I have talked to a lot of people in the last year that are struggling with their home loans, and many don’t know that they can even do loan modifications. This is really sad since the government has set up the Home Affordable Refinance Program, which is specifically targeted at helping people keep their homes.
The Home Affordable Refinance Program gives up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments. The Home Affordable Modification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures.
If you are struggling with your house payment then you absolutely should take the time to find out if you are eligible for a home loan modification or refinancing through this program. I am hearing that the difference in house payment can be substantial and enough to actually let people keep their homes!
The Home Affordable Refinance Program even gives lenders additional incentive to do short sales and deeds-in-lieu (DIL) of foreclosure to avoid people having their homes foreclosed on. This is good news for those of us in the real estate industry, because for the people that are in over their head a short sale is generally the best option for getting out of trouble.
I have helped several families in this situation where the house payments were sinking them, and the best way out was to sell the house but they owed more than the home was currently worth. So I am really hoping we see more streamlined short sale processing in the near future.
My main concern for home owners right now is that they are not aware of all the options open to them, and will go through hard times simply because they don’t know about loan modifications and refinance. I urge you to take a look at what you can do with your lender to get your house payment under control.
If you are in the Seattle area and have tried everything already and have determined that they best thing for you to do is just sell your home and start over, then give me a call at 425-773-3149. I have helped people just like yourself avoid foreclosure by marketing and selling their home, while working in conjunction with the lender to accept a short sale transaction!
CALL 425-773-3149 IF YOU ARE NEEDING
TO SELL YOU HOME AND AVOID FORECLOSURE
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