SOS….My Home Is Underwater!!!

Hey Peachtree City, it has been a pretty sobering experience to speak with some many folks who now face the simple fact that their homes are now worth less than they owe on then.  Hence the terminology being “underwater”.  For the people that have not experienced the joys of home ownership yet, it equates to the same thing as your car being “upside down” where you actually owe more that its worth.  I have been impacted by this behemoth phonenomon because we decided to build a custom home in a brand new golf course community.  Being the 2nd or 3rd home sold,  we felt we got in on the “ground level” before the word got out and prices got jacked up. 

FHA to Provide Additional Mortgage Assistance to Struggling Homeowners

The President has signed into law legislation that will allow HUD’s Federal Housing Administration (FHA) to continue providing targeted mortgage assistance to homeowners. The Hope for Homeowners program will continue FHA’s existing and successful efforts to provide aid to struggling families trapped in mortgages they currently cannot afford. Under the program, certain borrowers facing difficulty with their mortgage will be eligible to refinance into FHA-insured mortgages they can afford. The program will be implemented on October 1, 2008.

Homeowners May Already Be Eligible For Assistance