A Bailout For Underwater Homeowners

Source: Thomson Reuters

It appears the Obama administration is toying with the idea of reducing the amount of debt owned on a mortgage for homeowners who are underwater (owe more than the home is worth).

Although this is a large convenience for homeowners, it's the taxpayor who is going to be writing the check for this.  If one were to think electing time is coming, it could be the taxpayor who is writing the check straight to the current administration.

Only time will tell if any lenders actually pick up this service for homeowners and only time will tell if it is successful or not.  For the current time, please contact us at the Twin Cities Short Sale Realtor to discuss your personal situation.