May 7th, 2012 9:46 AM by Frank Ferrell
There are two million homeowners in Florida that owe more on their mortgage than their property is worth. If you aren’t in this group you likely know someone who is. The purpose of this letter is to give you information that can either help you or you can forward to someone you know that it will help.
Up until now someone who was upside down on their mortgage only had two options; they could keep making payments on their current mortgage or they could let the home go (either through short sale or foreclosure). Many homeowners have been very frustrated that they have not been able to refinance to historic low interest rates because they are upside down on their mortgage. Even with great credit, income, and a history of on time payments if you were upside down you could not refinance.
This has just changed. The Home Affordable Refinance Program (HARP) has been updated from its current version to allow the most underwater homeowners to refinance and take advantage of the lowest interest rates in history.
One of my friends in the mortgage industry has created a HARPwebsite that allows you to check and see if you are eligible for the program.
Even though refinancing is now an option for some, many others simply are too far upside down or their payment too high to be able to afford the home. For these homeowners, a short sale might be their best alternative.
No matter what your situation is, know that I am here to help you and those that you care about. If you need any Real Estate assistance or a referral to a HARP mortgage lender give me a call at 407-227-2753.