Archive for March, 2012

$25 Billion Foreclosure Settlement – Will it help me???

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As stories regarding the $25 Billion Foreclosure Settlement are being released my Boise Short Sale Website and Boise Short Sale Blog traffic has increased as have the phone calls and emails from hopeful homeowners with under water properties. The question is how will this help me?

Emily Knapp in her article “Who are the Biggest Beneficiaries of the $25 Billion Nationwide Mortgage Settlement” answers this question most succinctly, “…despite the obvious benefits for individual homeowners, the settlement’s effect on the housing market as a whole may be rather limited. Only customers of the five servicers involved in the settlement are eligible for principal reductions, and only if their loan is not owned or backed by government-controlled mortgage financing firms Fannie Mae and Freddie Mac. Those and other limitations mean fewer than 5 percent of the nation’s 11.1 million underwater homeowners will be eligible.”

5% is an awfully low number of individuals helped. If you need to sell your house and are underwater please drop me a line, lets talk…

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