Hope for those that are underwater with their mortgages
Upside Down or Underwater with your Mortgage?
Is your house worth less then what you owe on your mortgage? If so, the term that defines this is called an underwater mortgage or some also call it upside down and you are not alone, nearly 1 in 6 homeowners find themselves in this position today.
Underwater mortgages are mortgage arrangements that effectively leave the owner with more debt on the property than the current market value. Generally, an underwater mortgage situation does not arise when a buyer takes out a first mortgage. The condition tends to arise when a second or third mortgage is taken out, or if factors within the area cause the property to depreciate in value unexpectedly.
HUD recently announced a plan to help some homeowners:
“WASHINGTON – U.S. Housing and Urban Development Secretary Shaun Donovan today announced an expansion of the Obama Administration’s Home Affordable Refinance Program to include participation by borrowers who are current but up to 125 percent underwater on their mortgage. Under authorization provided by the Federal Housing Finance Agency, borrowers whose mortgages are currently owned or guaranteed by Fannie Mae and Freddie Mac will now be allowed to refinance those loans according to the terms of the Home Affordable Refinance program established earlier this year.” – U.S. Department of Housing and Development, July 1, 2009
Read More: Home Affordable Refi Program Expanded
If you are ready to take the next step please give me a call at (716) 650-0051 for a selection of Mortgage Professionals that you can work with to obtain this pre-qualification.
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About Colleen Kulikowski, Licensed Real Estate Salesperson (716) 650-0051
Colleen Kulikowski is a Licensed Real Estate Salesperson at MJ Peterson specializing in Western New York residential homes who doesn’t follow trends; she blazes new trails and is able to recognize industry trends and implement them to her client’s best interest. Colleen has created a unique following with one of the top local internet positions in the country generating thousands of leads for her team. Real Estate is a second career for Kulikowski who’s first career was in Information Technology and Data Warehousing working for such companies as Radio City Music Hall, Nabisco Foods and as a consultant in the Financial and Insurance industries. A strong background in technology and management provides her with keen analytical and sharp negotiating skills.
Comment
Marisha Nawn
July 15, 2010 at 8:24 pmMy mother went through the same thing. It took ages to be sorted out, but she persisted and in the end she got what she needed. Don’t give up! Eventually they will listen to you!