Contact:Â Loriann Harrison
Phone:Â Â 954.237.0713
Fax:Â Â 305.851.4077
Email:Â Â Loriann@FloridaRealtyNow.com
Website:Â Â www.LMHShortSales.com
July 6, 2012
US Government Accountability Office Report Recap
TheÂ US Government Accountability OfficeÂ feels that government sponsored programs implemented to help struggling homeowners are not doing enough.Â Â Though foreclosure activity is decreasing slightly, the national average still remains high.Â
In a report released by the GAO on Thursday, loan modifications were specifically addressed.Â Â Although 2 million loans were modified through HAMP and departments like USDA, FHA, and GSEâ€™s, there are still many homeowners at risk of foreclosure.Â Â Mortgage data indicated that between 1.9 and 3 million homes still had negative equity and/or loans with serious delinquency.
â€œThese loans were concentrated in certain states, such as Nevada and Florida. Further, more recent indicators such as strong home prices and home equity remain near their post-bubble lows. As of December 2011, total household mortgage debt was $3.7 trillion greater than householdsâ€™ equity in their homes-representing a significant decline in household wealth nationwide,â€Â said the report.
In addition, the report states that about 2.8 million homeowners who applied for a loan modification through HAMP were denied.
The report acknowledged recent efforts made by the government to make refinances easier for underwater homeowners, however, it also indicated that principal loan reductions would be more effective than modifications or refinances.
â€œUntil agencies and the enterprises analyze data that will help them choose the most effective tools and fully utilize those that have proved effective, foreclosure mitigation programs cannot provide the optimal assistance to struggling homeowners or help curtail the costs of the foreclosure crisis to taxpayers,â€Â said the report.
If you are one of manyÂ distressed homeowners in Broward County, FLÂ who are not eligible for a modification, principal reduction or refinance, you may want to consider aÂ short sale.Â Â To learn more about the short sale process, contactÂ Loriann Harrison â€“ a Certified Distressed Property Expert in Broward County, FL.
A Certified Distressed Property ExpertÂ® (CDPE) has a thorough understanding of complex issues in todayâ€™s turbulent real estate industry and knowledge of foreclosure avoidance options available to homeowners. CDPEs can provide solutions, specifically short sales, for homeowners facing market hardships.Â Â CDPEâ€™s:
When it's time to sell, we will take the time to learn about the features and details of your home and highlight its uniqueness thru customized marketing to attract theÂ Right Buyers.Â We focus on targeted buyer demographics, schedule showings, negotiate the purchase contract, vet buyerâ€™s financial profile, oversee the inspections, appraisals, all necessary paperwork and supervise the entire escrow process thru closing.
Loriann M. Harrison is also aÂ Certified Luxury Home Marketing Specialist (CLHMS), a member of the Institute for Luxury Home Marketing, a real estate trainer and a resident of SW Broward County Florida. She has been practicing real estate since 1998, first in Long Island, NY, and now in Florida since 2004. Loriann and her husband have been successful real estate investors since 1995 and manage a multi-million dollar portfolio.
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