There is a back log of foreclosures, especially in the state of Florida. There are approximately 100,000 new foreclosures coming on the market in Florida in 2012 and into 2013. The thought of more foreclosures is a scary one; but there is a little silver lining to this gray cloud.
The number of homeowners who are behind on their mortgage is declining and a new program has also been released which may help owners who are not behind yet (including 2nd homes and investors). The new program HARP is said to help owners with Fannie or Freddie Mac owned mortgages who are still current and able to make payments but are underwater. This type of program could help alleviate some of the unnecessary foreclosures or strategic defaults. HARP will work like a refinancing program; but unlike traditional refinancing, the new program is said not to require an appraisal…which has caused many borrowers in the past problems when they attempted to refinance. More details about HARP guidelines here.
For those homeowners who are already behind on their mortgage and need help, we offer short sale assistance. Contact us for a free real estate consultation.