Well, I guess by now most people that own a home in California have realized that the long awaited plan by President Obama to save our homes….is just not going to work…unless you are willing to continue living in a home that is most likely at least 50% upside down in value.
Also very likely that values are going to continue to decline for at least another year…plus+++
Here is where it gets crazy! An FHA representative spoke recently about the 400,000 people that Hope for Homeowners was supposed to help…guess what? One, 1 loan has been insured by the FHA!
I only wish that there was a little compassion in educating Americans about the alternatives to Foreclosure. Loan Modifications have been elevated to be the end all to fix all….and guess what….not so much!
There was a great segment on CBS news (in another State) all about a woman that bought at the top of the market back in 2005 and was forced to move because she could not afford to make the house payments on her “newly adjusted” loan. Her home had declined in value, she was now at negative equity.
No chance to refinance, no loan modification that would help her enough to make the payments affordable… It was an eye opening revelation to this seller to find out she had options other than just walking away from the house=Foreclosure.
The Answer….A Short Sale!
If anyone reading this has any connections with the media.….please give them our number!
We are working hard to educate the community on Short Sales. A viable option when a loan modification is not going to work.
Until then, look for our YouTube Videos… We are working on kicking off a new forum, if you get a chance check it out and contribute to it and help us grow.
http://subprimerecoverycenter.com/
