Feb
07

Katy Real Estate: Are You in Danger of Being Foreclosed On?

February 1, 2012, President Obama announced the details of a plan to help homeowners refinance their mortgages.  According to the U.S. Department of Housing and Urban Development, this proposal will allow buyers to save an average of $3,000 a year by refinancing into loans backed by the FHA.  To be eligible, you must be current on your mortgage.

The plan is estimated to cost between $5 billion and $10 billion, which Obama plans to cover by charging a fee to large banks.

This refinancing plan is the most recent addition to Obama’s foreclosure prevention efforts, following the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP).  I blogged about this very program months ago, read my HARP blog.

Early indications are that the plan faces big challenges in Congress.  If you or someone you know are in mortgage trouble, please ask your lender to exhaust all options before going down the long foreclosure road!

View my Katy Real Estate page for more information on the homes in and around the area that may be of  interest you!

If you have any questions or would like to see any of the real estate in the Katy/ Houston Area, please feel free to contact me at 713-253-5678 or at Angela@AngelaKhomes.com.

 

Related posts:

  1. Demand for Home Loans Signals Positive Spring Real Estate Season
  2. New Program to Aide Short Sales
  3. Home Affordable Refinance Program: HARP
  4. Texas Home of Your Own (HOYO) Program
  5. TDHCA Bond 77 – New Zero Down Home Loan!!!
About Angela

I have lived in the Katy area for over 34 years. After graduating from Texas A&M University, I returned to Katy where my husband and I currently raise our two daughters. I have watched the Katy area change over the years and feel that its’ uniqueness is what has made it one of the most desirable places in Houston to live. Here's a few helpful links to my main website: Katy Real Estate, Cinco Ranch Real Estate, and my own subdivision of Lake Point Estates of Katy - although I can assist with any subdivision in Katy Texas.

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