Foreclosure in Florida>Question Details

Anjum, Other/Just Looking in karachi

Plese let me know whom and when to contact

Asked by Anjum, karachi Sun Sep 2, 2007

about re-negotiatons on homes on the verge of being foreclosed. Would be grateful. Sincerely, anjumThe recent decision of the government to partially intervene so that peple can keep their homes. Thank you in advance dear people.

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Hi Anjum:

The new government plan might be nice, but you are talking about the property that is on the verge of being foreclosed, right? Did you say Home, or Home(s)? How many do you have?

I think instead of waiting for the government to intervene in this case; which might take a while; you should talk to the Mitigation Department of your specific lender for different options then Foreclosure. One of the options might be Short Sale; which is happening quite frequently now.

My advise in this case is to contact a local Realtor (Florida?) who is experienced in handling this for advise and assitance.

Best,
Sylvia
1 vote Thank Flag Link Sun Sep 2, 2007
Sylvia Barry,…, Real Estate Pro in Novato, CA
MVP'08
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The new program is called FHASecure. Link below will take you to the news release about this program and give you other reference points. Also look in the yellow pages for non-profit credit couseling services. Here in the San Francisco Bay area we have a non-profit credit counseling service which recieved some of the 125 Million congress passed for consumer couseling services. Here are the 5 qualifying points for FHASecure:
1. A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset .
2. Inteest rates must have or will reset between June 2005 and December 2009.
3. three percent cash or equity in the home.
4. A sustained history of employment.
5. Sufficient income to make the mortgage payment.
Unfortuneately in our area, medium price of $540,000, over 67% of all loans were written above the FHA maximum loan which I believe is $363,000. Even at the Freddie Mac/Fannie Mae max number of $417,0000 we still are out of luck. Also, we had many "Stated" loans were income per month and even job employment verifications were NEVER used!! This program will cover roughly 240,000 borrowers or roughly 10% of the 2+ Million loans they feel might be in trouble. Hey, it's a start!!
1 vote Thank Flag Link Sun Sep 2, 2007
Please check out the thread listed under web references below. Patrick's answer has a link to a site that discusses the new FHA program. Get in contact with a mortgage company that can research this more for you. I hope you qualify.
1 vote Thank Flag Link Sun Sep 2, 2007
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
MVP'08
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