Overcoming Your Underwater Home in 2012!

As a Lake Nacimiento Real Estate agent, I deal with a variety of circumstances with buyers and sellers.  I enjoy tackling each situation and helping buyers or sellers achieve their Lake Nacimiento Real Estate goals.

Over the past few years, as the real estate market took a downward turn on the national level, I began seeing sellers who were finding themselves in an underwater home (meaning they owed more on their home than the home was worth).  Given this rising need for help with distressed properties, I pursued getting my Certified Distressed Property Expert designation.  My passion is to help homeowners in Heritage Ranch and Oak Shores avoid foreclosure and I’m happy to say I’ve been able to help homeowners find other options!

Many who found themselves in an underwater home situation sought relief in refinancing their home.  In October of this past year, the government’s Home Affordable Refinance Program (HARP) decidedly loosened their restrictions in order for more homeowners to find help.  In the past, owners whose mortgage exceeded 125% of the home’s value were ineligible for the program, but that restriction has been eliminated.

A few of the additional changes include:

– Elimination of certain risk-based fees for borrowers who refinance into shorter-term mortgages

– Elimination of the need for a new property appraisal when there is a reliable automated valuation model estimate by Fannie Mae or Freddie Mac

– Extension of the program until December 31, 2013 (from June 30, 2012)

Refinancing your home can be a great first step to help lower your monthly mortgage payments.  If you’re interested in HARP, you’ll want to know that in order to qualify your loan does need to be through Fannie Mae or Freddie Mac and you must be current on your mortgage payments.  You can learn more about this program on the Federal Housing Finance Agency’s fact sheet.  https://www.fhfa.gov/webfiles/22721/HARP_release_102411_Final.pdf

If you’ve attempted to refinance and haven’t found relief for your underwater home or don’t qualify for HARP; I would love the opportunity to talk with you!  I know it can be a daunting time and you probably have a lot of questions.  My experience in dealing with distressed properties can help!

Please feel free to contact me anytime!

Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty

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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.

Please let us know how we can help!

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