Posted on: 21st Jun, 2011 02:33 pm
i own a home in nj that i bought in 2007. i have a 30 yr fha fixed mortgage. i am current on my mortgage with bofa and never missed a payment. like many others i am upside down in my mortgage approx. $80000. is there any help for people in this situation? i want to keep my home and stay there. i heard of a "short refinance program" but can't seem to find any viable info about it. any help would be greatly appreciated.
The short refinance would be from your lender. You can call and ask if they offer it. It also falls under the HAFA program from the fed gov. There might be a local program in your state that the gov just released. Its called the EHLP "community.nasdaq.com/News/2011-06/1-billion-in-homeowner-aid-offered.aspx?storyid=81588" take a look and see if you can get some relief. At the same time, you are current on your home. Yes the value has dropped, but just because someone purchased the same home for less means anyone who paid more needs to walk away or receive a government, tax payer paid bailout. Each person who short sells, forecloses etc, continues to harm the housing market and the economy. If you can afford your payment, you agreed and promised to pay the note, and you should continue to pay as agreed. Most people dont understand what a foreclosure, or short sale does to the local housing market as well as the implications for the lender to come after homeowners for deficiency judgements and IRS tax implications.
[Link deactivated as per forum rules. Thanks.]
[Link deactivated as per forum rules. Thanks.]
That was a light tap on the wrist, Chris, and I agree that the walkaways, etc. are harmful to us as a whole.
People ought to be reminded that real estate is cyclical, and that we've seen crises in the past when values plummeted. Of course, our wave of foreclosures, etc. has been unprecedented; but the premise remains the same. Values will rise, values will fall...it's not the end of the world in either event; and borrowers who truly value their homes and their expressed promises to pay ought to do so, ride out the storm and be made whole on the other side.
People ought to be reminded that real estate is cyclical, and that we've seen crises in the past when values plummeted. Of course, our wave of foreclosures, etc. has been unprecedented; but the premise remains the same. Values will rise, values will fall...it's not the end of the world in either event; and borrowers who truly value their homes and their expressed promises to pay ought to do so, ride out the storm and be made whole on the other side.
