TAKE THE MONEY AND RUN: CAN'T PAY YOUR MORTGAGE? UNCLE SAM WILL PAY YOU!

By
Education & Training with Finance of America Mortgage Winchester VA Branch NML#1071

    SHORT SALES!    As REALTORS we know how challenging short sale can be for both the homeowner, the bank and the purchaser.   The government has heard our cries for assistance, but I'm not so sure the program will get off the ground easily.  There is a great deal of room for FRAUD . . . and I worry that the people who really NEED the help will not get it.   The program will be offered to those who have Freddie Mac or Fannie Mae investor held loans.   The short sale process will be stream lined and the government is willing to offer cash incentives to the banks for cooperating. 

THEY ARE ALSO OFFERING $1,500.00 for the homeowner to relocate!  WOW!   Now this would be great for someone who is unemployed or suffering severe financial hardships . .but this leaves a great deal of room open for someone who has just stopped making their payment for a few months to collect and exit as well.   I'm also worried that like the HAMP program homeowners are going to be confused and disappointed when they find out that their loan is not held by Fannie Mae or Freddie Mac!     

As far as the fraud issue goes . . I smell a HVCC like requirement brewing on the BPO guideline to minimize the changes of REALTORS fudging their figures to get the deal done.   More regulation!  More money handed out!   I hope this program will not equal MORE Headache for those of us who are trying to help homeowners the RIGHT WAY!

Please read this article from the New York Times, for more information !!!!:

http://www.nytimes.com/2010/03/08/business/08short.html?src=sch&pagewanted=all

 

 

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Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks for sharing your thoughts on this topic. This could bring fraud to a new highter level.

Mar 08, 2010 10:05 PM #1
Rainmaker
4,433,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for the post.  I read a similar post the other day.

Mar 08, 2010 10:09 PM #2
Rainmaker
167,124
Home Design
Alpharetta, GA
Home Design and Real Estate

NY Times published a great article regarding this a couple of weeks ago. If I can find the link I will come back and post it!  Thanks for the post Rachael!

Mar 08, 2010 10:42 PM #3
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Rachael Hite

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