Avoid Foreclosure With Newly Announced Government Short Sale Plan

by Mr BPO

RE/MAX CEO Margaret Kelly ехрƖаіחѕ һοw homeowners саח avoid foreclosure
wіtһ tһе newly announced government short sale рƖаח.

{ 6 comments… read them below or add one }

WannaTalkMoney March 24, 2010 at 2:25 pm: Great Video

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Keithsmac March 24, 2010 at 2:50 pm: Thankfully, this is not the exclusive and mandatory short sale process when it becomes effective as of May 2010. It is only one of the options available for homeowners.

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Keithsmac March 24, 2010 at 3:11 pm: There are additional disincentives to this program: the homeowner is responsible for handling all of the negotiations with all junior lienholders. The homeowner is supposed to be paying off junior lienholders while making reduced mortgage payments to the loan servicer and while marketing the property for a short sale. Also, new obligations and very tight time restrictions are placed upon listing agents and brokers that work with homeowners under this program.

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GetSmartyall March 24, 2010 at 3:36 pm: I disagree that some homeowners are liable for the balance between the short sale and original mortgage. The lender will state their stance in the short sale approval letter.

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alisoncreamer March 24, 2010 at 4:10 pm: Thank REMAX for making these great videos to help us get the word out !

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QRHomes March 24, 2010 at 4:51 pm: Does anyone know if the release of obligation to repay leftover debt extends to the 2nd mortgage?

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