Hello I am Matt Fetick with Sold By Short Sale, Philadelphia’s leading short sale specialist, I am so glad you could join me. Today I wanted to talk about the rise in short sales in the Philadelphia area recently. There are a lot of different reasons but I think the main reason is due to the large amount of foreclosures we are seeing across the country. All of the different banks that are originating mortgages are in the business of making money not owning homes so a short sale approval is more likely. When someone stops paying their mortgage a bank loses that cashflow and also runs the risk of owning the home and incurring all the expenses that come along with it. The bank has to maintain the home as though they live there and it can take up to two years for a foreclosure sale in Philadelphia to be finalized. In the long run it is a win win for both the banks and the homeowners that we are seeing more short sales in the Philadelphia area. The homeowner is able to get out from under the debt owed and the bank doesn’t have to take the property back and the make more money. If you are in a situation where you are upside down on your mortgage and need to sell your home please contact me or visit my website. The sooner we get the process started the better chance we have of being successful. Our short sale team has the experience in the Philadelphia area to get your short sale approved. I look forward to hearing from you. Have a great day.