It has been a long journey for many homeowners who have been battling the wave of foreclosures and unemployment that has brought our economy to its knees. With talks as of late about the government foreclosure programs Home Affordable and a few other programs that may be getting the axe, what is the general concise and feeling of how the rest of 2011 will shape up.
From realtors to other financial experts, many have stated housing will be slow to recover, with this year being the worst for foreclosures. Many homeowners are still facing financial difficulties and either walking away from their homes because they owe more than what the property maybe worth or they cannot afford the mortgage but have been able to stay afloat. In either case homeowners are still feeling the pain of the economy and the housing market.
Many have tried for a loan modification but with the government programs possibly being phased out, where will this leave many homeowners? Lenders will still have loan modification programs to help homeowners, however with more homeowners opting to walk away from their upside homes only hinders any kind of a recovery.
Bank owned inventory has increased drastically in the past few months, and for the first time HUD is having a large auction in hopes of unloading many of the properties it has on its' books. Hudson and Marshall a large auction company will be hosting the auction and about 150 properties will be up for sale. One of the other reasons homes are not selling is due to restricted lender guidelines and not many people have the necessary down payment to buy a home in today's tough lending market.
These HUD properties will only be sold to owner occupant buyers and who must agree to remain in the home for a year. HUD will target low to moderate income families who are looking to buy their first home. The auction will take place March 26th at the JW Marriott Desert Ridge in Phoenix, and will be conducted by the real estate auction firm Hudson & Marshall.
Qualified buyers may receive special Federal Housing Administration (FHA) $100 down homebuyer financing and up to 3 percent in closing costs paid by HUD. The federal agency will also pay a 3 percent selling agent commission to qualified brokers who are registered with HUD.
offers a FREE service to struggling homeowners who need help applying for the government’s Home Affordable Modification program and other loan modification options offered by lenders and servicers. This FREE online software has a 100% no commitment, no credit card required to use their services. Find use ful tools and online support to ask your questions about the loan modification process and other concerns about the foreclosure process. Follow us on and Twitter! If you have stories or comments please post them on our Facebook page!