President Obama’s Short Sale Solution to the Real Estate Crisis

Just as many homeowners are working to solve their current financial problems, so too are the FDIC and US Treasury. No one, private citizen or federal agency is well served by a prolonged economic crisis. President Obama has announced a new program to help people paying of distressed mortgages called the “Foreclosure Alternative Program”. The details are available at the US Treasury’s website. But the essence of this program is that the President would prefer to see lenders offer loan modifications or failing that, direct homeowners to reputable, reliable short sale real estate specialists. As always, rely upon professionals. Involve an attorney and possibly even your tax professional to fully understand the personal ramifications of a short sale. If you can find a short sale team that offers all of those services as part of their sales process, all the better. Presson