Great Idea for Fixing Mortgage Crisis, Breckenridge Colorado
These days it seems like everyone has their own ideas about what should be done about the "Mortgage Crisis in America. Some ideas are good and of course there are the ones that seem to only benefit the person explaining it! Here is a good solution I recently read in an article from The New York Times Op-Ed Page. It was written by Alex Perriello, who is the president and CEO of a real estate franchise organization.
Alex wrote about an equity sharing idea that would help solve the problem of the 11-15 million homeowners that are currently underwater in their mortgage. That's about 25% of the country! This plan seems like it would be a win - win for both the homeowner and the banks. Here is an idea on how Alex's plan would work.
Let's say a homeowner purchased a house for $600,000 and is now worth about $300,000. Half!!!
In an equity-sharing arrangement, the lender would write a new loan for $300,000, retire the original $600,000 loan and, to make up for that loss, take a 50 percent deeded ownership interest in the property. The homeowner would also agree to split 50 percent of the net proceeds of any future sale of the property with the lender. The new arrangement would also include a buyout provision, so that if the homeowner ever wanted to take over the lender's share, he would simply pay the lender a predetermined amount of cash.
Seems to me that in most cases this would workout great and benefits all parties involved. Here is the link to view the original article.
We really haven't seen to much of this in the Breckenridge Real Estate market. Most of the Homes For Sale in the Breckenridge Real Estate market are second homes or investments. Currently there are 594 properties for sale in the Breckenridge Real Estate market. Up to 30 off them could possibly be underwater or close to it.
Breckenridge Real Estate - Stats
Foreclosures - 1
Bank Owned - 8
Short Sales - 5
Motivates Sellrs - 17
Breckenridge real estate offers a wide variety of choices when it comes to finding the
right property. Luxury homes, mountain cabins, townhomes, condos and acreage are
available for home buyers looking to settle in this wonderful mountain town. To buy or
sell in the Breckenridge Real Estate area or any other area in Summit County, contact the
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