How to solve the housing crisis – My Short Sale Solution Program – North Scottsdale Real Estate

My solution to the housing crisis:

My solution to the housing crisis is to incentivize banks to streamline the short sale process by offering them a percentage of the deficiency out of the Government’s $75 Billion Dollar Mortgage Modification Fund on top of what the home sells for on the open market. The borrower receiving the short sale principle reduction would then agree to pay back that percentage to the US Taxpayers through a long term, low interest payment. The bank(s) agree not to pursue the borrower for the deficiency. The percentage that the bank(s) receive can be worked out; be it 10%, 20%, 50%, or whatever.

Everybody wins. The banks have a financial incentive to make the short sale process easy and not pursue homeowners for the deficiency. The borrowers receiving the short sale get out from a bad financial situation but are held responsible for a payback of the Government funds they use to do so. This will minimize the number of people who are not in danger of going into foreclosure taking advantage of the program. For the US Taxpayers, this program will speedup the recovery, drop foreclosure rates significantly, and ensure that they are paid back for the bulk of financial assistance they provide.

Undoubtedly there will be people who take advantage of the program. There will also be people who stop making their deficiency percentage payback payments.

What’s your opinion? Email us at MyOpinion@ThePrecisionTeam.com

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