Lenders Now Have Incentive To Approve Short Sales!
March 15th, 2010 categories: Deborah's Scrapbook, Real Estate Forum, SELLERS only
New Program In North Atlanta GA Gives Lenders The Incentive To Approve Short Sales
Starting on April 5th, 2010, mortgage lenders and banks will be given $1,000.00 from the government for every short sale they approve to their North Atlanta, Ga. homeowner, as long as the lender agrees not to go after any balance or remainder of the mortgage.
This will allow the borrower to have a clean slate, without the worry of having to pay off the debt in the future. If there is a second mortgage, that lender also receives $1,000.00. The program also provides for the homeowner to receive $1,500.00 in relocation expenses, which should prove to be a big relief to homeowners in extreme financial crisis.
Visit this interesting article
“The Mortgage Walkaway Number”
from CNBC.
As a RE/MAX Realtor In North Atlanta Georgia, I will now have the ability to help and determine the acceptable value of the home in the North Atlanta area — which is expected to be less than the value of the mortgage, and potentially less than the supposed market value, as it is with many real estate short sales in the Cities of Alpharetta, Milton, North Atlanta GA area.
To Search For Foreslosures In North Atlanta GA
To Search For Short Sales In North Atlanta GA
Licensed real estate agents, like myself, will work in concert with the bank to determine the current value of the home by the bank and this information will not be shared with the owner. Banks that agree to the program must agree to take any offer that is equal to or lesser than the value as determined by the real estate agent.
This is a big change as banks typically determine the value of a home they are about to mortgage with the help of an appraiser, not a licensed real estate agent, like myself. At the height of the real estate crisis, appraisers were the people who verified to the banks that the houses were worth at least as much as the bank was going to lend, and during the crisis, those values often meant that people had homes worth less than the money they owed on the mortgage. That term is called “Being Under Water”.
Where are the best deals for Foreclosure and Short Sale Homes? “More Foreclosures in 2010 Mean Opportunities for Bargain Hunters” .
This new program should help lessen the time for a bank to respond to a short sale offer, as banks previously took weeks and sometimes months, before they responded to a homeowner’s plea for help. For any questions related to this new program, feel free to call or email Deborah Weiner with RE/MAX and visit www.NorthAtlantaHomes.org for more Real Estate listings.
For more information on The Short Sale / Foreclosure Bank / Seller Incentives, read this article form the CNBC website-New York Times Article.
“Program Will Pay Homeowners to Sell at a Loss”
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