Maybe The Next $1.5b… - Short Sale Fundamentals
 
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21
Feb

Maybe The Next $1.5b…

obama-mortgage-relief Obama broke the bank this week, pledging $1.5b in aid to distressed homeowners. This money will go to help those unemployed and anywhere that housing prices have fallen 20% or more. This is in addition to the $2 billion I’ve already given to help real estate investors get their ideas off the ground.

Alright, maybe I fudged the numbers a bit there, but trust me, I’ve been doing just as much as Obama to help those in need. Well, more actually. It seems that most of the government’s projects have fallen on their heads so far. But not mine! My Freedom$oft Giveaway was a huge success, short sales are up nationwide, and investors everywhere are getting in on the action.

But enough about how together we’re making a difference. It seems the only thing the news is interested in is the latest scheme from Washington. They’ve decided that national action is not the answer any more (if it ever was!). Now they’ve got to focus in on those areas still suffering from the worst of the recession.

Each of the hardest hit states will be able to design its own program for helping distressed homeowners. Those plans will then need to be approved by the Treasury. Though, of course, the plans must fit national guidelines. (Is it just me or does it seem that Washington is pulling on both ends of the rope here?)

Anyway, one aspect of the new plan would be to assist homeowners who have fallen through the cracks, namely, those unemployed, owing more than their homes are worth, AND who don’t qualify for a loan modification. What form the assistance will take is TBD.

One additional wrench thrown into the works is trying to get first mortgage lenders to negotiate with second mortgage lenders. Unless both agree to change the repayment terms, the borrower will be stuck in the same position.

Currently the Fed has no idea how to accomplish this. Do you? I’m sure they’re open to suggestions.

  • Kevin Moore

    Even though the 1.2 Billion sounds like alot of money. There really isn’t a plan in place to execute it. My question is, what about the underemployed people who can’t sell their house and are draining their finances to try to keep paying on an upside down home, are they going to qualify for something?. As near as I can figure about 45 states have upside down values so that 1.2 billion isn’t going far by time the Feds figure out what to do.

  • Maggie

    on the 2nds-don’t we have lots of TARP toxic asset money somewhere? Why can’t we sweeten the pot for all 2nd mortgage holders-give the note holders some of that money to defer or let go of their lien on title-or let them add half of it to the first-for some of that Tarp money? More short sales-everybody happy..

    Do you ever respond to our comments? Last time I wrote you-I expected a commnet on the suggestions.

  • Bob Otten

    Everyone has seen the You tube video on the IndyMac/Goldman Sachs scheme to defaud the American tax payer. From where I stand, this is really quite simple. The tarp money and the sweetheart deals to the holders of some of these non performing assets has to be scaled back. There is no incentive for the banks to negotiate in good faith when they have nothing to loss by rejecting short sale offers. We all know they take a much bigger hit when the property becomes an REO. Until the bank’s bottom lines are hurt by not making good financial decisions they just won’t play ball. We are so far past the days of “no quater spared to the debtor”, its time for the banks to feel REAL pain for poor decision making when it comes to being made whole on these assets. Its is too cozy a relationship that the fed is lining the pockets of banks who’s board members and CEO’s were once on the NYSE banking commision. Its time for some high powerred class action suits and really sticking up for people in distress.

  • Rosie

    It seems that all the proposals lately are just a bunch of talk with no
    plan or substance– to get attention or to take attention away from
    something else going on… When will America wake up??

  • Bonnie

    Possibly we could quit feeding the banks that seem to be flourishing from SS and Foreclosures with repayment of losses? Ask them NOT to tell those requesting a loan mod to “just short sale” their home as most feel that to be their only option. And give the dollars directly to the homeowner in some way?

  • http://MicheleKeckRealEstate.com Michele

    As a realtor, I am seeing both sides of this market. Investors and 1st time home buyers have an excellent opportunity to buy properties that they would not have qualified for 3 years ago. I have helped many buyers obtain their first property at an amazing price and they hope that the market will increase so they have equity growth as well as buying at a low price.
    On the other hand, I have calls from desperate friends and clients who want to understand what they can do to keep their home through their job loss and/or decline in income. They use their credit cards, their IRA and their extended families money to pay their house payment, They are still behind because their other debts are mounting and the information about loan modification and short sales and forclosures is confusing and scary. Please call a reputable realtor in your area. Call the Broker of the local real estate office to get a referal agent. Realtors are attending clinics and getting certified to know about your options. You need a caring and well informed realtor to help you analyse your situation and refer you to the agencies that can help you with your loan modification, legal questions, accounting questions or sale questions. A realtor that is a Short Sale Specialist is going to negotiate with your loan holders, possibly avoiding future taxation to you, the seller, and help you to accomplish your sale.
    The sad part of all is that this economy is effecting people’s lives, personally, and their relationships are being compromised. There is no price that can be put on that. It weakens the economy and quality of life of all of us.

  • http://www.mastersg.com Ron

    Hey Cory,

    You mentioned a Freedom$oft Giveaway. Isn’t that Preston Ely’s product?

    Also You list a testimonial plug by Tim Mai under the About tab and state that he is co-author of the book – One Minute Millionaire. Are you certain of this? I believe the authors of that book are Robert Allen and Mark Victor Hansen.

    Thanks…



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