Downtown Real Estate Market Updates - Hope For Homeowners
Wednesday, December 3, 2008 at 1:23PM
Welcome Home Uncle Sam!
Are you having some difficulty paying your mortgage on your downtown San Diego condo, or do you know someone else in San Diego who is having difficulty? There are several new programes designed for people who are having some mortgage stress. One of the newest programs is H4H, which means HOPE for Homeowners. This program was created by Congress and runs for three years (October 1,2 008 - September 30, 2011).
This program is designed for borrowers at risk of default or foreclosure. As with anything from the government, this program looks really simple on the surface, but there are a number of conditions that come along with the program. However, if saving your house, or reworking your mortgage is a goal, then this is a program to investigate. Simple requirements are:
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Loan must have originated on or before January 1, 2008
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You have made at least six payments but now need some assistance.
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Your current monthly payments exceed 31% of your gross monthly income as of March 2008.
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You have not been convicted of fraud in the last 10 years, and did not provide false information to obtain the loan.
You can visit the HUD website link for more details, but there are at least four ways to participate in the program. Your lender will disclose your home retention options; how to obtain a new affordable mortgage based on curent appraised value,; and how the 3.5% equity requirement works. Yes, along with the government taking an equity position in the Wall Street bailout, they will also have, via your lender, an equity position in your home. Welcome home Uncle Sam has new meaning!
We suggest you read the HUD information before starting the process because we have noticed there are a number of people out there saying they can solve your problem, if you pay them some money up front. Don't do anthing until you research the program. Call or email us if you would like some help with your research. We do not charge for this service. We would love to help you keep your home under affordable circumstances.
By Sharyn & Victoria Crown, Downtown San Diego real estate agents
This is part of a series of articles entitled, New Condos, Downtown San Diego Style
