We were just made aware by some Mortgage Lenders of programs designed to "help" homeowners that are "under water" on their mortgage vs. home values. Investors are buying packages of good and bad loans from banks at bargains while homeowners are able, if they qualify, to have their mortgages reduced to the current market/appraised value with no deficiency paybacks. Let me know if you have had success in your markets with this type of program. On the surface, it seems like a way to keep homeowners in their homes while at the same time not having to deal with the short sale craziness through the banking bureacracy. But is it reality???
Mary Mastro
Keller Williams Realty, Sarasota/Lakewood Ranch, FL
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