Help for struggling homeowners

Help for struggling homeowners (Added: July 27, 2009)

The government is offering help for struggling homeowners. The problem is, most people don't know about it. (more)

0 Ratings | 1 Video Views

By: Michelle Carolla | SCNow
Published: July 27, 2009

While glimmers of hope are showing in the economy, home foreclosures continue to rise.
Nationwide foreclosures are up 15%, so far this year. The rate equals to about one every 380 American homes, or 1.5 million in the first half of 2009.
We're getting numb to the bad news numbers we hear each day in reference to the recession. A glimmer of hope came though Monday. The June new home sales numbers show people took advantage of the low prices and interest rates. New homes sales jumped 11% in June, the highest jump in 8 years.
If you're one of the people in, or nearing foreclosure, there's help. The Making Home Affordable Program is a government program offering banks money to assist in loan modifications, refinancing and even new purchases.
One major problem facing homeowners is their drop in equity. This can prevent them from refinancing unless they bring money to the table. "This program allows us, now effectively about a week and a half ago, the government has extended the bill that allows it to go up to 125% of the value,” said Bryan Davenport, Vice President, Mortgage Lending Manager for Horry County State Bank. “So if they're upside down in their home 25%, we can still refinance their transaction."
The program also includes the 8-thousand dollar tax credit for new homebuyers. You can essentially collect the 8-thousand immediately to use towards closing. You need to check with your mortgage broker for specifics.
It seems like most people don't know about the Home Affordable Program. Only 120-thousand transactions took place so far, that's way off from the estimated 4-million the government projected.
Lenders are swamped. If this is something you can benefit from, get started now.

For more information: http://www.realtytrac.com
http://makinghomeaffordable.gov

Help for struggling homeowners

Help for struggling homeowners (Added: July 27, 2009)

Share This:

More from this channel:

Reader Comments

Deal of the Day

Weather

Latest News Video

Things to Do

Links We Like