Health & Fitness
Upside Down On Your Mortgage? You May Have Options...
This is the first of a series of posts in which I intend to educate the distressed homeowner about alternatives to foreclosure.
In early 2009, under the Obama Administration, the national "Makine Home Affordable" program was launched. The program was specifically created to assist distressed homowners facing financial "hardship" avoid foreclosure. An additional component of the program was to create housing market stability through a number of specific programs.
Since then, the processes and qualification criteria have been revamped in an effort to provide the distressed homeowner with more alternatives.
In this first of a series of posts, it is my intent to educate the distressed borrower about the many qualifying "hardships" as outlined below:
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- Loss of employment
- Income reduction
- Business failure
- Damage to property (and insurance doesn't cover it)
- Death of spouse or wage earner
- Death of non-wage earner
- Severe illness
- Inheritance (which becomes a liability)
- Divorce
- Relocation
- Military service
- Mortgage payment increase or adjustment (real estate taxes included)
In my next post, I will go into detail about some of the alternatives to foreclosure. And a "short sale" may not be the only answer.
