Obama's standardized short-sale plan could help troubled homeowners

[jasonthoele]

Looks like short sales may get a bit more streamlined; If you're in trouble on your mortgage and can't get a loan modification, check out the Obama administration's standardized short-sale plan that's scheduled to roll out in the next several months.

http://www.latimes.com/classified/re...Estate+News%29

[JJLuther]

Just so you know, you may sell your home anytime you want. Even if you have the loan modified 1st. I have gotten this done for many clients before they put their house on the market AND if it already is for sale. A lot of people do not know their available options.
I would recommend professional help. People are simply being misled by their lenders, friends, real estate agents, anyone that is not fully experienced in this oh so common but misunderstood situations will unfortunately not know what are your best options based on your situation.

Best Wishes.

Jeffrey
Get a hold of me and I can help you with all the different scenarios, write down all your questions and we will go over them.

[REITrainingWhse]

Just so you know, you may sell your home anytime you want. Even if you have the loan modified 1st. I have gotten this done for many clients before they put their house on the market AND if it already is for sale. A lot of people do not know their available options.

I will agree with that - many of the distressed homeowner's don't know all the options available to them - and the bad part of the whole equation is that if the lenders did notify the homeowner's about these other options - everyone probably would win.

Just to identify some benefits regarding the homeowner and lender:

1. The Homeowner would either create a plan to get back on track with the lenders, or get out from under the burden of the house.

2. The lender would either convert non-performing assets into performing assets or at least minimize the REOs they are facing.

Of course if other parties are involved - like people looking to get into a home or real estate investors - there are numerous benefits to them as well. Of course the different scenarios and options are far too vast to discuss in this thread - but to learn more - let me know, and I can help identify some for you.

Later!