We all know if we are facing foreclosure the lender may give us the option to sale the home as a short sale. A short sale is a sale of a home where the proceeds from the sale may not be enough to pay off the lien owed on the home. Normally a short begins after the owner has defaulted on their loan and decides to short sale. In some cases the lender will give the seller different options such as: died in lieu, or a loan modification.
Did you know there are other programs, other HUD alternative programs. HUD has a program called "Making Home Affordable Program". This program was created by the Obama's Administration to help homeowners refinance or modify their mortgage payment. For more detailed information you can go direct to their site www,MakinHomeAffordable.gov.
Here are 2 programs:
Home Affordable Refinance
Even though there is a pretty huge mortgage deliquency rate, there are more homeowners paying their mortgage on time month in month out. Unfortunately with the value of home decreasing many of those home buyers are unable to refinance their homes to take advantage of low interest rates. A home affordable Refinance will help borrowers whose loans are held by Fannie Mae or Freddie Mac refinance into more affordable mortgage
Home Affordable Modification
Many homeowners are struggling to make their monthly mortgage payments. The Home affordable Modification will provide a modification to their loan with payments they can afford. With this program you do not need to be delinquent on your mortgage but the property ahs to be your primary residence.
Stay tuned for more information on these programs. Please feel to call or email with any questions
Thank you,
Ainsley Daux
Home Run Real Estate inc
(813)546-1954
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