Sarasota homes for sale become short sales when the government’s Home Affordable Refinance Program (HARP) fails to save tired homeowners!
Sarasota home owners are tired of home prices plummeting while trying to save their homes.
“We’re tired,” admit Jason & Tiffany of Sarasota, who face losing their home.
Adds Tiffany, “We’re tired of worrying about our jobs, our home & our future. After a while, you just can’t worry anymore.”
Jason’s hours have been cut, so he’s looking for part-time work on top of his “full time” job.
Tiffany’s job is in jeopardy. She fears her days are numbered. She’s networking as the experts suggest in the time she has. Unfortunately, Tiffany’s friends and business associates fear for their jobs too.
And now, Jason & Tiffany fear they’re headed toward foreclosure. They cannot afford their house payment. Contacting their mortgage lender Bank of America got them nowhere. BofA instructed Jason & Tiffany to call back when they miss a payment.
Jason & Tiffany desperately are trying to do what’s right. They don’t want to miss a payment and end up in foreclosure (which is what they think will happen).
They called me when they thought their only option was short selling to avoid foreclosure.
Click Read More below now for Jason & Tiffany’s attempt to save their home from foreclosure while trying to regain equilibrium.
YOUNG COUPLE SEARCHES FOR NEEDLE IN HAYSTACK
Clearly, Jason & Tiffany don’t want to ruin their credit, and they don’t want to lose their home.
They’re flat-out tired of worrying and running in to dead ends with trying to save their home.
Note to critics: Jason & Tiffany did NOT buy more home than they could afford, but it sure as hell seems that way when your hours are cut and/or you’re fearing job loss.
Step 1: Contact your mortgage lender for help! Explore your options. Tiffany contacted their lender, Bank of America. Tiffany claims their mortgage lender will not help them (!). Tiffany couldn’t tell me why BofA claims not to be of help, so I may need to call for them.
I asked Jason & Tiffany who owns their mortgage to which Jason and Tiffany look at me with a confused look before asking if I didn’t hear them say Bank of America.
Admittedly, Jason & Tiffany believe what most homeowners believe: that the company to who they pay their monthly payment MUST be the debt owner. Bank of America very well could be the debt owner. On the other hand, BofA might not own the debt.
Step 2: Find out who owns your loan or loans. I use the loan lookup tool and discover their loan is NOT a government-backed Fannie Mae or Freddie Mac loan.
Homework: Find out who owns the loan.
Without a Fannie or Freddie (government-backed) loan, Jason & Tiffany will not qualify for the government’s Home Affordable Refinance Program (HARP).
Step 3: HARP provides 2 options:
1. Mortgage refinance for borrowers underwater & CURRENT on their mortgage. ou might qualify to refinance a loan that is from 105 percent to as high as 125 percent of a home’s value. You also cannot be delinquent or have been delinquent in the past 12 months.
2. Modification for borrowers who have missed payments on an underwater mortgage. HAMP, the federal Home Affordable Modification Program available through mortgage lenders, works for borrowers who have missed payments. If you qualify, your ability to take advantage of HARP will depend on payment history and other factors including credit store, the structure of the current home financing and specific lender guidelines.
Step 4: Do NOT give up! Back to Bank of America we go to help Jason & Tiffany save their home. Simply reducing their interest rate will cut their monthly payment $300-$400 /month. Every little bit help.
Yes, I have seen strange situations occur in the housing market. I’ve seen banks reject offers for more money during short sale than these same banks take when the borrowers lose the house and the bank sells it as an REO (real estate owned by the bank). Doesn’t make sense but it happens all the time.
I believe Bank of America will help Jason & Tiffany, not because BofA cares so much about people. Rather, it makes good business practice to keep responsible people in their homes.
Sarasota homes for sale might not need to be lost to foreclosure. If loan modification will not help you, let’s look at other options to save your home (if that’s what you want). Please call me now to discuss your options. For questions or comments, please go below to leave a comment. I look forward hearing from you.
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