The federal government's latest effort to help financially distressed homeowners is getting off to a slow start.
Lenders filed just 42 applications to refinance troubled mortgages under the federal Hope for Homeowners program in the two weeks after the program's Oct. 1 launch, according to the Federal Housing Administration. Some estimates have suggested that it could eventually help as many as 400,000 homeowners.
The program allows mortgage companies to refinance delinquent borrowers into affordable, government-backed loans, provided the mortgage company writes down a portion of the loan balance. To qualify for a new loan, homeowners must agree to share future appreciation with the federal government. In addition, the new loan amount -- including a 3% upfront mortgage insurance premium -- can't exceed 90% of the current appraised value, which is likely to mean a significant reduction in the loan balance....more
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- Chicagoland Real Estate Notes
- I am a Licensed Illinois Real Estate Managing Broker, offering Full-Scale, High Performance residential brokerage and professional property management services. I focus on residential properties, including multi-units, Chicago condos, townhomes and single family properties, including fine home and estates, in Central Chicago, Loop areas, as well as,Chicago's shore-lines. However, I've helped buyers and sellers throughout Chicago-land to reach their goals. My approach to real estate is simple and highly effective. I believe that open communication, thorough research, hard work, and tough negotiation are the right tools to help clients reach their goals in an anxiety-free, stress free manner. www.marionpropertymanagement.com
Diannah Evans, MB
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