What is a short sale? Do you know the difference between a short sale and foreclosure? Do you know what to do to avoid being foreclosed on? Do you know what programs are available to possibly help you avoid a short sale/foreclosure? Many homeowners are underwater, meaning they own more on their home than what it is worth, they can no longer afford their mortgage payments for a variety of reasons and do not know where to turn. This video gives a quick overview of the process. I am a CDPE and have helped many homeowners avoid foreclosure by selling their home in a short sale. If you or someone you know is in need of help, take a look at the short sale tab on my website for more information or contact me for a free, no obligation, confidential consultation.
The government released the news of the national mortgage settlement late last week. The question is: is this going to really help anyone? The settlement sounds wonderful with the big numbers but when you think of all the people it has to cover, the numbers get small fast. Those whose homes were foreclosed on in MN will get about $2000 a piece, is that enough? If you are upside down on your mortgage you might get as much as $17,000 but how far will that go? The program does not cover Fannie Mae or Freddie Mac loans and only applies to qualifying loans with the 5 big banks. In the end, 60-70% of people with a mortgage will not benefit from this plan. What do you think? Is this going to help people, is it a political ploy, will it stimulate the market or is it too little too late? For more information on the settlement, click here.