Waltham, MA (PRWEB) April 14, 2011
John McGeough and Anthony Lamacchia of McGeough Lamacchia Realty traveled down to Washington, DC this previous Monday and Tuesday to support educate policy makers on the positive aspects Quick Sales are possessing on the market. McGeough Lamacchia Realty Inc. is a complete service Genuine Estate firm in Waltham Massachusetts currently specializing in Short Sales. They are the quantity 1 Short Sale listing workplace in Massachusetts per MLS and are on track to complete amongst 450-500 Brief Sales in 2011 for distressed homeowners.

John and Anthony conducted meetings at Capitol Hill, the FDIC, the US Treasury, and at the National Association of Realtors. We produced it clear to all groups that if they actually want to decrease foreclosures and stabilize this market place they want to force servicers and Government Sponsored Enterprises (GSEs) to give Brief Sales more interest, said John McGeough.

The Property Affordable Foreclosure Alterative program was also a hot subject on the trip. The HAFA system is the best program the government has place out given that the beginning of this housing crisis, stated Anthony Lamacchia. HAFA is a system that offers distressed property owners $ 3,000 at closing in relocation help along with complete debt forgiveness.

All parties seemed to be in agreement that loan modifications are not the answer for most distressed home owners since they only supply short-term relief or no relief at all. We have been happy to hear that most now comprehend that loan modifications are not the remedy for the majority of distressed property owners, it is just as well bad that it took two years for absolutely everyone to recognize that, mentioned Anthony Lamacchia. The bottom line is that Lenders, GSEs, Mortgage Insurance coverage businesses and the Government require to put a lot more concentrate on Quick Sales due to the fact they are in the best interest of all parties, stated Anthony Lamacchia.

Mortgage Insurance coverage organizations have been one of the most talked about challenges facing Quick Sales. McGeough Lamacchia is deeply concerned that Mortgage Insurance businesses are not carrying out enough to perform with GSEs and Lenders on Short Sales. It appears that after Mortgage Insurance organizations exceed their claim, in many cases, they do not care if the house is sold as a Quick Sale or foreclosed on, which presents a significant problem for the foreclosure crisis, stated John McGeough.

Statistics continue to show the overwhelming improve in sale prices that Brief Sales are having over foreclosures. McGeough Lamacchia prepared an evaluation that utilized 5 sample markets to prove that exact point. Even with the limited information, the analysis clearly drove property their point that allowing distressed home owners to opt for Brief Sales more than foreclosure would outcome in extra monies for lenders and GSEs, while enabling property owners the chance to keep their dignity at a low point in their lives.

Based on their evaluation of the 2010 data, the average dollars lost from Lender Owned properties sold compared to Quick Sales is $ 49,655.20 per home. If as tiny as a single-third of the 94,428 Lender Owned properties, or 31,161 properties, sold as Brief Sales, based on the average promoting price per house, the Lenders could acquire an additional $ 1,547,305,687 in income. Considering all of the political consideration in our country more than the debt and the price range, advertising Brief Sales should be a higher priority for all of our lawmakers in Washington DC. Lets all don’t forget that $ 1.5 Billion, for the most component, is taxpayer dollars that the Treasury is nonetheless getting to give to Fannie and Freddie, stated Anthony Lamacchia.

About McGeough Lamacchia
McGeough Lamacchia Realty, Inc. is a complete service New England genuine estate agency, at the moment specializing in Brief Sales. McGeough Lamacchias understanding of the Short Sales approach with lenders enables home owners to find efficient and dignified solutions when selling their property. McGeough Lamacchia is primarily based in Waltham, Massachusetts. To discover far more, visit http://www.MLRealtyNE.com or http://www.ShortSaleNE.com.

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