Real Estate News: FHA Helping Upside Down Owners Refinance

City of Hialeah - Miami Dade County

The fifth largest city in the State of Florida with an area of 20 sq. miles and a Class 1 Fire Department. Hialeah has access to most major thoroughfare - linked by I-95, I-75, the Palmetto and Sawgrass Expressways, and the Florida Turnpike. It is home to Hialeah Race Track and rich with investment opportunities for apts, homeownership, retail and the manufacturing sector. Mayor Julio Robaina serves as strong mayor. His vision to encourage business growth and quality of life for the residents maintains the City of Hialeah as one of the most desirable and stable community in Miami Dade County. See all the details at www.hialeahfl.gov

8/10/2010

FHA Helping Upside Down Owners Refinance

Starting September 7, 2010 FHA will launch a program geared to help owners that are:

1. up to date in their mortgage paymnents
2. experiencing an economic hardship
3. upside down on the value of their primary residence
4. do not currently have an FHA loan on their property
5. Have a current credit score of more than 500

Participation in this program will be voluntary on the part of all the current lien holders. The first lien holder must agree to write off at least 10% of the unpaid principal balance of the first mortgage and the second lien holders must agree to a full or partial extinguisment of the liens in return for which the U.S. Department of Treasury will provide incentives.