Many Ann Arbor Real Estate seller clients are concerned about their ability to continue making their mortgage payments when their home is worth less than their current mortgage. The site www.FinancialStability.gov may be a valuable pre-foreclosure resource.
The site outlines the US Department of the Treasury “Make Home Affordable” Refinance Program for Responsible Homeowners. This program is designed to offer assistance to as many as 7 – 9 million homeowners who are current on their mortgage, but may be upside down or facing imminent hardship.
Their motivation is to reduce the amount homeowners owe per month to sustainable levels.
The Program is Designed For:
- Homeowners at risk, such as those suffering serious hardships, decreases in income, increases in expenses, payment “shock,” (with combined mortgage balance higher than the current market value of the house, etc.)
- Reaching Homeowners BEFORE they have missed payments, where they are at risk of imminent default.
- Only owner-occupied homes with a mortgage limit of $729,750 will be eligible.
Homeowners with “back end” debt equal to 55% or more of their income will be required to agree to enter a HUD-certified counseling program as a condition for a modification.
One of the links from this site takes you to http://www.hopenow.com. This site provides about 30 different lender loss mitigator contacts with web sites and emails. We are working to offer solutions and keep up with the updated resources from Washington, along with Washtenaw County. It is our goal to help Ann Arbor home owners avoid foreclosure, maintain their quality of life, and sustain our communities.
If you know someone who owns real estate in the Ann Arbor, Michigan area who may be facing foreclosure, please feel free to call for a confidential discussion, 734-906-7671. We have a division of people available – Ann Arbor CPAs, attorneys, & short sale specialists.
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2 Comments
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