You may be in the same predicament as many other Metro Detroit homeowners, you owe more than your home is currently worth or you may not be able to continue making your high monthly mortgage payments.
The Ben Lang Properties team is all too familiar with this scenario. As a leading Oakland County Realtor specializing in Short Sales, the Ben Lang Properties team is always looking for new alternatives for Metro Detroit homeowners.
Have you heard of the Home Affordable Refinance Program?
If you are 'underwater' with your mortgage, you may have already searched for alternatives that may be available to you rather than pursuing a foreclosure. Obama has just revised the Home Affordable Refinance Program.
With these revisions, he plans to promote a series of steps aimed at jumpstarting the economy this week, beginning with the new rules to make it easier for homeowners to refinance their mortgages!
HARP only covers mortgages created before June 2009 and those that are owned or backed by Fannie Mae and Freddie Mac. Borrowers also must be current on their payments. In 2009 when the refinance program began, officials hoped at least 4 millions homeowners would take advantage of this options.
As of August 2011, only 894,000 homeowners had refinanced their mortgages through HARP. The changes to HARP program will relax eligibility standards, allowing homeowners who are 25% or more underwater on their mortgages to take advantage of loans with lower interest rates.
At this time, Obama and the rest of the administration is unclear of how many underwater homeowners will be eligible to take advantage of the revised Home Affordable Refinance Program.
Let's hope the revisions make this program more successful for Metro Detroit homeowners!
For more questions about foreclosure alternatives, contact the Ben Lang Properties team today.
Ben Lang Properties is home to one of the leading Metro Detroit Short Sale Realtors. Specializing in all aspects of short sales, foreclosures and working with home buyers - when you hire the Ben Lang Properties staff to work for you, whether purchasing or selling Metro Detroit Real Estate, you can rest assured that you are in good hands!
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