Today, nearly one out of 6 homeowners in America is behind on mortgage payments. These are tough and frustrating times. Now more than ever, it’s important to identify your options. Foreclosure can be avoided, your credit can be saved, and your financial future can be salvaged.
To find out whether you are eligible, check out the following link:http://hosted.cdpe.com/14365/Resources.aspx
Mirjam
Jamie Lee More wrote a great blog today. Should a home owner who is underwater on their house walk away/do a strategic foreclosure. This means a homeowners is able to keep up their payments however doesn’t want to because their house is worth less than what they own on it. Apparently it is becoming a trend, and interesting one.Interestingly historically homeowners who bought their house for say $150,000 and sold it 10 years later for $450,000 did not offer the bank to share that equity. Now because it is the other way around, all of a sudden the bank has to share a loss, not because homeowners need to sell but because they feel it wrong to live in a house that has lost so much value.I know the current mortgage crisis has many different faces. One would say that the value of a house only matters when you buy and when you sell. So bottomline this would mean that the value if a house while you live in it and are not planning to move is irrelevant.What do you think? Is walking away from a legally binding financial obligation the right thing to do?By the way, home owners who are not able to make their mortgage payments and need to sell have great alternatives, HAMP, HARP, HAFA are options mentioned in the Making Home Affordable program. As CDPE certified Realtor I am also available to discuss your options.Don’t forget to smell the roses outside,Mirjam
HAFA, HARP, HAMP all acronyms for government programs for distressed home owners. These programs have seen some major changes and there are still a lot of details to be figured out.
Bottom line: a loan modification is doable but is still a lot of work and persistence but the HAMP program gives great guidelines on the likely hood of a decent loan modification in a specific situation. As to HAFA, the short sale alternative for foreclosure: it is not applicable for everyone, some distressed homeowners will not fall in the HAFA guidelines they will have to do a non-HAFA short sale which is not a bad alternative, just more work for your realtor. And HARP, that is a special refinancing program that might work for some.
As to all these programs: it is good to discuss your options with your Realtor -preferably one who has a CDPE certification- and your lender -or the one your Realtor works with. Reason, a better understanding of your specific situation sets realistic expectations and you will be able to make an educated solution.
And yes, yours truly is CDPE certified and happy to help.
Don’t forget to enjoy this beautiful Sunday.
Mirjam