It's largely a fact that the surge of foreclosures and drop in the values of Fort Lauderdale real estate is a result of unmanageable mortgages hundreds of homeowners are struggling with. Since bad mortgages continue to be a major problem for the average homeowner, programs have been implemented to address this major issue that's holding back the market from fully recovering.
Launched this month, the Making Home Affordable program is designed to tackle Fort Lauderdale real estate mortgages and should come as welcoming news to homeowners who are barely making ends meet. This program actually gives lenders a reason to tweak the terms of mortgages given to homeowners such as by dropping the interest rate or lengthening the number of years on the mortgage. Homeowners must either be behind on their mortgage by no more than sixty days or be considered an "at risk" borrower.
Lenders who manage to slice mortgage payments so that they average a little over thirty percent of the borrower’s income are eligible to have these cuts reimbursed by the U.S. Treasury Department. Is this a good step in the right direction towards a Fort Lauderdale real estate market recovery?
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