Hate It !!! Government Is Wasting More of Our $$$ on Short Sales

October 6, 2009

REAL ESTATE INVESTING

Short sale bail out – See below for the new Short Sale program, but as far as I’m concerned – Why can’t the government stay out of private business?  If borrowers can’t pay, evict them!  I don’t want my tax money to go to people who lied on their apps and bought homes they can’t afford.   How come the people who saved for a downpayment and qualified for their mortgage loan don’t get bailouts, or to stay in their homes for free w/out making payments?

“U.S. Department of the Treasury Secretary Geithner announced details on the expansion of the Making Home Affordable program to include short sales under the new Foreclosure Alternatives Program. Financial incentives for servicers include $1,000 (“success fee”) for a successful short sale, and borrowers may receive up to $1,500 to assist with relocation expenses.

Fannie Mae-backed loans now guarantee a 6% sales commission on all closed short sales, an incentive we have all been waiting for and expect other investors to follow suit soon.”

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