Foreclosure Relief
Approximately 400,000 struggling homeowners could avoid foreclosure with a new FHA program, Hope for Homeowners. The program began October 1 of this year and ends September 30, 2011.
FHA will help homeowners with subprime loans refinance to an FHA insured 30 year fixed rate mortgage.
- Lender must agree to write down the loan as 90% of the appraised value.
- Eligible mortgages are those that were originated on or before January 1, 2008.
- Borrowers must have a debt to income ratio higher than 31 percent.
What's the catch.......
Homeowners must agree to share the future equity of the home with FHA when the home is sold or refinanced. After five years, the equity split is 50 percent.
There is help in these times of uncertainty, please contact me with any questions and/or assistance. If I do not know the answer I will get it for you. I will never mislead or misinform you. I am here to help.
About the author:
Cheryl Bowers is a Chicagoland Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Plainfield, Naperville, Aurora Illinois or any place in the country. Cheryl has created a team of professionals throughout the Chicago suburbs to ensure that you enjoy a smooth transition to your new area. Please visit www.cherylbowers.com for your real estate needs. Please give me a call if you have questions about the Plainfield, Naperville, and Aurora real estate market.
Cheryl Bowers, REALTOR® (630) 712-1921
(Copyright © 2008 By Cheryl Bowers, Realtor. All Rights Reserved.)
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I saw your blog posting about foreclosed properties. We offer a great tool to help you in competitive REO listings. www.foreclosurefeedback.com . The Asset manager's can login and see all of the feedback on their REO properties, see what you are doing to market them and print reports to document the need for price reductions. Call in to sign up instead of online and tell them Rick said to give you the first 90 days for free to try it out at 858-270-1055 ext 113. If your competition doesn't offer this, you will definitely have a leg up on them.
Rick