Financing

Finally there are some programs that will help homeowners who have experienced TEMPORARY hardships stay in their homes. After years of short sales and foreclosures someone has finally figured out that many of these situations were temporary with homeowners losing jobs and eventually finding new employment but never being able to get caught up on past due mortgage bills. I had always thought that there should be a forbearance program much like with student loans but that never came to pass. A Realtors job is NOT just to sell homes but also to help people STAY in their homes.

One such program is the BlueHub SUN program, now available in CT. This is for homes already in foreclosure. Aura Mortgage Advisors buys the home at the foreclosure price and then immediately sells it back to the original owner at the reduced amount of the foreclosure sale. This way the principal owed and the monthly payments are automatically reduced. The owner must have steady employment and demonstrate a commitment to keep current on their mortgage payments. You can call them at 855-604-HOME for information and to complete the inquiry form.Continue Reading

Just some perspective facts to start. There are 136 million home owners in the US. 34%, or 1/3 of those homes, are owned free and clear and another 14 million homeowners owe less than 50%. I am NOT in either one of those categories. Thankfully I am also not in the statistic of 5.4 million who are negative 20% or more on their homes. Another interesting fact is that the median amount that a homeowner put down on a home was 20% 10 years age, while today it is at 5%.

Homeownership is still a hope of almost all of the younger generations. Those who own eventually realize 44X the net worth of those who rent (or live at home with parents). Neighborhoods with high ownership tend to be safer with less crime and the owners more engaged in their communities.

Keeping Homeowners in Place

How to BEAT the Amortization Table.