If you are a struggling homeowner and have not yet found relief, you should pay close attention on Thursday, June 26th. The U.S. Treasury Secretary, Jacob J. Lew, will be announcing expanded programs to help homeowners and renters. Help for homeowners to stay in their homes and help for renters to obtain home loans in order to purchase a home. These announcements come on the fifth anniversary of the government’s efforts to help the real estate market. Although we do not yet know the specifics, any adjustment or leniency may be enough to help you in your financial situation.
The great news is that for all of those people who have not yet surrendered, there may be a glimmer of hope in terms of saving their homes. Also, keep in mind that Chapter 13 bankruptcy is still good option for those that have fallen behind. Chapter 13 allows for the homeowner to repay the arrearage portion over a three to five year period while making the current mortgage payment on time once again.
Let’s keep our fingers crossed that the June 26th announcement proves valuable to many of you. The treasury said statement today that the new aid will build on previous administration initiatives that helped stabilize the housing market. We can only hope that the new announcement will provide even greater relief to those that really need it. During this five-year period, many homeowners were helped but many others were turned away and were forced to give up their homes. As the real estate market is stabilizing and even increasing in many areas, I am hopeful that the new announcement will be even better than the prior initiatives.
