Brad Garbutt

REALTOR®, Associate Broker

Since 1983, I have helped thousands of families and individuals buy and sell homes in Redding/Shasta County. The only thing that exceeds my experience is my commitment to you because whether you're buying or selling a home, your satisfaction is my number one goal. My commitment to you includes implementing the latest real estate technology and resources to effectively market and sell your property. When you're ready to buy or sell a home and you want exceptional service, call me!

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Obama Expanding Efforts to Stem Foreclosures

FHA LOANS, HOME LOANS, INDUSTRY NEWS
May 1st, 2009

The Obama administration announced this week additional measures to help homeowners keep their homes off the auction block. They include incentives to lenders and borrowers to cut payments on second mortgages, write down principal balances on homes that are upside down and repay loans in a timely fashion.

Details are as follows:

  • Decrease 2nd mortgage interest to as low as 1% for five years for some borrowers
  • Revive FHA effort to convince lenders to reduce loan balances so homeowners have equity in their homes
  • $50 billion of funding will come from previously authorized bailout monies
  • Cash incentives to loan officers and borrowers that complete second loan modifications-$500 up front to loan officers and $250/year for three years as long as the loan remains current. Borrowers would receive $250/year for making timely payments for up to 5 years.

Borrowers struggling to make their mortgage payments should contact their mortgage holder to determine if they will participate in this program.

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL ESTATE PROFESSIONALS GMAC

CORNER OF COURT AND PLACER

QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE

This entry was posted on Friday, May 1st, 2009 at 2:34 pm and is filed under FHA LOANS, HOME LOANS, INDUSTRY NEWS. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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