With various events in the economy, do you, or someone you know, feel like it is difficult to afford your home? Have you tried to sell your personal home but cannot based on the current real estate market? Well this maybe just the thing to give you relief. Beginning April 5, the Obama administration will encourage under-water mortgage borrowers to avoid foreclosure and instead alleviate their financial burden by short selling their home in a new, (what we hope to be) streamlined process.
The new short sale program will offer a cash payment to the homeowner, as well as to the servicer and second-lien holder; and, here is the main difference, protect borrowers from future lender lawsuits for the unpaid mortgage balance.
To curtail fraud, lenders will have to consult real estate practitioners to assess home value and minimum acceptable offer; they then must accept any offer that is equal to or higher than that.
Have further questions about this program? Contact 404.444.5777 or places2love@gmail.com.
Source: The New York Times, David Streitfeld (03/08/10)
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