Short-sale process broken, pushing Central Valley families into foreclosure, REALTOR® survey shows

FRESNO, CA – July 22, 2011 – (RealEstateRama) — More than half of Central Valley REALTORS® characterized closing short-sale transactions as “difficult” or “extremely difficult,” according to a Lender Satisfaction Survey conducted by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The survey gauges REALTORS®’ experience working with lenders in their most recent transaction. The majority of those surveyed dealt with short-sale transactions – transactions in which the lender or lenders agree to accept less than the mortgage amount owed by the current homeowner.