Help For Homeowners With Conventional Mortgages | News

MIDDLEBURG, Fla. -- Katalin Illes purchased her Clay County home in 2006 and has seen the value disappeared while her mortgage remains unchanged.

"It just drops," she said.

Her mortgage loan is through a credit union and she says homeowners with similar mortgages have fallen through the cracks.

"You feel like you're stuck," said Illes.

Illes wants to know what is available for the good paying customers.

"Homeowners like us who are not FHA, VA, Fannie Mae and Freddie Mac, where can we find help?" she asked.

Jim Branch, Vice president of mortgages at Regions bank says there will soon be help available for many homeowners who may have lost hope.

"The good news is there's a lot available coming March 16th," said Branch.

Branch said if you're paying your mortgage on time that could be all you need to be eligible for help, it depends.

"There are some loans that are not going to be eligible for this special harp loan program and those are your bank portfolio loans, if the loan was not sold to a FHA, VA, Fannie Mae, Freddie Mac," said Branch, "unfortunately it is going to be up to the bank as to whether to grant a refinance for modification of the loan terms."

If you're in that category his advice is to go back to your lender.

"In many cases they have programs that may not be advertised; they're in the business of helping their customers," said Branch.

Illes plans to go back to her lender because she can't afford to sit and watch the value of her property erode.

"We were hoping of refinancing for lower interest," she said.