In April 2016, according to a federal program, about 1,500 South Florida borrowers may be qualified for reductions on their outstanding mortgage loan balances. The program aims to assist “underwater” and seriously lawless borrowers whose loans are currently owned or confirmed by mortgage companies such as Fannie Mae or Freddie Mac.
According to the Federal Housing Finance Agency, approximately 30,000 loaners will be qualifying. There’s a catch though, in order to obtain mortgage reductions, you need to reside in a home and have a balance of $250,000 or less.
If you want a detailed assessment of the requirements, go to FHFA.gov
Representatives cannot determine how much an individual can save as this depends upon various factors such as in which location is the home situated amongst many others.
According to the director of FHFA, housing market has improved but some areas have still not recovered. He further added that the plan will be deemed as too small and too large by others.
However, the plan is still affirmed as its intended to help homeowners so that they do not have a foreclosure and the banks Fannie and Freddie do not have defeatist financial standing.
A lot of people are eager for this plan to come into practice as it’s going to be great for homeowners. Some individuals whose house value is $300,000 are saying why they still owe $350,000?
For a short term, this will prevent foreclosures and will grant borrowers the ability to make less monthly payments. However, this does not necessarily mean that the homeowner will be entitled to a reduced mortgage payment.
Homeowners who believe they are qualified should consult with their mortgage company.
Feel free to consult us for your mortgage concerns, we are available around the clock for you! You can contact us at 877-509-3160.