You need to see this breaking news story, it is unbelievable (if anything in finance is unbelievable anymore).
- We are all waiting for the treasury to start buying up bad mortgages...
- Banks are waiting for the government to start buying bad securities before they approve short sales...
- Homeowners who are in trouble are somehow going to benefit form the $700 Billion bailout...
It looks like NONE OF THE ABOVE are going to happen. Yesterday Secretary of the Treasury Henry Paulson has reversed the original objective of the TARP (Troubled Asset Relief Program). They may have to change the name! They are no longer going to use this fund to purchase bad securities, they are going to use it to make investments in companies that need capital infusions (like AIG).
Here is what it means:
- Short sales are not going anywhere - banks are going to have to clean up their own messes so expect to see them go through the roof.
- There is no bailout for a bad mortgage, either a non-sale solution, short sale or foreclosure will be the only way out.
- There is very little chance that we as taxpayers will ever see any kind of a return on these investments (not that we ever would have) unless Paulson has something extraordinary up his sleeve.
You need to see this breaking news story, it is unbelievable (if anything in finance is unbelievable anymore).
- We are all waiting for the treasury to start buying up bad mortgages...
- Banks are waiting for the government to start buying bad securities before they approve short sales...
- Homeowners who are in trouble are somehow going to benefit form the $700 Billion bailout...
If you are having trouble making your mortgage payment, waiting for help from the government is probably not an option, the problem is simply too big, and politics is involved. You may want to consider a Short Sale. Lance Davis on the Les Bailey and Associates Real Estate is our "Short Sale Expert", he can help you evaluate options to save your credit rating, so call him today at 907-689-6497.