Bank Foreclosure or Government Rescue.

The Obama Administration has introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis and get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize our housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels.

The Home Affordable Refinance Program gives up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments. The Home Affordable Modification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable bank foreclosures.

The Making Home Affordable website, provides Utah County homeowners with detailed information about these programs along with self-assessment tools and calculators to empower borrowers with the resources they need to determine whether they might be eligible for a modification or a refinance under the Administration's program. Through this website, borrowers can also connect with free counseling resources to help with outstanding questions; locate homeowner events in their communities; find a handy checklist of key documents and materials to have ready when making that important call to their servicer as well as FAQs from borrowers in similar circumstances; and much more.

This program is aimed at families facing bank foreclosure or short sales.  Your first step to see if you qualify for this program is to make an online application.  You can speak to a representative by calling their homeowners hope hotline at:  1-888-995-HOPE.  It is better to go thru a program like this rather than being scammed by many companies claiming for a large fee they will help you.  

I believe the service is completely free.  If anyone finds they are charging any fees please post a comment below and feel free to share your experience about this program.  This sounds like the best program out there for people in financial problems here in Utah that want to save their home. 

FREE CMA - What is Your Home Currently Worth in Utah County?

If you would like a free market analysis CMA of your home let me know.  I will come to your home and give you an exact price I can get for your home in today's market.  Some people facing bank foreclosure want to just sell their home rather than work out a loan modification.  I was looking at a home in Springville, Utah yesterday that sold as a bank foreclosures.  It sold for $540k and was purchased about two years ago for $890k.  According to a neighbor the family just disappeared in the middle of the night.  I am sorry for this family.  They came to the conclusion that they were so upside down on the home it wasn't worth a rescue.  It often feels upsetting and embarrassing to face a bank foreclosure. Their night flight shocked the Springville neighborhood. 

In 1985 my family went thru a bank foreclosure when interest rates soared over 20%.  I remember moving out of our home.  It was a sad day for our family but we quickly recovered and moved on with our lives.  It helped us detach more from materialism and connect more with the important things in life like our family.  We survived and so can everyone facing this kind of challenge.  If you have any questions about the foreclosure process or challenges give me a call anytime I am here to help.  I will offer free advise and some services for free.

Welcome to my Utah County Real Estate blog!  We are located  in Mapleton, Utah.  Our team combines proven traditional real estate practices and represents the leading edge in the future of real estate marketing by merging internet technologies, service, communication, information and analysis with those traditional practices to provide our clients with an exceptional real estate experience and superior marketing.

Paul Teasdale, Principal Broker
ABR, CRS, e-PRO, QSC, Finance  BYU
15 Years Experience, 775+ Homes Sold
Team Teasdale Realty, Utah County Real Estate
Phone: 801-491-7653