You don't have to pay the sellers just change the mortgage underwriting guidelines so that after a short sale where the seller fully participates (not someone who milked the system to live for free as long as possible) you can buy a home.  How about take the number of mortgage payments missed multiplied by a factor say 2, 3 or 4 + a base number ( say 3 months) and that is how long a buyer has to wait to buy a new home after a short sale versus the 3-4-5-7 years they have to wait for allowing the house to go into foreclosure. Do this and you'll get much better participation and you dont' have to use more taxpayer TARP-funded money to give to overextended homeowners.

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http://assessor.lacounty.gov/extranet/list/forms.aspx?catid=70

 

Important points to remember:

 

  • Comparables need to be from Jan 1 2011 to March 31 2011
  • Applications MUST be filed between June 1 and November 30, 2011
  • To apply online you need the 4 digit Pin that comes on your LA County annual property tax bill that the assessors office sends in the snail mail
Call or e-mail me if you need any help with this or any buying or selling related issues in LA County. Appeal Form  

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re: link below

I like this trend.  People shouldn't be allowed to live in their house forever, make no payments without consequences.  The extra losses caused by people that have started to take advantage of this fact drives up costs for everyone trying to operate as a professional or consumer in the Residential Real Estate market.

 

 

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