USA Today had a great article about the $75 billion Making Home Affordable program created to help up to 9 million homeowners in danger of losing their homes achieve lower monthly mortgage payments with their lenders and help 4 million people refinance loans guaranteed by Freddie Mac and Fannie Mae. The rise in foreclosures will continue due to homeowners loosing their jobs. Send an email to info@KathleenInAZ.com to receive the link to the entire article. Here are some highlights:
Key questions about the government's mortgage-assistance program:
Q: Who is eligible for the refinancing help?
A: The refinancing option is available only for certain loans owned or securitized by Fannie Mae and Freddie Mac. Homeowners should be able to contact their lender to see if they're eligible. Borrowers who are delinquent on their mortgage will not qualify.
Q: Who is eligible for a modification?
A: The property must be owner-occupied, and the owner must have sufficient income to support the new mortgage debt. The first mortgage may not exceed 105% of the current market value of the property. For example, if your property is worth $200,000, you must owe $210,000 or less.
The unpaid principal balance must be equal to or less than $729,750 for one-unit properties. The loan must have originated before Jan. 1, 2009. A borrower must have a payment (including taxes, insurance and homeowners association dues) that is more than 31% of the borrower's gross monthly income.In addition, the owner must have had a significant change in income or expenses, to the point they can't afford the current
About Kathleen Mazzocco
- Kathleen Mazzocco, Realtor in Anthem, AZ Relocation to Scottsdale, AZ
- Scottsdale, AZ, United States
- Kathleen has worked with a variety of clients and employees from across and outside of the country, and this has given her a firm grasp of all the details that need to be considered when buying a home in Scottsdale, Anthem, or other areas of Phoenix, Arizona. Kathleen is a AZ Corporate Relocation Professional, and Buyer's Agent. She doesn't just help you find the home you want, she also insures that you're settling in well and that you have all the information you need in order to enjoy the highest-quality lifestyle Arizona has to offer. Begin your plan moving to Arizona with Kathleen today. It's a buyer's market right now, so there are great opportunities for you to land the home of your dreams for much less than you ever imagined possible. Acquiring property foreclosures, short sales, and bank owned homes are ways you can save in today's market. As Certified Distressed Professional she can negotiate the best possible price and terms for you. Please browse through Kathleen's website and let Kathleen Mazzocco help you come home to Arizona,search the newest home listings at www.KathleenInAZ.com.