Mortgage Aid Coming

If you can no longer afford to make your mortgage payments because of a hardship, you need to pick up the phone and call your lender.  Congress approved a mortgage aid plan on October 1st that may help you stay in your home.  This program is more aimed at lenders and it is up to the lenders sole discretion of whether or not to take a write down or not.  It sounds like it works kind of like a short sale, but homeowners get to keep their homes.  The plan is a $300 billion, three-year program designed specifically for borrowers who owe more on their loans than their homes are worth.

Of course the plan is complicated so you will need to discuss whether or not you qualify with your lenders.  Some of the rules include:

1.  You have to be spending more than 31 percent of your income on mortgage payments.

2.  The loan originated on or before January 1, 2008.

3.  You have made at least 6 months of payments on the loan.

4.  The home must be your primary residence and you can show that you have no ownership in another property.

Other rules include that if you sell the home and make a profit, you will share 50% of the profit with the lender.

For more information, please contact me at info@buytampafl.com

Looking for a new home?  Go to www.buytampafl.com for a list of all available homes in the Tampa/St. Petersburg area.

Tags: foreclosure, mortgage payments behind, pre foreclosure, short sale, Tampa Real Estate