In the current real estate market, I believe it is a moral imperative that individuals armed with real estate/mortgage knowledge use it to help homeowners facing hardship to save their homes. There are several options that may be available to these homeowners, including loan modifications (changing the terms of the loan without refinancing), loan novations (a form of loan modification for those with arrearages), FHA Insured Hope for Homeowners loans (which allow homeowners to refinance and get a principal reduction, in exchange for allowing the government to share your profits upon the property's eventual sale), and "short refinances" (principal reductions for those who have no or minimal late payments, but whose homes are "upside-down").  Of course, if none of these alternatives will work, clients may also benefit from performing a short sale (in which the existing bank allows the homeowner to sell the property for less than the existing mortgage). 

Helping homeowners stay in their homes helps them and our industry, by helping to stabilize the market.  I welcome contact from any homeowner or service provider who would like to find out if one of these options can be of assistance to themselves or any of their clients. 

Kimberly Malone (917) 554-0925

NY State Licensed Salesperson, Exit Realty Partners * Senior Loan Officer, New York Capital Exchange *    Loan Modification Consultant, Garden City Modifications