Wednesday, March 10, 2010

US Goverment new Program Would Pay People to Walk Away from their Mortgages

A new US government program will encourage homeowners to sell at a loss and walk away from their mortgage.
Trying to stop foreclosures, the Obama administration has tried to keep defaulting owners in their homes.  Now the US Govt will pay some of these people to walk away from mortgages and leave.
This latest program would allow owners to sell for less than they owe and give them a little cash to help them leave.
Taking effect on April 5, this new program could encourage delinquent borrowers who have not been rescued by loan mod programs to get out of their mortgages, sell the house in short sale, which would be expedited.  Some Lenders will be required to accept this and forgive debt.
Let's hope this new US Govt. attempt will work out and help people and the economy.

Harrison K. Long, Realtor & broker, Explore Group, Coldwell Banker Previews, Irvine, CA.  CA DRE #01410855.  Lawyer member of the California State Bar Association - State Bar number 69137.  Member of National Association of Realtors, California Association of Realtors, and Orange County Association of Realtors.  Now serving as Chairperson of Local Government Relations south committee at OCAR.

Your Newport Beach and Orange County Housing Market source.

Posted via email from Explore OC Homes


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