Help for Bozeman Home Owners

Help for Bozeman Home OwnersBozeman Montana
Most of us have been there at some point in our lives, even if it has been awhile! You know, living hand to mouth, barely making ends meet.  Unfortunately, there seem to be more of us in the current economic down turn, and even one unforeseen cost can send us into a tailspin and cause the payment on our home to be overwhelming.
There have been recent changes in the government programs to help homeowners before they are behind!  HARP programs have generally allowed a refinance only to 125% of the present value, but have now increased that to 150% of present value which may allow a larger number of home owners to apply and receive a refinance at more competitive rates.  This is an effort to reduce the foreclosure rates for the future!  Remember, you cannot have been more than 30 days late in any of the previous 12 months for this program.  You can refinance with any lender, in the Bozeman area, my favoites are Sara Koelzer at Wells Fargo and Chad Schauers at Metlife Home Loans, check with them for options here!
For those who are behind, here is a recap for your options:
Want to stay in your home
1.  Arrange a repayment option with your lender.  They can divide the monthly you are behind and add it to future payments, they can tack the behind payments onto the back end of your mortgage.  Talk to you lender, make arrangements that are suitable to you and acceptable to your mortgage holder.  Call your lender for this option.

2.  Forebearance is a lenders agreement to reduce, or suspend your mortgage payments for a period of time, so if your hardship is short term, this is a fantastic option!  Maybe give you time to find a new job, or pay off the medical bills that piled up during a family crisis.  Call your lender for this option.
3.      Modification is a lenders agreement to permanently change the terms of your loan, usually a reduction in your interest rate to make your payment more reasonable.  Call your lender for this option.
4.      Deed for Lease is a program designed to allow you to stay in your home at current rental rates rather than your mortgage payment.  You sign the home back over to Fannie Mae in exchange for up to a 12 month lease to keep your family in their home on a short term.  Call your lender to for this option.
Need to Move, then these are your options:
1.       Short Sale, where in you offer your home for sale through a real estate agent at a lower price than you owe on it.  After receiving an offer, you submit the short sale pacakge to your lender for approval.  The lender can accept the offered price, or counter the offer, but once accepted they agree to release the lien against the home for the amount being offered by the buyer.
a.       Please check with your accountant and attorney for any potential tax liabilities.
b.      You have the potential to repair your credit sooner, Fannie Mae allows you to purchase a new home within 2 years of a short sale, it takes 7 years to do so if you allow the home to foreclose.
c.       There are some loan types and circumstances that allow you, the home owner, to receive funds to assist you in moving expenses, check to see if you qualify for the help!
2.       Deed In Lieu, you volunteer to sign you home back over to the lender.  There can also be funds available to assist you in your move with the option, and again, your credit can be repaired sooner.  Your lender may require that you attempt a short sale prior to granting this option.
Whatever your decision here, just know there are options for you and your family.  While life may look bleak to you now, there are options to help put you back on track.  Call us today for your confidential, discreet, and free appointment to discuss some of these alternatives.

   Jenifer Owens   Broker/Owner        2149 Durston  Ste 33   Bozeman, MT  59718 Cell:  406-209-0022
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