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making home affordable: Play It Again, HAMP - Will Loan Reductions Help Underwater Orlando Homeowners? - 03/29/10 09:55 PM
Ever since President Obama announced his Making Home Affordable Program as year ago, supporters have feared and detractors have claimed that the program did not tackle the major issue underlying the foreclosure crisis. As housing prices fell, many homeowners found themselves owing more than the property was worth. They were underwater, a situation all too common in Orlando and other Florida cities.
Loan modification, as advanced by HAMP and by major lenders who developed programs to help distressed homeowners before and after the federal program, promoted interest rate reduction and making the loan longer, but steered away from principal reduction. … (0 comments)
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making home affordable: Florida Among States Helped by HFA Hardest Hit Fund - 03/17/10 10:09 AM
Some honors you want, some you don't. For the past two years, Florida has been at or near the top of lists for foreclosures, tanking housing values, loan delinquencies, and mortgage fraud as the housing bubbled popped loudly here. Now, Washington has selected Florida as one of the five hardest hit states who will receive special help to bring about recovery. This is great news for our state.
Working through Housing Finance Agencies (HFA's), the Obama Administration will direct $1.5 billion to Florida, Nevada, California, Arizona, and Michigan to try some creative approaches to overcome the problems of underwater mortgages, foreclosures, … (4 comments)
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making home affordable: Working It Out with Your Orlando Lender - 08/06/09 10:41 PM
In trouble with your mortgage payment? If your trouble is short term, you may see the day when you can get back on track, if only your house payments were a little lower. You like your Orlando home and really don't want to move. If this is your story, you want to prevent foreclosure, but aren't interested in a short sale. Your strategy in this case might be to discuss a loan workout with your lender.
You might ask them for a reduced interest rate and a lower payment. Aside from loan modification, other remedies they might be willing to … (2 comments)
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making home affordable: Sweet Orlando Short Sales – Getting Shorter? - 06/30/09 09:59 PM
Short sales offer hope for troubled Orlando homeowners who need to get out from under high payments with dignity. With a short sale, the lender makes an agreement with the homeowner to accept less than what is owed on the home. The owner is sorry to give up the house and the bank is very sorry to take a loss, but both end up winners, of sorts. Short sale is less damaging to the owner's credit record and less costly to the bank than foreclosure. Though a short sale might reduce the owner's credits score, the hit for foreclosure much greater.
… (3 comments)
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making home affordable: Avoid Foreclosure in FL - Many Options Await You - 05/21/09 11:34 AM
Let's clear up a misperception. As we encourage troubled homeowners to "avoid foreclosure," we are not assuming that everyone will be able to keep their home. Some people got in far too deep and bought homes far beyond what a person in their income bracket could really afford. When ARMs adjusted or property values plummeted, these people and many others whose homes were more modest find themselves in need of a solution far bigger than anything out there to keep them in their homes. Some borrowers lost their jobs or second income, got divorced, got sick, or ran into other problems.
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making home affordable: Do-It-Yourself Loan Modification - Don't Try This at Home - 05/12/09 06:35 AM
You live in a home you love but the payment is pretty high. Fortunately, you have your job and if you pull out all the stops, you can still make the payment. At a time when many others are getting relief in the form of refinancing or loan modification, you start to think how much easier your life would be if only your payment was a few hundred dollars less. You find your way to the Making Home Affordable site, and find you don't qualify for a loan modification because you are current on your mortgage. So you think that maybe … (5 comments)
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making home affordable: Real Help, Right Now for Nine Million - 04/19/09 09:21 AM
The housing crisis in our society does not lend itself to a one-size-fits-all solution. The recent attempt by the Obama administration to fix mortgage problems with its $75 billion dollar plan only aims to help a small percentage of troubled homeowners. Yet, for those who qualify, real help is in sight. If the current solution fits you, reach out and grab it! The President is encouraging anyone who qualifies to take advantage of the refinancing options offered by the plan to maximize its effectiveness. Those who refinance will be able to receive near-historically low rates that could yield them an average … (2 comments)
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making home affordable: Making Home Affordable Website Answers Consumer Questions - 03/27/09 09:08 AM
Making Home Affordable Website Answers Consumer Questions
Uncle Sam gets an A+ for the new website released last week to promote the details of President Obama's Making Home Affordable Program. Now it is very easy to see if you qualify for the programs just by going to the website at www.MakingHomeAffordable.gov and exploring the handy interactive self-assessment tools, calculators, and lists of helpful resources.
On March 19, 2009, the .U.S Department of the Treasury and the Department of Housing and Urban Development (HUD) launched the new website two weeks after releasing guidelines to lenders on March 4. Representatives from … (0 comments)
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Janice Petteway
Orlando,
FL
More about me…
Exit Real Estate Results
Address: 365 Wekiva Springs Rd. Suite 151, Longwood, FL, 32779
Office Phone: (407) 788-1226
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Central Florida real estate, Orlando real estate, Orlando home sales, Orange County, Seminole County, short sales, REO homes, bank owned homes, foreclosures, coaching, exit real estate results, extreme results team, real estate ethics, lakefront property specialist, relocation
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