Government Programs not Having a Huge Impact on Short Sales: Ventura Short Sales

by Gary and Lisa Schoeffler on April 3, 2011

in Short Sales

About a year ago, the Obama administration launched two new prongs of its foreclosure-prevention effort, trying to crack two of the toughest problems that have emerged from the foreclosure crisis.

Neither has had much of an impact, according to data released Friday by the Treasury Department.

One piece was designed to help modify second mortgages such as home equity loans. The other was supposed to assist homeowners with the notoriously difficult process of completing so called “short sales” – ones in which banks agree to let homeowners avoid foreclosure by selling their homes for less than the total mortgage amount.

Treasury said only about 17,000 homeowners have received modifications of second mortgages through the program even though 17 mortgage companies have signed up. That compares with 557,000 borrowers that have received permanent modifications of first mortgages through February through the Obama administration’s flagship Home Affordable Modification Program. Treasury didn’t say how many of those borrowers have second mortgages.

It has definitely been our experience that the second mortgages are a much tougher component in the short sale process than the first mortgage, especially now the the new legislation made all first mortgages essentially, non-recourse. The most difficult scenario is the second mortgage with a different bank than the first. Difficult, but not impossible, we get them done! Short sales require patience, diligence and tenacity. If you are considering a short sale, take a look at our web site, to see if it makes sense for you. Contact us, we are happy to discuss your options.

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Post by Gary and Lisa Schoeffler

Gary and Lisa Schoeffler are Ventura Real Estate Professionals specializing in residential real estate. Their expertise in helping both buyers and sellers is widely recognized in Ventura County. How can they assist you today? Wondering what the market is like? Call them, they will be happy to talk with you about it. 805-320-4472

Gary and Lisa has written 371 articles.

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