Clearwater Beach Florida Update on the Making Home Affordable Program

Clearwater Beach Florida – When the White House first introduced the Making Home Affordable program in February, it was positioned as a mortgage program with two goals to help homeowners everywhere including those on Clearwater Beach:

  1. To help financially-needy homeowners get home mortgage relief
  2. To help home owners who’ve lose equity qualify for today’s low rates

This past Wednesday, in a much-anticipated announcement, the U.S. Treasury introduced new details about their Making Home Affordable plan.

It also created an “Am I Eligible For Making Home Affordable” form on its website. (Check it out)

In the press release, the Treasury detailed the President’s original blueprint. Namely, it provided explicit loan modification instructions that will assist up to 4 million delinquent homeowners and their respective mortgage servicers.

The modification guidelines are a thorough 17 pages long and leave little question about the loan modification process, and how it must be carried out.

But for as much ink committed to helping delinquent Clearwater beach home owners, the Treasury gave surprisingly little guidance to the estimated 5 million homeowners for whom deteriorating home equity has rendered refinancing impossible.

For these Americans, the Treasury instead offers a basic Q&A and directs Clearwater home owners to call Fannie Mae and/or Freddie Mac to confirm their eligibility. The “refinance plan”, in summary, says that a homeowner who has paid his mortgage as agreed and whose home value is “about the same or less” as the amount owed on his first mortgage may be eligible.

That’s about as much as the Treasury could say.

So what are  your other options?

New Guide to Getting a Loan Modification in 60 minutes

Being in the Clearwater beach real estate business we are helping families everyday caught in this property value crisis so I am excited to share a straight-forward practical resource with you developed by a friend of mine Rocky Rockwood and his Dad, Mike. Rocky’s own Dad found himself in the same situation as many home owners today. Their properties were no longer worth what they owed so refinancing wasn’t an option and they also had with less income coming in and were struggling to find a way to keep up their mortgages.

Rocky and his Dad took action to really understand the problem and better yet the solution! Then they wrote a step by step guide to help others in the same situation. Their loan modification guide now enables the average home owner successfully do their own loan modification quickly and easily rather than get taken advantage of by one of the latest scams I’m seeing daily. They wrote an use workbook on How to get a loan modification

I got to review the complete guide and highly recommend it – those of you who know me know that I am about empowering people with good information so you make informed choices and also get proven results. If you or someone you care about is in this situation you owe it to yourself to get good information.

If after browsing the Treasury the website, you still have questions about the Making Home Affordable program, call your mortgage lender with specific questions or better yet, order the 60 Second Loan Modification kit

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Copyright © 2007-2009 Jack and Cyndee Haydon, Clearwater REALTORS and specializing in Clearwater Florida, Clearwater Beach Florida, and Pinellas County Waterfront homes and condos. Information is deemed reliable however it is not guaranteed and subject to change at any time.

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