Refinancing Help? - Maybe?
October 25, 2011
Liz kettelle
In the past few years i have been on many appointments to help homeowners 'see" what the value of their home is in todays market..
some of these folks were curious because they wanted to move out of state,into a larger home or even, down size into something more
manageable.other folks were financially failing and wanted to sell to avoid foreclosure. The larger number of these people ended up in
"short sales" ( selling for less than homes worth). because what they owed on their mortgage was HIGHER than market value.
The problem CONTINUES to exists for the home owner that is not financially strapped, is gainfully employed , has fair to good credit and
doesn't want to move, but is locked in to an interest rate of anywhere from 5-8% ( sometimes higher). Unfortunately, all the lenders
stated, we would love to refinance them but, the appraisal value came in 10,15,20% or more under what is OWED.
Well, here is the link that we HOPE will help these folks get in to a lower interest rate mortgage through a refi program that should go into
effect soon. http://money.cnn.com/2011/10/24/real_estate/housing_refinance/ .
my only hesitation about getting really excited about this is:
1.The program will help 1 million people and the need is upwards of 4 million
2 How much will Rhode Island Home Owners benefit from this program? Other states are at a higher need (Florida,arizona,california)
Well, given my passion to help Rhode Island sellers,buyers and home ownership, I will remain excited about the
revamped HARP ( home affordable refinance program). If just one of my clients benefit from it, then it worked!
Changing my maybe to YES!!!
