Government assistance may not be the best option for Florida homeowners

President Obama's foreclosure rescue plan lost its punch a long time ago, just another sign that struggling Florida homeowners should not wait for the government to help deal with their bad mortgage debt.

Fighting for your rights as a homeowner and consulting an experienced foreclosure defense attorney to help stop foreclosure in Florida is the best option for you and your family.

In July, fewer than 37,000 homeowners received long-term mortgage modifications from the Home Affordable Modification (HAMP) program -- Down from 51,205 in the previous month. Thus far, about 434,000 homeowners have made it out of the trial phase.

Meanwhile, more and more homeowners continue to drop out of the program: About 13,000 fell out in July alone.

Now the government is set to roll out yet another new program -- the FHA Short Refinance Option. It allows underwater homeowners to refinance into an FHA backed mortgage provided they are current on their payments and the bank agrees to write off at least 10 percent of the principal. In theory, this will give the homeowner a more affordable loan, do something to address the lost property value, and provide the bank an incentive to make the deal because the new loan would be backed by the federal government.

Like the programs that have come before it, this may be a viable option for some homeowners. But the best course of action is to discuss your options with an experienced Florida foreclosure defense and real estate attorney.

If you are facing a foreclosure in Florida or are considering a loan modification, short-sale, strategic default or other options, contact the Carman Law Firm, P.A. for a confidential appointment to discuss your options. Call (561) 392-7031.