View this video by clicking here and, from the perspective of the lender, what do you think is the most financially beneficial course of action… helping the homeowner out with a loan modification OR pushing them into a short sale???

The numbers proposed in this video are purported to be true!  If that is the case, we have yet another reason to be very angry with the government and the structure of their “bailout” plan!!

Thoughts?  Opinions?

For those of you who have been thinking about taking advantage of some of the mortgage and homebuyer relief programs that the governent and agencies have enacted, but haven’t acted yet, here’s a reminder of the expected calendar.

Without some form of extension, the following expiration dates are on the horizon:

• Government purchases of Mortgage Backed Securities is destined to end on March 30, 2010… this  could mean higher interest rates in the near future.  The US government seems to be one of the few takers on MBS’s these days and if the only buyer’s appetite is quenched, logic would dictate a change in rates might be in the offing.
• The home purchase tax credit is scheduled to end on April 30, 2010… FREE $$$ for IL first time home buyers, and now, repeat home buyers!!
• The Making Home Affordable refinance program is scheduled to end on June 30, 2010… Lenders (servicing lenders) have done their best to take all of the good things out of this program, but it’s still a very usable program that, for some reason, has had very little use or publicity.  At last look, somewhere in the vicinity of 300,000 homeowners have taken advantage of this!!  There are an estimated 76 million homeowners in the US, many of them are in need of help… Why has this program not had more takers?  This is still a great program, but you need to sit down with someone who knows how it works in order to be able to use it.

Please keep these financing deadlines in mind for yourself or your clients!

Chuck

Its when the people come to you for a mortgage and say, “I would like to do (insert home wish here). Can you help me?” That’s the puzzle that they need help figuring out, and I love that part of the game. What’s your spot? Click “play” below.

While it has nothing to do with mortgages, I had to share this video. Definitely worthy of being a Super Bowl commercial!