Fannie Mae Promotes Short Sales?
Friday, January 16th, 2009 | Uncategorized
During the past month, we’ve heard of several ideas and seen several attempts to give some relief to distressed homeowners facing foreclosure. Here are a few: interest rates have been lowered, loan modifications are being proposed, foreclosure moratoriums have been suggested as has the use of bankruptcy courts to restructure loans.
The whole thing gives and appearance of a “back-lash” on my old bait casting fishing pole. A bait caster is really just a rod and a spool of fishing line (think of a spool of thread). I love using it because I can cast a heavy lure a long way out, but if I use too much muscle and get too ambitious, the force causes the spool to rotate faster than it can let out line . . . and I get a huge mess . . . one big knot that takes a long time to undo…
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The rest of the article even includes the new email address to use to submit your packages to Countrywide.
Talk to you Soon!
- Josh Cantwell
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Well, that’s an interesting option for them to pursue..still questions continue to arise on the back end of this, because even at discounted prices, some of these properties will require a cash buyer because of the extensive repairs needed and FHA won’t fund those. So then the question becomes, is it discounted enough that a rehabber will pay cash for, fix up and sell at a profit. Or were they thinking that FHA will singlehandedly save the day?