Here's one suggestion if your client can't sell their house in the current market: show them the Australian real estate cost reduction program. For those who don't know about this, it's a way for homeowners to reduce the interest portion of their monthly mortgage payment. It's not for people who are in financial difficulty, because it can't make money out of thin air, but if a homeowner needs to "wait it out", they can at least reduce the loan balance by using this, so that when they do sell, they will owe a good deal less on the loan than would otherwise be the case.
There is a lot of misinformation about this system, as suits some, but as I show realtors little-known real estate techniques, I know this program well, and have spoken to the Australian developer many times.
FYI, to dispell some of the misinformation, the (real) system costs only $225 (not the $4,000) you may have been told.
I can't imagine a homeowner not being grateful to the realtor who tells them about this!
There's a video on my site that demonstrates this to realtors in a clear, easy to understand format.
So, if your client is waiting it out, at least they can make some money at the same time. It doesn't require a refi, either.
Hope this helps
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