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(EMAILWIRE.COM, July 28, 2007 ) Sacramento, CA -- Sacramento, CA based company helps homeowners understand their options in selling their house if they are unable to pay their mortgage and are facing potential foreclosure. Much attention is being given of late to the residential real estate market in California. One of the hottest topics is the relationship between "exotic" mortgage products and skyrocketing rates of loan defaults and foreclosures. One company, Sacramento-based The Home Buying Center.com (http://www.thehomebuyingcenter.com) has seen its business boom as its customers search the internet for someone to buy their house fast. "We're being contacted from across the nation from people interested in selling a house fast, and our team of real estate investors is busy helping people understand their options," said Patrick McGilvray, president of The Home Buying Center.com "Sometimes our investors are able to buy a home fast from a motivated seller for cash, and other times they make referrals to real estate brokers and agents who specialize in short sales. Additionally, we sometimes just tell people that their best option might be to look to a refinance of their current mortgage or to simply list the property with a traditional real estate agent. Every situation is different," he added. A short sale is accomplished when a borrower, or their representative, negotiates with a bank to accept less than the amount due on a mortgage to settle the debt. The incentive for the lender is that they avoid the necessity of initiating foreclosure and taking back the house. Lenders typically do not want to take back a property from a borrower who is in default, especially if the debt is greater than the fair market value of a property. Lenders often prefer to work out a new payment program with borrowers in default, or those who are about to go into default, but for those who want to sell their house fast a call to an expert in short sales may be the smartest things for homeowners in trouble.Contact:Patrick McGilvray, J.D.Tel: 888-444-BUYERpatrick@thehomebuyingcenter.com### This press release was issued through GroupWeb EmailWire.com. For more information on press release distribution, go to http://www.emailwire.com.
Patrick McGilvray, J.D.
Patrick McGilvray, J.D.
patrick@thehomebuyingcenter.com 
Source: EmailWire.com
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