Short Sales could slow down if principles are reset..a good thing!
I’ve been saying this for the past 3 years or so..why not reset mortgage principles to say…Fair Market Value + 20%? When I ask my underwater homeowners if they’d stay in their homes if THEY could get the Short Sale value I’ve proposed to them, they always respond “Yes!”
This article from New York Times today hits on this idea in San Bernardino County..which has just declared bankruptcy by the way, so might be a good place to test this eminent domain idea.
The stumbling block is always the same…the bankers get their skirts blown up “even thinking about letting the governement step in to take control of our mortgages.” Well..somebody has to! If the Banksters want to continue to set their own mortgages, why not work out a program with the current homeowners to keep them in their homes? Turn a non-performing asset into a performing one??? The reason could be that the Banksters do not want to report the TRUE VALUE of their assets to their prized shareholders until they are good and ready. Hey..a little coloring outside the lines for the Banksters is nothing new, right???
Until Mortgage values are reset, if you are underwater, give me a call for your free Short Sale consultation..760-285-3578.
