We've been hearing for weeks that help is on the way for homeowners with problem mortgages. If your in that situation or know someone that is, hopefully this information will be helpful.
Florida CFO Sink launches ‘Florida Housing Help’ web site TALLAHASSEE, Fla. –
Nov. 10, 2008 –
To provide immediate assistance to Florida homeowners searching for federal housing assistance, Chief Financial Officer Alex Sink and her Financial Action Team (FACT Team) announced the launch of “Florida Housing Help,” a new Web feature at www.MyFloridaCFO.com. “Florida Housing Help” offers resources for homeowners, veterans, local governments and taxpayers who could potentially benefit from the recently-passed Housing and Economic Recovery Act of 2008 (HERA). “From veterans to new homeowners, millions of Floridians stand to benefit from the federal HERA legislation designed help Americans weather the current housing crisis,” says Sink, who oversees the Florida Department of Financial Services. “We launched ‘Florida Housing Help’ to help Floridians better understand the federal resources available to them. Ultimately, we hope this initiative will bring more federal dollars to our state.” HERA legislation became law in July 2008. CFO Sink created her FACT Team, made up of stakeholders and financial and housing experts, to identify the funds available to Floridians and help homeowners take advantage of these resources. Sink says that “Florida Housing Help” will be updated on an ongoing basis as additional information becomes available. For further assistance, Floridians may also contact CFO Sink’s Consumer Helpline at (877) 693-5236. ©
2008 FLORIDA ASSOCIATION OF REALTORS®
Government launches sweeping new loan aid effort
The government and the mortgage industry are launching the most sweeping effort yet to help troubled homeowners by speeding up the process for renegotiating hundreds of thousands of delinquent loans held by Fannie Mae and Freddie Mac.The Federal Housing Finance Agency, which seized control of the two mortgage finance companies in September, announced the plan along with other government and industry officials, including Hope Now, an alliance of mortgage companies organized by the Bush administration last year.“Foreclosures hurt families, their neighbors, whole communities and the overall housing market,” said James Lockhart, the housing finance agency’s director. “We need to stop this downward spiral.”The plan could have tremendous importance because Fannie Mae and Freddie Mac own or guarantee nearly 31 million U.S. mortgages, or nearly six of every 10 outstanding. Still, government officials did not have an estimate of how many people would qualify for the new program.Officials hope the new approach, which goes into effect Dec. 15., will become a model for loan servicing companies, which collect mortgage payments and distribute them to investors.
To qualify, borrowers would have to be at least three months behind on their home loans, and would need to owe 90 percent or more than the home is currently worth. Investors who do not occupy their homes would be excluded, as would borrowers who have filed for bankruptcy. Borrowers would get help in several ways: The interest rate would be reduced so that borrowers would not pay more than 38 percent of their income on housing expenses. Another option is for loans to be extended from 30 years to 40 years, and for some of the principal amount to be deferred interest-free.
Rob Skeel Realtor
Century 21 Prestige Realty Group
305-393-6300 800-541-5019
www.RobSkeel.com
http://robskeel.com/homes_for_sale.shtml
Wednesday, November 12, 2008
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