Posted by: Roby Robertson | March 8, 2010

Lake Norman-Get Paid To Sell Your Home At A Loss

Are You in trouble in your Lake Norman Home?

The government’s program to help troubled homeowners get a loan modification has pretty much failed miserably.

Now the government will take a new approach: paying some of them to leave.

The administration is concerned that millions of foreclosures could delay or even reverse the economy’s tentative recovery. 

While the short sale process is not new to our current market, the government wants to streamline the process,bring together all the parties involved and give them a monetary incentive to get it done.  This would be, if it works, a huge relief for all the frustrated homeowners and Realtors waiting months for an reply to offers on short sales.

“We want to streamline and standardize the short sale process to make it much easier on the borrower and much easier on the lender,” said Seth Wheeler, a Treasury senior adviser.

Under the new program, the servicing bank, as with all modifications, will get $1,000. Another $1,000 can go toward a second loan, if there is one. And for the first time the government would give money to the distressed homeowners themselves. They will get $1,500 in “relocation assistance.”

Excerpts taken from an article on MSNBC.  Read the entire article here.

If you need advice on how to start the short sale process and get your home listed, I have listed several of these properties and can explain the process.  Contact me here.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

%d bloggers like this: