Karen Urata Realtor

New Programs to Bring Help to Underwater Homeowners

In Avoid Foreclosure, Escondido, La Mesa, Mission Valley, North San Diego County, Oceanside, Poway, Real Estate, San Diego County, Uncategorized, Vista on May 11, 2012 at 2:51 am

 Photo By Salvatore Vuono

http://www.freedigitalphotos.net/images/view_photog.php?photogid=659

According to recent reports we can look for two new programs designed to help the underwater homeowner in June of 2012.  One is a program that focuses on refinancing, the other focuses on home loan principle reduction.

The first, called Hamp 2.0 allows some homeowners to take advantage of the current historically low interest rates by allowing them to refinance their home when their current loan balance is higher the current market value.  I am sure we have all heard stories about someone who tried to get a lower monthly payment by refinancing their home only to find out that their house must be appraised at today’s values and that if that amount was less than the amount they currently owed on their mortgage they could not get refinancing.  Seems crazy doesn’t it.  The very people who most need the help of lower interest rates can’t qualify.   This program is supposed to help address this.  It is scheduled to roll out in June.  To get a head start just contact Alexis at West End Mortgage. He can let you know if you fit the guidelines to qualify.  Contact him at  alexis@mycalifornialoan.com.  Just tell him I suggested that you check it out.

The second program, under Keep Your Home California is called the Principle Reduction Program, is for eligible underwater homeowners in California.  It will actually lower the amount of principle owed on your mortgage if you qualify.  For more information about the guidelines click here http://keepyourhomecalifornia.org/programs/prp.pdf  It is also scheduled to roll out in June.  Ask  your lender if they are participating in this program.  For an easy to understand overview of the program check out the related article below.

See you in the neighborhood,

Karen Urata

DRE License # 01720025

B W Real Estate Group

(760) 609-0952

5-Star Award Winner  San Diego Magazine 2010, 2011, 2012

Serving Buyers and Sellers in San Diego County

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  1. […] For those who are not veterans, but who are underwater and want to take advantage of the historically low-interest rates for refis available today check out my post about the HAMP 2.0 program. […]

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