KIKI – ShortSaleHomes.com assists owners holding interest only loans with 100% financing that was granted because of borrowers 700+ mid-FICO and upwardly mobile employment. Life’s changes in this slowing market will soon mean they MUST sell.
If a seller’s total net worth is lower than 10% of the “NEW, LOWER MARKET VALUE” of their home, they must act early (best BEFORE DEFAULT) to qualify for Debt Forgiveness by their mortgage holder. They can retain their “GOOD CREDIT”… as they leave their Sunbelt Dreams for life’s greener pastures… To purchase their next home, with 100% financing possible AGAIN!!
Not a slam dunk without knowledgeable realtors, lenders and tax folks! I participate in ShortSaleHomes.com. Please check it out. I’m an experienced realtor, loan officer, property manager, investor and grandfather in San Diego. By prudent investing in a dozen homes over the past 10 years, my realty net worth has grown by 1000%…
Everyone can find some good buys in TODAY’S BUYERS MARKET … and if you find GREAT BUYS, don’t WAIT on THEM to go lower … (unless interest rates hit 7.75% and local unemployment reaches 6.25%!!)
Expect mortgage holders/banks to become “bureaucratically pliable” to the Loss Mitigation Process (around 1/1/1008?) Short Sales will suddenly become a publicized alternative to FORECLOSURE, offering reasonable buyer gains with minimal “loss” to the sellers. (..AND their lenders OR us taxpayers covering Fannie, Freddie and Ginnie!) At that time, many long term investors seeking to escape the next Rust Belt nightmare will relocate for their “good deal” in the next California Dream!
The recent homeowners ‘Buy Low, Sell High, Move Up’ mantra with “finance low and do it often” is shifting to ‘Buy Right, Finance Well and HOLD’ real estate for the intermediate/long term”! SO LIVE WITH IT AND LIVE WELL!
