The United States Housing and Urban Development (HUD) made an extremely beneficial announcement yesterday July 1, 2009. Secretary Shaun Donovan announced that the Making Home Affordable Refinance program is reaching out to include borrowers who are current but up to 125% underwater on their mortgage.
Treasury Secretary Tim Geithner stated, This decision is part of our ongoing efforts to maximize the effectiveness of the Making Home Affordable program and adapt to an ever-changing housing market. By expanding refinance eligibility, we can bring relief to more struggling homeowners more quickly. Its a crucial step in our broader efforts to get Americas housing market and economy on the path to recovery.
There have been numerous locations that have been hit with the storm of foreclosures, although Las Vegas is clearly in the front line. Las Vegas has the highest amount of foreclosures in the nation, and over two-thirds of its mortgage holders are upside down. This will open up the door for many borrowers who were ineligible before, with mortgages that could not exceed 105 percent of the current market value of their property. This has given hope to many homeowners who were stuck between the 105-125% of their mortgages exceeding their property value. The doors are wide open to refinance, and right now is an opportune time to take advantage of low rates.
Real Estate Foreclosure Auctions Recommendations - The most important rationale to consider a jump into the real estate property business is that vast arrays of alternatives are out there in property auctions. The amount of alternatives readily availa .. (360 Views)
Save Home from Foreclosure - New powerful tool to help save home from foreclosure was recently launched and introduced to homeowners who are in the process of obtaining a successful loan modification and other debt related iss .. (233 Views)
Foreclosure Software Get Nods from Distressed Homeowners - As hundreds of homeowners face home foreclosures during these difficult times, new foreclosure softwaregot an approval and positive feedback from distressed homeowners who are in need of assistance fo .. (222 Views)
Avoid Foreclosure By Making Creditor Show Enforceable Security Interest - Apr 30, 2011 - (Atlanta, Georgia) -- GoFightForeclosure.com home of the Go Fight Foreclosure System today announced homeowners can avoid foreclosures by making creditors show enforceable security inte .. (210 Views)
Tips to Avoid Foreclosure Rescue and Loan Modification Scams - Rancho Cucamonga, California, August 3, 2009- Given the current state of the economy and the rising unemployment rate, many homeowners are facing financial distress and foreclosure. For these homeown .. (171 Views)
