If your ARM is about to expire

Contributions: 150

Disc

:60
Photos

:90

For those of you who have arms about to expire and/or you have maximized equity in your home there are several programs for you.

One good program is the FHASecure INITIATIVE.

FHASecure is a temporary program (all loan applications must be signed no later than December 31, 2008) designed to provide refinancing opportunities to homeowners and to increase liquidity in the mortgage market.

Please contact me if anyone would like more info.

Flag content

September 12 2007 - US

RSS

Replies (45)

kcinthesunshinestate
Contributions: 5

kcinthesunshinestate

Contributions: 5

Disc

:5

Melissa, what state are you in?

Flag content

September 14 2007

Nic Netherton, "ColoradoLender"
Contributions: 5865

Mortgage Lender

Lender rating

5.0/5.0

Contributions: 5865

Q&A

:932
Disc

:4907
Photos

:26

Zillow All-Star

Since January 2009

Looks like shes in washington, you have a question about refinancing?

Flag content

September 14 2007

kcinthesunshinestate
Contributions: 5

kcinthesunshinestate

Contributions: 5

Disc

:5

Yes, Im in Florida, Im a Mortgage Broker, I have been sucking up all the info on short sales, here is one : 80/20 int only first 7.0% 2 yr pp. the 2yrs came up in may. the rate went up 3%!!! payment went from 980.00 to 1,400. tried immediatly to refi. the lenders were " squirrely" at best. loan needed to be 100% finance. trying to get 30 yr fixed 6.0%-7.0% no lender would do it. full doc 660 mid score. the appraisal expired by now and the new appraisal came in 35,000. under. now what? starting to get behind in payments. asked the lender to lower rate to original payment and the lender refused. Now looking at doing a short sale. I repeat, I am a mtg broker, now I am finding a lot of people in this position. can I help them? is the FHASecure Initiative the answer? what are the guidelines? I can find these people but can I help them?

Flag content

September 14 2007

Nic Netherton, "ColoradoLender"
Contributions: 5865

Mortgage Lender

Lender rating

5.0/5.0

Contributions: 5865

Q&A

:932
Disc

:4907
Photos

:26

Zillow All-Star

Since January 2009

Good question, also a mtg broker myself but in colo.....we see alot of the same requests coming in, less the depreciation, we are price stagnate but not declining that much......Think the fhasecure deal may just be for people who are already in fha loans but not sure. Would be interested to learn more about it also if you find out how it works.....Another question is would we as mtg brokers have to be FHA approved to do these loans? if you find out or anybody sees this in the post would be interested in finding out.........

Flag content

September 14 2007

frank1003
Contributions: 266

frank1003

Contributions: 266

Disc

:266

Pedro Reyes, "Vote4Pedro"

Melissa, you can't be for real. Did you enter this business a month ago? The people in trouble right now are already in "temporary" programs. That's how their problem began. Bandaids don't do anything but stop the bleeding today, usually at the borrowers' expense. I'd imagine that people in bad situations because of past bad advice really just want to get out of those bad situations, not get into another "temporary" bad (but not quite as bad) situation.

Flag content

September 16 2007

Pedro Reyes, "Vote4Pedro"
Contributions: 120

Maywood

Real Estate Agent

Contributions: 120

Q&A

:26
Disc

:84
Photos

:10

nic07,

We are not FHA approved but I heard that our company did an FHA loan and when I asked about it they said that they did the FHA loan through a "sister" company who is VA and FHA approved, and my broker said that we used this company for all VA and FHA loans. Somewhat like a sponsor. They basically get a cut and pay us our cut. In other words, we broker it through them.

I personally have not done an FHA or VA loan for a client but I have been asked, which is why I did the research ultimately.

Find out who is approved for FHA around you and then pick up the phone and call the actual broker or the office manager. They should have some forms for your brokerage to fill out and you are in business. Good luck.

Flag content

September 17 2007

Nic Netherton, "ColoradoLender"
Contributions: 5865

Mortgage Lender

Lender rating

5.0/5.0

Contributions: 5865

Q&A

:932
Disc

:4907
Photos

:26

Zillow All-Star

Since January 2009

Nancy Brooks-Haslam, "ROBINS AFB GEORGIA"

Pedro----Ya thats how we do FHA loans as well through another company in our area that just pays us 85% of the deal, question was pertaining to the new FHAsecure program and if anybody knew the ins and outs of it...

Flag content

September 17 2007

Nancy Brooks-Haslam, "ROBINS AFB GEORGIA"
Contributions: 219

Warner Robins, Ga.

Real Estate Agent

Contributions: 219

Disc

:186
Photos

:33

Reply to: serv-419868183@craigslist.org
Date: 2007-09-11, 4:05PM EDT

All-

BUSH ADMINISTRATION TO HELP NEARLY ONE-QUARTER OF A MILLION HOMEOWNERS REFINANCE, KEEP THEIR HOMES
FHA to implement new ?FHASecure? refinancing product
President George W. Bush today (08/31/07) announced that HUD's Federal Housing Administration (FHA) will help an estimated 240,000 families avoid foreclosure by enhancing its refinancing program effective immediately. Under the new FHASecure plan, FHA will allow families with strong credit histories who had been making timely mortgage payments before their loans reset-but are now in default-to qualify for refinancing?

To read the entire press release, please visit: http://www.hud.gov/news/release.cfm?content=pr07-123.cfm

LENDERS PLEASE NOTE: FHA WILL PUBLISH A NEW MORTGAGEE LETTER WITH GUIDANCE ON THE NEW FHASecure PROGRAM ON OR ABOUT TUESDAY SEPTEMBER 4th, 2007 at: http://www.hud.gov/offices/hsg/mltrmenu.cfm

Flag content

September 17 2007

Nic Netherton, "ColoradoLender"
Contributions: 5865

Mortgage Lender

Lender rating

5.0/5.0

Contributions: 5865

Q&A

:932
Disc

:4907
Photos

:26

Zillow All-Star

Since January 2009

Nancy Brooks-Haslam, "ROBINS AFB GEORGIA"

Ya have recieved the mortgagee letter from hud on some of the rules regarding ltv and the like, but dont see any mention of more lax guidelines to help the current owners out.....have you seen what the real changes are that will make the loans easier to attain?

Flag content

September 17 2007

Nancy Brooks-Haslam, "ROBINS AFB GEORGIA"
Contributions: 219

Warner Robins, Ga.

Real Estate Agent

Contributions: 219

Disc

:186
Photos

:33

No I have not read the entire HUD description but I think good credit is a key requirement of this program at least up until the point an owner's ARM resets.

Flag content

September 17 2007

MelissWa
Contributions: 150

MelissWa

Real Estate Agent

Contributions: 150

Disc

:60
Photos

:90

So Frank ~

What is it exactly you are trying to say - screw the 240,000 some odd families by not providing an initiative to help them out - no matter how temporary the help is? Basically they took out a temporary loan in the beginning that is now adjusting - too bad, so sad?

Or were you just trying to slam me because you were uneducated on the implementation of HUD's Federal Housing Administration program?

Flag content

September 17 2007

Nic Netherton, "ColoradoLender"
Contributions: 5865

Mortgage Lender

Lender rating

5.0/5.0

Contributions: 5865

Q&A

:932
Disc

:4907
Photos

:26

Zillow All-Star

Since January 2009

No, ole Franky didnt quite understand the verbage, by "temporary program" they mean it is only available til the end of 08' ...NOT that the loan terms are temporary........

Flag content

September 18 2007

momentus
Contributions: 15

momentus

Contributions: 15

Q&A

:4
Disc

:8
Photos

:3

Does the FHA thing apply to rental/second homes also? or just to primary homes?
I have several homes in Vegas and all the equity is just about drained due to decrease in market and accrued interest. I'm considering if refi is the answer. It seems like the hefty cost is almost not worth it including having to pay out of pocket substantial amount to make mortgage payments.
Do I need to buck down and weather the storm or just get out and lick my wounds. Don't know what the answer is, any advice? I have 700+ credit and wouldn't want to ruin it...

Flag content

September 18 2007

frank1003
Contributions: 266

frank1003

Contributions: 266

Disc

:266

Melissa, all I'm saying is that staying in the home AT ALL COST is not necessarily the best option. Helping "uneducated" people do that is what is known as equity stripping and as far as I'm concerned it's happened to far too many people. Incidentally I'm very educated in the new FHA programs. I also know WHO THEY WILL HELP and it truly is not those who were duped into believing that they could afford the homes they now reside in, simply for the purpose of lining the pockets of theose greedy individuals that duped them into a false sense of what they can truly afford to begin with.

Flag content

September 19 2007

frank1003
Contributions: 266

frank1003

Contributions: 266

Disc

:266

dennis homsey, "Dennis Homsey"

Furthermore, If a person earns $4,000 per month gross, they can't afford a $3,000 per month PITI payment, no matter what a lender tells them, REGARDLESS IF THEIR CREDIT SCORE IS 750 AND THEIR FALSELY STATED INCOME GETS THEM QUALIFIED. The new FHA programs WILL NOT help people in this situation. These programs will help MANY, but not the people looking for yet another 6 month stay of execution from the inevitable. The major problem in the real estate industry today stems from people that are in situations they should never have been conned into believing they could afford to begin with. It is the responsibility of the lender to provide professional counsel to the client, to tell them the truth, even if it means losing a deal. I like to sleep well at night.

Flag content

September 19 2007

dennis homsey, "Dennis Homsey"
Contributions: 79

Mortgage Lender

Lender rating

Contributions: 79

Q&A

:6
Disc

:58
Photos

:15

FHAsecure Program...'NAR has been advocating for many of these FHA changes since early 2007. In letters, testimony, speeches and meetings, we have encouraged both Congress and the U.S. Department of Housing and Urban Development to make meaningful changes to the FHA that would stem rising foreclosures,' writes Combs. 'The proposed changes will allow more people to refinance with FHA insurance, like those that have fallen behind in their mortgage because of so-called exploding ARMs.'

The NAR neglects to mention that the proposed changes will also bail out the lenders who thoughtlessly offered exploding ARM loans in the first place. Also not mentioned: when somebody refinances into an FHA guaranteed loan, the risk is transferred to taxpayers. If the newly refinanced borrowers default on their mortgage once again, it will be American taxpayers who eventually pay off the loan. http://efinancedirectory.com/articles/NAR_Admits_to_Initiating_Bush%27s_Mortgage_Bailout_Plan.html

Flag content

September 20 2007

Nic Netherton, "ColoradoLender"
Contributions: 5865

Mortgage Lender

Lender rating

5.0/5.0

Contributions: 5865

Q&A

:932
Disc

:4907
Photos

:26

Zillow All-Star

Since January 2009

Dennis---Do you know what it is that makes this new program different than the original fha loans? Easier qualifying? higher debt ratios allowed? I dont see where the differences are i guess.....

Flag content

September 20 2007

ELender
Contributions: 1482

ELender

Mortgage Lender

Lender rating

5.0/5.0

Contributions: 1482

Q&A

:27
Disc

:1450
Photos

:5

Zillow All-Star

Since October 2009

FHA Secure will allow for higher LTV with expanded ratios from what we are hearing. I doubt this is a product you will see on the street much as most companies are going to be handling this at a servicing level...

Flag content

September 20 2007

adeler
Contributions: 1

adeler

Contributions: 1

Disc

:1

James Liebenguth, "Lender of Choice"

Thanks for the info on this program. I know of a few people who could benefit from this. Just got stuck in a bad place with improper planning

http://www.chicagomortgagecompany.com

Flag content

September 20 2007

James Liebenguth, "Lender of Choice"
Contributions: 1

Real Estate Agent

Contributions: 1

Disc

:1

I am in california - if someone needs the FHA loan - I am glad to help out.

Flag content

September 21 2007

Nic Netherton, "ColoradoLender"
Contributions: 5865

Mortgage Lender

Lender rating

5.0/5.0

Contributions: 5865

Q&A

:932
Disc

:4907
Photos

:26

Zillow All-Star

Since January 2009

Lender of Choice......LOL

Flag content

September 21 2007

MelissWa
Contributions: 150

MelissWa

Real Estate Agent

Contributions: 150

Disc

:60
Photos

:90

Martin H. Young Jr., "Finance USA"

frank ~

zzzzzzz.....

Flag content

September 24 2007

Martin H. Young Jr., "Finance USA"
Contributions: 7

Mortgage Lender

Lender rating

5.0/5.0

Contributions: 7

Disc

:7

LOL Git 'em Melly Mel :) Frank, you sound like a virtuous Mortgage Broker. You champion the cause for continuing education and proper licensing of Mortgage Originators accross the country. I agree that our profession would benefit greatly from the eradication of the predators.

Flag content

September 26 2007

Tom Davie, "tom368612"
Contributions: 3165

Tom Davie, "tom368612"

Contributions: 3165

Disc

:3151
Photos

:14

Hi guys

The daddy bush plan only works specifically for guys who were ok before the reset, then fell behind after the reset.

He fails to mention the problem is that 80% of the reset victims are no UNDERNEATH the house, cause the whole point to the high arm rate was the HIGH LTV to begin with.

He has no plan to help 700 fico borrowers who cant afford their reset, but cant get an easy Fannie DU approval soley because their house value has tanked 30% .

Flag content

September 26 2007

tonie3
Contributions: 5

tonie3

Contributions: 5

Q&A

:2
Disc

:3

What about those who may have an investment property or two and have interest int his FHA program?

Flag content

September 26 2007

tonie3
Contributions: 5

tonie3

Contributions: 5

Q&A

:2
Disc

:3

Tony Lacy, "Happy Hunting"

Hello Mel Can Sell and others,
Per search via the Internet I did find a credible website that discusses the FHA Secure Program. This Q & A gets to the point and can answer questions for all of us interested.

Visit http://www.fha.gov/about/fhasindqa.cfm

Flag content

September 26 2007

Tony Lacy, "Happy Hunting"
Contributions: 1

Real Estate Agent

Contributions: 1

Disc

:1

FHA Secure will work like a tradational FHA loan except they will take tarnished credit as long as the homeowner has 3% equity. It is a full-doc loan on ownwer occ only. Someone mentioned short sales. Forget about it. It will trigger a 1099 for the seller. Don't do Dee in leu of Froeclosure either. Same taxable event. Smartest thing (and also makes the most sense finacially) is to let the bank proceed with foreclosure and pocket your money until they put you out. At least you'll have as many as 6 months worth of mortgage payments in the bank and they can't go aftre it.

Flag content

September 27 2007

ELender
Contributions: 1482

ELender

Mortgage Lender

Lender rating

5.0/5.0

Contributions: 1482

Q&A

:27
Disc

:1450
Photos

:5

Zillow All-Star

Since October 2009

Let me get this straight...you are actually giving the advice of letting someone get foreclosed on??

Flag content

September 27 2007

Nic Netherton, "ColoradoLender"
Contributions: 5865

Mortgage Lender

Lender rating

5.0/5.0

Contributions: 5865

Q&A

:932
Disc

:4907
Photos

:26

Zillow All-Star

Since January 2009

Yep thats what it sounds like, what sound advice!!!....lol

Flag content

September 27 2007

ELender
Contributions: 1482

ELender

Mortgage Lender

Lender rating

5.0/5.0

Contributions: 1482

Q&A

:27
Disc

:1450
Photos

:5

Zillow All-Star

Since October 2009