Real Estate News Overview:
Obama and his aides are striving for alternatives to foreclosure, and so they should be. It has been mentioned that homeowners unable to qualify for a modification to their mortgage will see a more streamlined process for pursuing short sales and deeds-in-lieu-of-foreclosures. New incentives will be offered to help spur loan modifications in areas where home prices have fallen the most and lenders fear that they’ll keep falling. The incentives are designed to partly offset investor losses on the mortgages, and encourage loan modifications instead of foreclosures. A total of $10 billion in incentives could be paid to lenders, mortgage servicers and investors to modify loans.
Real Estate Investor Coach Response:
Once again, Obama thinks he can just throw money at the problem. Perhaps it will help, only time will tell. Again, my issue is
Brian Evans Testimonials
I do not have much knowledge on foreclosures other than the knowledge that the purchaser has difficulty in meeting his loan repayments. If Obama ‘s 10b gets through, there is every opportunity it could serve as a breathing interval for owners to redesign their loan repayment period. On the other hand if owners have other commitments, than the sale could be imminent and would flow into the sellers market. Based on other value aspects, the property’s price could be determined and offered. Obama’s
offer has clipped the foreclosures’ easy walkover.