Here are a few of my ideas.
The govt. could make a bid to buy foreclosed properties at 60% of the amount of the 1st mortgage with the contingency that the Bank that owns the property has 60 days to accept and close on the govt.s offer or a higher offer. After 60 days the govt.'s offer expires and no subsequent offers will be made by the govt.
The govt. could buy up distressed properties within a commuting distance from
- military bases and use them for military housing.
- schools and make them available for teachers and school employees
- hospitals and make them available for hospital employees
- govt offices and make them available for govt employees.
Govt owned properties could be resold for the purpose of a primary residence with a minimum term of occupancy of 5 years to local, state, & federal govt employees, teachers, health care workers, child care workers, etc. I would suggest that the program be tailored to meet the needs of lower income workers whose labor is essential to making our communities work.
In some distressed areas the govt. could buy an equity share of homes to avoid foreclosure and supplement this action with a loan program that offers lower interest rates on a mortgage for the owners equity share for a period of 10 years to allow the distressed owners the opportuntiy get a mortgage with payments that the owners can make and then keep their homes long enough for the market to recover and perhaps long enough to build a little equity. The govt.s equity position would then be bought out/paid-off at the time of sale.
Just a few thoughts. What are your ideas.
From a Broker in Bandon, Port Orford, & Gold Beach Oregon