As more people lose their homes to foreclosure, some are exploiting loop holes in the existing mortgage solutions. Residents in Tampa Bay have begun to sell their homes to friends or family via the short sale process. After the home is purchased, residents stay in their homes as renters with a payment reduced by 30-50%. Hopefully, mortgage lenders will begin to take notes from these residents and offer a loan assistance program that re-negotiates the property price and interest rate according to the current market.
For information, please read: http://www.tampabay.com/news/business/realestate/article633951.ece
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