Madison Wisconsin Homes and Real Estate: Madison Area Homeowners Look to FHA to Refinance Upside Down Mortgages

Tuesday, September 14, 2010

Madison Area Homeowners Look to FHA to Refinance Upside Down Mortgages

Department of Housing and Urban Development has a solution for Madison area homeowners who are upside down in their primary home mortgage. It's possible to refinance from a non-FHA insured loan into an FHA loan if your situation meets prescribed conditions. Granted, meeting all of these conditions is a tall order, but for those that do, it's worth a look.

The FHA resource center is a place to start,
1-800-CALLFHA (1-800-225-5342). Persons with hearing or speech impairments may access this number via TDD/TTY by calling 1-877-TDD-2HUD (1-877-833-2483).

Another avenue would be an FHA mortgage lender. If your bank doesn't have an FHA expert on staff, call Bill Quigley 608-831-4663.

Madison, WI area home owners can protect their homes and their credit by using help of local experts and government initiatives.

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If Not Sold in the First 30 Days, Successful Sellers Conceded The Price

Through Mid-September, thirty seven percent (37%) of 126 home owners who sold in 2010 sold without making a single price concession. They typically attracted a buyer within 40 days of going on to the market. These successful owners conceded little on price as they sold for about 97%-98% of asking price.

Those who counted time on the market by months or even quarters eventually sold for an average of 91% of their initial asking price. Price reductions improved their success opportunity. Once their price was reduced to a price favorable to a buyer, the time on the market was short--about 34 days from last price change to accepted offer.

See September 20, Buyer Enticing Pricing

Disclosure

The source of data: South Central WI MLS Type of data: Single family homes and maybe condos and maybe other Areas: Madison and other areas such as McFarland, Shorewood Hills, Middleton, Maple Bluff, Oregon, DeForest, Cross Plains, Dane County, Fitchburg, Verona, did I say Middleton? Dates covered in these blog posts: January 2010 and continuing.

All comments are the relatively well thought out opinions of Tom Meyer. Those opinions are not necessarily shared by Restaino & Associates, other brokers, or the national, local, or state associations of Realtors... in fact, they may be significantly different.