Housing Bail Out Bill
Bail out, come out, wherever you are!
Does the housing bailout bill from our government offer real solutions and help to homeowners? The answer in the majority of cases is unfortunately NO! The bill does not seem to address many of the issues that are putting homeowners in financial hardship right now.
Misconception #1---Less than 30% of the home owners who are in financial hardship that we work with in our national network have "ARM's" or Adjustable Rate Mortgages on their properties. It is a simple fact that the majority of homeowners who could afford their houses and were not "upside down" on them refinanced them a long time ago. The vast majority of home owners who do have ARM's could not afford to keep the property even if it was refinanced!
Misconception #2---Unemployment is skyrocketing right now in the US. The bill does not offer jobs to home owners who are unemployed. For many home owners, even the option of a lower payment will not work. Unfortunately our housing bailout bill does not really make much of a difference if you have no income at all to pay any mortgage payment. Would a moratorium on foreclosures do anything other than delay the inevitable, potentially costing lenders more money?
Misconception #3---One of the biggest misconceptions we run into, is that many people believe that the home owners needing help are owner occupants who are trying to save the roofs over their heads. It is a fact that the vast majority of home owners who have defaulting loans or properties they are faced with loosing are actually investors, or the property is not their primary residence. Investors have made up a very high percentage of home sales during the housing boom years. Unfortunately most of the solutions in the housing bailout plan only help owner occupant home owners, NOT investors!
Misconception #4---Many Americans also have been stuck with the problems of relocation over the last few years. These home owners were happy to accept a higher paying job and even purchase another home in a different area of the country, only to be stuck with a home in their previous city that would not sell. After being stuck with these properties, and not able to play the role of property manager (especially when showing a loss), these home owners were also left with few options. Unfortunately there are no real solutions that address this either.
Then we are left with all of the Americans who just simply could not afford the home even if the lender were to reduce the loan amount and payment, or who are fed up with home ownership in general! Even those who do qualify for a good loan modification, are still so upside down on their houses it makes no sense to keep the property. As some of the country is waiting for the housing bail out from our government, many homeowners are starting to realize that there is no solution in sight.
To these home owners mentioned above, a short sale may be the best alternative!
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The short sale process is very detailed and highly specialized. It is NOT part of the Realtor basic training. We are a nationwide network of real estate professionals who specialize in short sales.
Our services do not cost you any money at all, period!
This is usually a delicate and sensitive issue for many homeowners. Our short sale specialist Realtors are understanding of your circumstances and offer compassionate solutions. Our agents are standing by to offer you a 100% free, confidential, no obligation consultation.
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(please note that we are NOT attorneys, please consult an attorney for all legal matters. Everything stated on this website is for general informational purposes only, and is not intended to be taken as fact or as legal advice!)
