Mortgage Foreclosure Help for Florida Homeowners
Help for homeowners with underwater mortgages is the goal of the Obama Administration’s revised Home Affordable Refinance Program. HARP 2.0, scheduled for implementation in March, aims to help homeowners who are current with their mortgage refinance loans backed by Fannie Mae or Freddie Mac.
A key feature of HARP 2.0 is the elimination of the loan-to-value (LTV) cap, which was previously set within a range of 80 to 125 percent. Lender participation in the program is voluntary, meaning that some banks may choose to stay within lower LTV ratios.
Homeowners who qualify for refinancing at a lower interest rate will see reductions in their monthly payment, which gives them the option to either save on monthly expenses or accelerate repayment of the mortgage.
In Florida, 182,000 properties were in foreclosure in 2011, according to RealtyTrac. The situation is particularly acute in South Florida, where one in every 261 homes across Miami-Dade, Broward and Palm Beach counties is in foreclosure.
The Administration also announced a Federal Housing Finance Administration (FHFA) pilot program to transition Real Estate Owned (REO) properties into rental housing.
The HARP 2.0 proposal requires Congressional approval before it takes effect.
If you owe more on your house than it is worth and are in or at risk of mortgage foreclosure, contact Fort Lauderdale foreclosure defense attorney Marcy Resnik, Esq., to discuss your legal options.
