Sold on Sacramento

Archive for December, 2009

Sacramento Homeowners HAMP’ERED

It has been a year since 99% of America became frustrated with the Federal Government and the TARP program. And as sure as the sky is blue it has not done much to help the common taxpayer. It has encumbered the current and future taxpayers with a debt that will take years to overcome.

The silver lining was supposed to be the famed HAMP Home Affordable Modification Program. Well I hate to be the bearer of bad news but this program just might go down in history as the biggest failure of this administration. Why? Because I believe that there are only two facts of this economic downturn that need to be addressed for us to move forward Unemployment and Toxic Mortgages.

Yes, thousands of underwater Sacramento homeowners have submitted the required documents and are in or are awaiting their “Trial Modification Program “. And are now going to be helped by their Banks with the Aid of the Federal Government……………………………………..

Now these homeowners who are having legitimate financial hardship one way or another are supposed to patiently pay a trial payment and wait for their re structured deal. The problem is that no one is getting final modification approval. I talk to no less that a hundred homeowners a week who are genuinely trying to figure out what the best solution is for their underwater mortgage and their family. Many of them have been on trial plans for 6-7 months. Remember these were supposed to be 3 month plans. I have yet to see a single loan re structured in such a way to truly address the fact that these Sacramento homeowners are severely underwater with their current mortgage. And I’m not holding my breath.

If not a modification what is the answer??  That is a tough one. The situation a different for every borrower. You should talk to a professional that can offer knowledge of the different options so that you can make an informed solution. I would recommend getting several opinions. If you have questions feel free to give me a call at (916)332-1292 and we can discuss your situation privately.

Understanding Sacramento’s Mortgage Crisis

While the events that led us to this Housing downturn are somewhat complex this short film does an outstanding job of explaining how it happened. Moving forward I hope that we can address these toxic mortgages sooner than later. The  economic recovery will be dependent on our solution.

http://www.vimeo.com/3261363