The Mortgage Crisis.
Wait for a government bailout? Or just wait?
Let's just wait. Market's are self correcting. Let it self correct.
There's a lot of families losing their homes right now. When would be a good time for the government to step in & end this crisis? Maybe never. Maybe they agree that they don't want this to be their problem. A lot of people that bought with no money down were investors who bought at the wrong time anyway, right? Something just doesn't seem fair about giving money back to an individual that overextended themselves or to an investor who bought a property in a peak market.
BUT FOR FAMILIES STRUGGLING - YOU NEED TO ACT FAST - The best way out of losing your home to forclosure is to contact a Real Estate Agent competent to handle your home as a preforclosure sale. In what is called a short sale individuals with a genuine hardship can qualify to sell their property, no longer worth what they paid for it, for less than what is owed to the bank. Not only that but Realtor Fees & Attorney Fees are almost always paid for by the bank. It's a no cost solution to a big problem. The key is for the homeowner to act early & contact a Realtor who will take your listing as a preforclosure. Make sure you ask if they will be the person actually representing you to their bank. If they aren't the person handling the deal I do not recommend using them. I don't recommend agents who use an outside company to negotiate the sale because the deal is conducted with the seller's bank by an outside party & the agent only knows what the negotiator tells them. In addition you are paying a Realtor's full salary & getting a much lower priced outside negotiator speaking on your behalf. I personally handle the correspondence between my client, their bank & the attorneys. This streamlines the process & ensures I have the most up to date information on the deal - can provide that to the buyer's agent in the deal (who often times has to put buyers on hold for 3-4 months while the preforclosure deal awaits approval). A knowledgable sellers agent can provide the buyers side with ongoing information that will keep them informed on the status of the review & ultimately keep them from walking away from the deal because of the all to common reason that it took too long. 3rd Party negotiators handle a full plate of these negotiations & there's no guarantee as to when they will get to work on your file. Knowing I have provided my clients with the personalized service that made a difference makes me smile real wide at the closing. Which coincidentally is a win-win - the buyers get a great house at a discount & the sellers avoid having a forclosure marr their credit.
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