The federal government has initiated a comprehensive plan to help homeowners avoid foreclosure by providing affordable and sustainable mortgage loans.  This program is known as The Making Home Affordable Program.

The Making Home Affordable Program includes a modification plan targeted at borrowers who are at risk of foreclosure because their incomes are not sufficient to make their mortgage payments.  

It also includes refinance opportunities for borrowers who are current on their mortgage payments but have been unable to refinance because their homes have decreased in value.

Making Home Affordable Program will offer assistance to as many as 7 to 9 million homeowners, making their mortgages more affordable and helping to prevent the destructive impact of foreclosure on families, communities and the national economy.

Please visit www.makinghomeaffordable.gov for more information.

Many homeowners are also considering the Short Sale Process. A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit reports outcomes for the borrowers.  Sellers will be able to leave the property with dignity.

We believe that having timely information on this issue is vital to our community.  Our neighborhoods will have less vacant homes and foreclosures and the negative impact on real estate values will not be as severe. 

 Here are some resources that can help you maintain or short sale your home.

www.makinghomeaffordable.gov

www.loansafe.org

www.HUD.gov

www.hopenow.com

www.myfico.com

If you have any questions or concerns, please do not hesitate to call.  Remember all calls are confidential.