values and get home sales back on track."

Due to the glut of distressed properties and constantly changing regulations, Hoffman runs seminars to educate realtors about the short sale option. His next seminar, "Short Sales in Connecticut" -- What Realtors Need to Know Now, will be held on December 7 at 9:30 a.m. at the Italian Center in Stamford. Realtor continuing education credit is available. Call 203-977-2488 for details, or go to loansolutionassociates.com to register.

SOURCE Loan Solution Associates