2012 MORTGAGE DEBT RELIEF PROGRAM MAY BE ON THE WAY; WOULD YOU QUALIFY?
The Wall Street Journal posted a very compelling article on a new program currently in review. It would essentially allow many homeowners to be forgiven for some of their mortgage debt. If you currently owe more than your home is worth, Fannie and Freddie are in talks to come up with a plan to offer assistance. The Obama administration has pushed for similar programs and would likely back this decision.
In the post by the WSJ, acting director of the Federal Housing Finance Agency, Edward J. DeMarco, is quoted as saying, “In some circumstances it might make economic sense for the government-run companies to reduce borrowers’ mortgages, taking a hit to modify the loan but also making it less likely that a homeowner will default”.
It’s not yet clear who would qualify for this extremely needed help, or if it would make things better or worse. Some argue it may cause some homeowners to stop paying their mortgages altogether, others believe it may stabilize the overall economy.
If you are deeply underwater on your home, it is something to follow closely. Read the article and keep an eye out for the outcome, this plan may possibly be your saviour.
IF YOU ARE CURRENTLY CONSIDERING A SHORT SALE…ANOTHER GOOD ARTICLE TO READ.
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BRV Chicago Real Estate Services
Britta Rivera
Contact our team of Chicago Real Estate Professionals; assisting buyer’s, seller’s and renter’s in today’s market. We specialize in Traditional Sales, Luxury Sales, Short Sales, Rentals and New Construction Development Sales; offering sales & marketing assistance. BRV also works in conjunction with a real estate attorney to assist with short sale transactions and is very experienced with the process. Britta Rivera has been an Illinois Licensed Real Estate Agent since 1995.
Britta Rivera Venture Group is affiliated with Baird & Warner, located in Chicago. Our team assists buyers, sellers, and renter’s throughout the Chicagoland area including; CITY: Loop, South Loop, West Loop, Lincoln Park, South Side, Near West Side & North Side. SUBURBS: Bolingbrook, Glen Ellyn, Wheaton, Naperville, Lisle, Woodridge, Plainfield, Romeoville, Aurora, and other nearby suburbs.
RENT, BUY OR SELL call 312.806.3297 for assistance.
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Hi there!
This is Andrew,a financial counselor.I enjoyed some of your articles posted on your site brittariveraventure.wordpress.com.I must appreciate your hard work and wish you good luck.
I’m Interested in submitting a post on a relevant topic that is still need to cover.Let me know what you think.
Thanks for your time!..:)
Looking forward to your reply.
Best regards,
Andrew Jackson
Andrew, thanks for your feedback! Feel free to send article to britta.rivera@comcast.net. If it is a good post for my blog, would be happy to share it with readers.