This has left thousands of people wondering how they will financing the repairs to their condos, if and when they are necessary.  With many, many buildings still not assessed for damages, the cancellation of the Reconstruction-loan program may lead to thousands of condo-owners needing financing for home repairs.

Although there are still options the standard financing options for people who can qualify for standard home loans, the people this strands are those that cannot qualify for conventional loans.  Especially with the falling property appraisal values, many people do not have the equity in their home to draw from.  Compound that with the tight economy and many job losses, many people are having difficulty qualifying for loans.  Hence, the need for the government-assisted, interest-free reconstruction-loan program.

Think for a minute about those who will receive an assessment of repair for $50,000 (although many repair bills come in as high as $80,000 per unit) without any idea where the funds are going to come from.  Unfortunately, many experts foresee a large number of these units going into foreclosure with their owners declaring bankruptcy because of a lack of funding options.

If you are in this position, information and action is key. There may be options still available.  Please consult your financial institution or mortgage advisor for possible options and information.