Tracy Whitford

Realtor - Licensed in the State of Iowa

North Office

5408 Blairs Forest Way NE

Cedar Rapids, IA52402

Main: 319-378-8760 Office: 319-378-8760
Cell: 319-929-6547 Fax: 319-378-8767
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EFFECTIVE JANUARY 2014 FORECLOSURE LAWS GIVE HOMEOWNERS OPTIONS

EFFECTIVE JANUARY 2014, FAMILIES THAT HAVE FALLEN BEHIND ON THERE MORTGAGE WILL BE ALLOWED TIME AND ASSISTANCE. IN ADDITION TO THE IOWA HELP PROGRAM WHICH ASSISTS HOMEOWNERS WITH A PLAN TO GET CAUGHT UP WHEN DOWN ON THERE LUCK.  IT ALSO OFFERSUP TO  2500.00TO QUALIFIED APPLICANTS TO GET THEM OUT OF FORECLOSURE.

THE FEDERAL GOVERMENT IS NOW IMPLEMENTING ADDITIONAL REQUIRMENTS ON MORTGAGE LENDERS. BEFORE THE FORECLOSURE PROCESS CAN BEGIN, A MORTGAGE HOLDER HAS TO BE A MINIMUM OF FOUR MONTHS IN THE REAR. IF THEY HAVE STARTED THE PROCESS OF REFINANCING THIS STOPS OR DELAYS THE PROCESS ALL TOGETHER. WITH MORTGAGE RATES AS LOW AS THEY ARE LENDERS ARE ALSO REQUIRED TO ATTACK INTEREST FIRST AND THEN FOLLOW UP WITH SEVERAL OTHER OPTIONS TO HELP HOMEOWNERS STAY OUT OF TROUBLE AND AVOID LOSING THERE HOMES.  LOWERING HOUSE PAYMENTS IN HOPES TO HAVE FAMILIES SPENDING NO MORE THAN 30% OF THERE NET INCOME ON A MORTGAGE PAYMENT IS ONLY ONE OF THE ISSUES BEING LOOKED AT. THERE ARE GOOD PROGRAMS AVAILABLE TO PEOPLE WHEN THEY STRUGGLE. HERE IN IOWA,  IOWA FINANCE AUTHORITY PROGRAMS IS WORTH LOOKING INTO. GOOD PROGRAM FOR PEOPLE IN A TEMPORARY STRUGGLE WITH FINANCES.


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