short sales: Good Intentions - But It Won't Work!
- 03/09/10 04:34 AM
Yesterday I heard on the radio that the Obama administration is thinking about increasing their support to lenders so that they consider more short sales instead of foreclosures. However, the program said that what the government has in mind is to provide an "incentive" payment of $1,000 to the primary lienholder, $1,000 to the second lienholder and $1,500 to the homeowner to encourage short sales. Well, let me tell you: This is NOT going to help much! We are talking about tens (or hundreds) of thousands of shortfall in most cases. In a $300,000 home that was originally sold at $400,000 … (7 comments)
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Yesterday I heard on the radio that the Obama administration is thinking about increasing their support to lenders so that they consider more short sales instead of foreclosures.
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