Free Bonus Short Sale Training Event – Sat. Feb. 20th

The common denominator between Short Sales, No Equity Deals, and Upside Down Houses is that they are EVERYWHERE !!

If you have talked with anyone about the real estate market lately, you most likely have had a conversation with someone who would like to sell their house. They have many reasons that they want to sell ranging from job loss or affordability to the simple realization that their house is worth 30% less than the balance on the mortgage.

Short Sales are all the rage. Did you catch the recent article in the New York Times?

However, if you are rushed for time, here is the paragraph:”In late November, with scant public disclosure, the Treasury Department started the Foreclosure Alternatives Program, through which it will encourage arrangements that result in distressed borrowers surrendering their homes. The program will pay incentives to mortgage companies that allow homeowners to sell properties for less than they owe on their mortgages – short sales, in real estate parlance. The government will also pay incentives to mortgage companies that allow delinquent borrowers to hand over their deeds in lieu of foreclosing.”

Source:  www.nytimes.com/2010/01/02/business/economy/02modify.html

Keep in mind, the program does not take effect until April 5, 2010, but servicers may implement it before the start date if they meet certain requirements. The program ends on December 31, 2012.

What does this mean?  This is further motivation for banks to start unloading some of their bad mortgages.