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The government continues to offer up solutions to the housing crisis, trying to make it easier for homeowners to refinance their mortgage, especially if they owe more than their home is worth. The latest move was to remove a cap that only allowed homeowners to refinance if they owed up to 25 percent more than their homes are worth. Removing the cap allows anyone to refinance, as long as they are current on their payments, no matter how much more they owe than their home is worth. Foreclosures haven’t been as big a problem this year in East Central Florida as they had been. In the latest report by RealtyTrac, a California-based research firm, there were 581 houses in Volusia and Flagler counties in the foreclosure process in September 2011 compared to 2,086 in the two-county area in September 2010. Volusia County foreclosure activity could still be considered high with 453 in September, so the need for help with fighting foreclosures is still a priority for Volusia County foreclosure attorneys. While the Federal Housing Finance Administration does provide assistance to homeowners suffering financial problems, consulting with a Volusia County foreclosure attorney can help expedite the process. For many homeowners who have loans with 6 to 8 percent interest, being able to refinance at closer to 4 percent interest can make a big difference. If you owe $200,000 on your home and your interest rate is 8 percent, you would pay $1,467.53 a month. If you owe $200,000 and your interest rate is 4 percent, your payment would be $954.83 a month. That’s a reduction of more than $500 a month or more than $5,600 a year. But here’s the catch. You have to get your mortgage lender to agree to the refinancing. That may not be as difficult as it once was. Banks are now taking measures to avoid the foreclosure process, even offering cash to borrowers who agree to a short sale. Still, a Volusia County foreclosure attorney can consult with you on what is the best direction to take. Home price reports for the fall 2011, show they are stabilizing, so the long housing bust nightmare could be nearing an end. But there will continue to be many people needing help with holding onto their homes. Foreclosure should be the avenue of last resort, but it is still an option that many people will have to face. Daytona Beach, Fla.-based Mara & Mara Attorneys at Law can help with foreclosures as well as many areas of business and family law.
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Volusia, County, Foreclosures,
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