Every year there is an increase of inventory which comes to market from January through April as homeowners put their houses up for sale in preparation for the spring market. As an example, here is the number of listings available for sale in each of those months in 2010.
January – 3,277,000
February – 3,531,000
March – 3,626,000
April – 4,029,000
You won’t have to worry about this increasing competition if you sell now.
Unemployed and can’t pay your mortgage?
You can soon apply for a no-interest government loan for up to $50,000 to pay your mortgage and cover your arrears. The loan, which can offer assistance for up to two years, will be forgiven if the homeowner stays in the house for five years.
Troubled borrowers will be able to apply for the Emergency Homeowners Loan Program by the end of the year. They must be at least three months behind in their payments, but have a reasonable likelihood of being able to resume payments within two years. And they must have suffered at least a 15% drop in income, but have been able to afford their mortgage before their income loss.
A new statewide foreclosure prevention program will kick off locally Tuesday with a phone-a-thon to help area homeowners seeking mortgage help.
From 6 a.m. to 8 p.m. Tuesday, homeowners across Southwest Ohio who are working to avoid foreclosure can call 877-728-9987 to schedule a time to meet with a certified homeownership counselor.
The U.S. Department of Treasury has awarded $570 million to the state to help homeowners with in a variety of ways, including payment assistance, reinstatement assistance for delinquent mortgage loans and the facilitation of short sales.
The funding is being made available to homeowners on a first-come-first-served basis, officials said.
The local phone-a-thon is being hosted by City of Cincinnati, the Homeownership Center of Greater Cincinnati, CET, Fannie Mae, and the State of Ohio Restoring Stability Program.
Ohio also has a Web site at www.savethedreamohio.gov where residents can get applications and get more information on the program.
via Cincinnati Enquirer