Wednesday, Aug 05, 2009
US housing market problems continue...
USAToday.com: Home sellers frustrated as short-sale deals collapse
Scores of homeowners who thought they'd cut a deal with their banks to sell their houses for less than their unpaid mortgages are seeing those agreements fall apart months later, contributing to the mounting foreclosures that threaten the housing market's recovery.
The sales of homes for less than the amount owed the bank, known as "short sales," have been widely viewed as an alternative that could help slow the foreclosure epidemic. In theory, delinquent homeowners escape a mortgage they cannot afford, and lenders, although taking a loss, avoid the even costlier process of completing a foreclosure.
Posted by hotfoot @ 07:16 PM (209 views) Add Comment
1 Comment
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1. Marvin said...
"Scores of homeowners who thought they'd cut a deal with their banks to sell their houses for less than their unpaid mortgages are seeing those agreements fall apart months later, contributing to the mounting foreclosures that threaten the housing market's recovery." - This is a bad scenario we are getting from the bailout plan the current administration have for homeowners.. But we should remain optimistic that the plan will work sooner.