NEW YORK (New York Times) – April 5th will mark the beginning of a new program by the Obama administration intended to end the foreclosure crisis — one that will pay homeowners to sell their homes.
The program will allow owners to sell their homes for less than they owe and give them cash to expedite the process.
Hundreds of thousands of delinquent borrowers will be encouraged to sell their houses through short sales, in which properties are sold for less than the balance of the mortgage.
The new program will give the servicing bank $1,000, and another $1,000 may go toward a second loan, if one exists. The distressed homeowners will also receive $1,500 in relocation assistance.
Borrowers could suffer less damage to their credit ratings under the new program, and they will receive the lender’s assurance that they will not later be sued for an unpaid mortgage balance.

AUSTIN (Austin Business Journal) – RealtyTrac’s annual foreclosure report, released yesterday, revealed Texas metro rates to be under the national average of 2.21 percent.

 Austin and Round Rock area foreclosure rates increased 39.5 percent between 2008 and 2009. About 1.25 percent of all housing units, or one in every 80 homes, foreclosed last year, and 8,002 homeowners filed. This was an increase of 54.6 percent from 2007. Of the 203 metros ranked nationwide for foreclosures, the area was ranked 117th.

 Dallas–Fort Worth ranked 94th with a 1.5 percent foreclosure rate, and Houston was 111th with 1.3 percent of its area homes foreclosed upon. San Antonio ranked 109th in RealtyTrac’s report, with a 1.31 percent foreclosure rate.

Due to the massive amount of short sales and foreclosures in the Houston area I have acquired my CDPE – Certified Distressed Property Expert Designation.  This new designation has taught me the short sale process and how to get the deal closed.  It is the designation that banks require for Realtors to work on their distressed and foreclosure properties.  If you or someone you know is behind on their mortgage please choose a Realtor that holds this designation.  I enjoy helping homeowners learn how to avoid foreclosure and helping them sale their properties before they are foreclosed on.

One comment. This is an old post. The comments are currently closed. Click here to read the previous comment and or send me a response via email.