If your a homeowner that purchased a home a few years ago using the 100% purchase financing, because of the fall in home values you’re probably one of the many that fall into the issue of being whats called “Over Encumbered”. This basically means that you owe more on your house than what it is worth.
Now with the credit crunch and the lenders tightening up a lot of their guidelines, this may have you in a position where you are not able to refinance so your stuck with only few options:
You need to know that the government has been working to put organizations in place to proctect you and with the passing of HR 3221 you will likely see more. Here are just a few organizations that perhaps you should look into if you are having trouble making ends meet on your mortgage and you fear that you may lose your piece of California:
1. HUD HELP FOR HOMEOWNERS FACING LOSS OF THEIR HOME
2. HOPE NOW ALLIANCE
3. HUD-APPROVED FORECLOSURE PREVENTION HOUSING COUNSELORS
4. HUD’s “TIP’S FOR AVOIDING FORCLOSURE”
5. UNDERSTANDING FORECLOSURE PREVENTION OPTIONS
7. RELIEF OPTIONS FOR FHA LOANS
I hope that the information will guide you towards security giving you and your family the information that you deserve to know.
Fred D. Williams, Jr.
Mid Valley Financial Services