As reported by the Washington Post on May 15, 2009, under new guidelines issued for the Obama administration’s $75 billion housing plan, the government may begin issuing incentives to banks to approve short sales.

 

Hallelujah!

 

The proposed solution would include giving 1^st mortgages a $1000 bonus for approving a short sale as well as sharing in the cost to extinguish second mortgages.

 

I can hear the naysayers right now, “But Phil, under the Obama plan, short sales are less likely to occur because people are now able to workout a loan modification and just stay in the home.”

 

Wrong!  Under the plan that was announced in February, the 5 million homeowners whose loans are owned or guaranteed by government controlled entities like Fannie Mae or Freddie Mac can only take advantage of the Obama plan if the house has a loan amount of less than 105% of the home’s value.  Most people are underwater far more than 105%.  Plus, we have seen where many loan modifications are turned down.  So sky’s the limit with short sales!

 

Could life be any better for us short sale people?

 

Yes it can.

 

The Wall Street Journal just reported that the number of borrowers that are upside down in their house (meaning they owe more in loans than their house will sell for), is an astounding 20 million people.

 

20 Million.  That’s 20% of everyone who has a mortgage in this country.  Walk into your front yard and then look down the street to your left and to your right.  You have just seen some people that need your help with a short sale.  In places like Las Vegas, nearly 70% of all homeowners are upside down.  So in Vegas, if you’re not upside down, chances are, both your neighbors are!

 

This almost brings a tear to both eyes; one for the financial collapse that has struck America and the other for the greatest short sale opportunity in American history.   

 

If you are investing in residential real estate and are not making big money in short sales right now, there is something terribly wrong.  You need to be in our program.

 

Don’t wait another minute, take advantage of this opportunity right now.  On Thursday, June 11, 2009, join me for a cutting edge Short Sale Training Webinar. 

 

You can register here: 

 

http://www.shortsaleteaching.com/webinar.html