It's important as a Realtor to be aware of as many programs in the real estate industry as possible. I feel it is my responsibility as a real estate expert, not only to buy and sell, but to help however I can.

I came across a program that is backed by Freddie Mac, called H.A.M.P. (Home Affordability Modification Program). As I understand it... It is basically a Short Sale of the existing loan, but to the existing homeowner. By now most are aware of what a "Short Sale" is. But here is a brief description for those who might be unclear...A "Short Sale" is when a home is sold for less than what is owed on the mortgage. Therefore..."selling short" of what is owed.  When doing my research on this program, I realized that the paperwork needed from the homeowner is the same that is needed in the short sale process. Here is the link for eligibility...HAMP Eligibility. To be clear...HAMP is for hardship situations on a primary residence. Freddie Mac created this, to prevent more foreclosures where they could. My opinion is...Tax Payers have paid for this, the Tax Payers should use it.

If you are strapped on your mortgage and considering short selling your home or possibly foreclosure, PLEASE research this option first. Especially if you wish to stay in your home! 

To see what home values are in your neighborhood, go to HOME VALUES (works for Pinellas and Pasco MLS). My educated opinion is ... the lower the homes are selling in your neighborhood, the more the bank will want to KEEP you in your home!

Good luck to all. I really do hope this information can reach those who need it. It really does hurt to see how this economy has strained so many families.  Hopefully this can be a source of light at the end of the tunnel.  Please feel free to email me, if you have any questions. I'll try to help, the best I can.

Maureen Velilla  (Realtor)

Century 21 East Lake Realty, Palm Harbor, FL

727-710-4120

MaureenVelilla@aol.com

www.NotJustAnAgent.com