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Short sales benefit from bailout! - How the bailout will affect homeowners
Bradenton / Sarasota - The bailout plan (Emergency Economic Stabilization Act of 2008) was signed into law on Oct 3 2008. Many current homeowners who are in trouble of paying their mortgage look for it as a relief to their situation. As many of them purchased at inflated 2005, 2006 prices owe more than the home is worth now, are practically "caught" in their home.
Depending on the individual situation, short sales brought substantial relief in the past, but on the contrary meant that they had to leave their home before the deal was closed.
Homeownership in the US is more than in other countries considered a basic right for many. So leaving your home makes people deperate and look for other ways to solve the situation.
Will the bailout help me as a homeowner keep my home?
You have to analyze the situation first and find the reasons how you could come into this situation. Current law already allows judges to adjust the principal of mortgages. In the past judges were tight to only adjust the rate. So theoretically a judge can lower the principal which leads to lower payments and would even allow a sale at a lower sale price without the short sale scenario. But can that really help?
The ... more

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