New Helpful Government Website

The U.S. Government has recently published a new website to help homeowners. Below is an excerpt from their website, MakingHomeAffordable that explains what information it provides and how it can help you:

"The Obama Administration has introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis and get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize our housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels.

The Home Affordable Refinance Program gives up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments. The Home Affordable Modification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures.

Our consumer website, MakingHomeAffordable, provides homeowners with detailed information about these programs along with self-assessment tools and calculators to empower borrowers with the resources they need to determine whether they might be eligible for a modification or a refinance under the Administration's program. Through this website, borrowers can also connect with free counseling resources to help with outstanding questions; locate homeowner events in their communities; find a handy checklist of key documents and materials to have ready when making that important call to their servicer as well as FAQs from borrowers in similar circumstances; and much more."

Ways to Avoid Foreclosure

Darlene is now a Certified Distressed Property Expert, or CDPE. She is now able to offer advice to homeowners who are facing foreclosure or are unable to pay their mortgage and cannot sell their home due to the current market conditions.

If a homeowner has suffered a hardship —which could be anything from severe illness or death in the family to the loss of a job, increasing payments or military relocation — a CDPE- designated agent knows how to approach lenders, file the correct paperwork and, in many cases, negotiate a short sale for the distressed property.

A short sale — the listing of a home below the mortgage value and negotiations with the lender to clear the mortgage for that sale price — avoids a lot of heartache and headaches all around.
A foreclosure, can show up on your credit report for five years or more. A short sale can lessen that to only a couple years. A foreclosure can also lower your FICO credit score more than 300
points, whereas a short sale alters the score 100 points or less. Foreclosures can also affect your chance of obtaining security clearances, which can be crucial to employment. A short sale has no affect in this area.

Darlene has compiled a booklet that addresses this topic. Click Here to Download Booklet. Darlene would be happy to assist you with any questions you may have.