In some cases in terms of short sale situations, owners could afford their home if they could buy them at a short sale price but that is not allowed. Another thing not allowed is selling their home to a friend or family member with an agreement to rent the house or hope to buy it back from them. Well Senator Elizabeth Warren, D-Mass. says that’s not right. Last week she wrote a commentary piece arguing that the Federal Housing Finance Authority should not only allow such inside arrangements but encourage them instead of labeling it as fraud.
On the other side Bill McBride, at the Calculated Risk blog, argues against Warrens proposal. He say that those inside deals would lead to fraud and the lender would not necessarily get the same price. All this talk of short sale reminds us of the good folks at Starting Point Real Estate. They offer a number of solutions and advantages for short sale. If you find yourself in this current predicament and need answers do not hesitate to call or fill out a short form for a quick home evaluation.fo