Foreclosure Mess impacts Sedona AZ Homes

Posted By Barbara Baker @ Nov 15th 2010 8:15am In: Sedona Real Estate

It's all over - not only in the Sedona AZ Home marketplace - but in Wisconsin, California, Nevada, within our neighborhoods.  Foreclosures that continue to drive the market D.O.W.N.  I think the feds, the white house, and all on Cap Hill have their heads so far in the sand about this they are clear to China or are just plain stupid.  Either way - this is going to be here for quite some time and I have recently read 3 new ways to combat the foreclosure mess.

3 New Anti-Foreclosure Strategies
Here are three programs that are considered promising replacements for the government’s Home Affordable Modification Program (HAMP), which has failed to stop foreclosures.

· Fannie Mae and Freddie Mac would be encouraged to refinance loans for some 30 million borrowers with high-interest rate mortgages. The new mortgages would be folded into a new round of mortgage-backed securities issued by the government-sponsored finance firms.

· The right-to-rent plan would offer delinquent borrowers an option of renting their foreclosed homes at a market rate for five years. At that point, owners turned renters would have another chance to buy their homes at market value. It’s a compromise. Borrowers lose their homes, but lenders have to accept lower payments.

· Mortgage cramdowns give a bankruptcy judge the right to consider all of a borrower’s debts and create a solution that would force all interested parties, including holders of mortgage debt, to compromise.

Now all of these seems simple enough.  And personally, I know many clients in the Sedona AZ Home marketplace that have walked away from their homes after not getting the proper help from their lender.  So why aren't all suits doing something? To comment, I  can be reached email, at my website, or on facebook , or the old fashioned way 928-301-0669. And remember when you want to buy, sell, or discuss land, investing, or the Sedona AZ home market - just give a holler.


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