According to the notice, 11 states — including Virginia — offer this program. For more information, visit www.realtor.org/government_affairs.

If anyone out there has used, or tried to use, this option, please comment or write us so we can share your experience.

I’m not an accountant, mortgage broker, attorney or any other type of financial advisor. I just saw this info and wanted to share it. If you want to take advantage of this option, you should get professional help–maybe start by asking your mortgage broker.

If you are looking for a home to live in, there are still deals to be had out there. But, that tiger on steroids is still lurking for unsuspecting buyers who get all pumped up emotionally about buying a foreclosure. Buying a house often turns into an emotional transaction. And many people who make money on these transactions bank on just that. DON’T, DON’T, DON’T make this an emotional transaction!

Responsibility

For most people in America, buying a home is the single biggest transaction of their life. It is up to you to get it right! Your name is on the paperwork with the bank saying you are responsible for the payments, condition, upkeep, and so on of the property. Screw it up, and they will hammer you. You won’t find the real estate agent’s name or the mortgage broker’s name there to help with any of that. They’ll be long gone with their commission checks, and have no responsibility to help you after the deal is done. So know what you are doing before plunging in blindly. With the rush to get a foreclosure deal in this down real estate market, people may be getting in over their heads again.

There were many, many parties responsible for the sub-prime mortgage mess and the collapse of the housing market. The big shot crooks on Wall Street, mortgage brokers, real estate agents, builders, etc. filled people’s heads with trash, convincing them they could afford these overpriced homes. And they said, “Real estate prices will keep rising. You can sell it at a profit if you find it too hard to make the payments.” But regardless of who says what, the person truly responsible for dealing with the whole mess is you, the buyer.

Now the big pitch for selling homes (particularly foreclosed, bank-owned homes) is that you’ve gotta get in before it’s too late. Yes, there is some truth to that. Eventually this mess will get cleared up and whatever constitutes a “normal” market will be here again. But, don’t get sucked in to “get a deal” that you get “dealt.” Do your homework, check out every person you choose to do business with, and really be honest with yourself about what you can afford — both financially, and as far as the time you are willing and able to spend on fixing up a distressed property.