Coast Homebuyers Launches Free Short Sale Referral Service to Help Struggling Homeowners Avoid Foreclosure

Online, April 8, 2010 (Newswire.com) - Because the federal Home Affordable Modification Program failed to live up to expectations, the federal government is now encouraging short sales to help struggling homeowners avoid foreclosure.

PLACENTIA, Mar. 26/PR Newswire/- Coast Homebuyers, a Southern California-based real estate investment firm, announces the launch of CoastShortSaleNetwork.com, a referral network designed to help struggling homeowners avoid foreclosure by connecting them with prescreened professionals who can help negotiate short sales. All services associated with the network will be provided at no cost to homeowners.

The launch of the new network enhances the existing business of Coast Homebuyers by focusing directly on helping the growing numbers of struggling homeowners who have difficulty selling because of negative equity.

"It is shocking how many homeowners are underwater in their mortgages," said Mark Robert, Vice President of Public Relations, Coast Homebuyers. "According to the Wall Street Journal, 34.7% of California homeowners with a mortgage were underwater as of the third quarter 2009. Combine this fact with a bad economy and high unemployment and it's not surprising we have a serious foreclosure problem."

The federal government attempted to tackle the foreclosure problem head-on in 2009 with the Home Affordable Modification Program, or HAMP, but the program has failed to live up to expectations. Of the 6 million homeowners potentially eligible for the HAMP program, only 170,000 had been granted permanent loan modifications as of February 2010, according to the February 2010 HAMP report.

"The HAMP program really failed to deliver the kind of results expected, so it's not surprising the government is now pushing an alternative solution," said Robert.
The federal government is to begin a new incentive program in April 2010 to encourage borrowers and lenders to negotiate short sales as a way to avoid foreclosure.

"We believe the short sale is the best solution for many struggling homeowners because it deals directly with the core problem of too much debt," said Robert. "When struggling homeowners get free of burdensome debt, it eliminates stress and frees up cash that can be used for other purposes."

"The sooner we deal with the debt problem in the nation as a whole, the sooner the economy will get back on its feet," he added.

About Coast Homebuyers

Coast Homebuyers is a Southern California-based real estate investment firm that specializes in providing real estate solutions to homeowners who have difficulty selling their homes. Whether a homeowner owes more than the house is worth, is facing foreclosure, needs to relocate quickly, or the home is in poor condition, Coast Homebuyers can provide alternative options to those provided by a traditional real estate agency.

Contact:
Mark Robert
Vice President, Public Relations
Coast Homebuyers
Phone: +1 (714) 583-9004
[email protected]
http://www.coasthomebuyers.com