Florida Mortgage : Learning Center

The big news today is President Bush signing the overdue and latest attempt to help correct the housing market crisis.  Speculators suggest the bill will help about 350,000 to 400,000 homeowners facing foreclosure by allowing them to refinance their current mortgage into a government insured FHA home loan.  But what about the rest of us?  Are we penalized for actually making our mortgage payments on time?

I believe that assistance should be focused on Florida homeowners who are actually able to afford their homes.  All we have seen is property value declines because of others.  Florida residents like you and me who continue to keep current with our Florida mortgage payments are running low on hope that legislation will bring an ease to our property devaluation issues.  Many homeowners are just walking away, causing more foreclsoures, because no one is addressing this issue. 

What if mortgage lenders and banks called and decided to drop your principal balance, like Bernanke has recommended for months, by the same percentage of property value drop in your area – What would happen?  I think many  homeowners may get so excited with that phone call from their lender, they may even tell others.  Sort of an advertising snow ball affect; with consumer confidence rising to new heights.  

Foreclosures would drop, property values would eventually begin to increase, slowly of course, but increase.  I just think it’s about time someone spoke up for the rest of us Floridians who can afford our homes but must deal with property value loss with no recognition from anyone.

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