Big News for Underwater Homeowners

 

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A guide to administration’s new mortgage-refi plan.

If You Are Underwater – You Must Click This Link

The choices for homeowners underwater has been dismal at best. The homeowner could refinance under the Home Affordable Refinance Program (HARP) adopted in 2009. However to qualify, the home’s value could not be less than 25% below what the homeowner owed on their mortgage. So, for those whose home values had fallen in excess of 25%, the only options remaining are the short sale or worse, the foreclosure.

Short Sales could work in many cases but what about the homeowners who really wanted to remain in their homes? What if you could refinance even though you owed more than your home is worth? What if your 6% interest rate could be reduced to 4.5%?

The article attached in the link above includes important questions and answers about the program including how to check homeowner qualification.

 

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About Toni Hedstrom

I am one half of Hedstrom & Stamm Home Solutions, a dynamic real estate team with emphasis on home marketing utilizing our exclusive Home Ready Program.