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Is there any financing opportunity in place to help people with mortgage default 2 years or more?

I just finished watching today Zillow video on "A Better Bargain for Responsible Homeowners" with President Obama and was wondering if our situation can be rescued with the government programs to refinance. Due to the housing crisis in South Florida, we could not afford to pay our mortgage. Now it is forced to be listed as short sale. Will we be able to qualify for program like the HARP? Thank you!

Quoc Le
  • August 07 2013 - Fort Lauderdale
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Answers (3)

You should contact your current lender and see what they have available for you. They might be able to do a loan modification or other program that may be able to help you save your home. Unfortunately, you will not be eligible for HARP being that late on your payments.
  • August 08 2013
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I hope not. Sorry but what prevents someone from making the same error twice is there is no penalty.
  • August 08 2013
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Hi Quoc,

Your best options will likely be through the current servicer on your mortgage.  If you couldn't pay your mortgage, you probably won't be eligible for HARP.  The refinance program requires that you have no late payments for the last 12 months.

You might try HAMP, the modification program, where your servicer could offer you temporarily lower rates or payments to help you stay in your home. 

After a short sale, you could be eligible to buy another home after two years with "extenuating circumstances".  Extenuating circumstances can be many things, but it is important to stay current on all debts and build credit during this time.

I hope this helps.  Good luck.
  • August 08 2013
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