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Answers (8)
- JoAnna Jensen, "StopForeclosureFraud"
- Contributions:141
Hi James,
We are supposed to give answers on this site, not ask people to call us.
I am surprised you have not been bombarded by regulars on the site with the "goodneighbor policy"
You can give an answer but we are not supposed to spam, ask them to call us etc.
We are supposed to give answers on this site, not ask people to call us.
I am surprised you have not been bombarded by regulars on the site with the "goodneighbor policy"
You can give an answer but we are not supposed to spam, ask them to call us etc.
- James Peters, "JamesRPetersSr"
- Contributions:98
Call me I would love to talk to you. There are a lot of determining factors in this like the other helpful loan officers stated so if you would like to know I can help.
- JoAnna Jensen, "StopForeclosureFraud"
- Contributions:141
Hi,
Depends on several things:
1: Are you current or late on your mortgage payment?
2: is this your principal residence or a rental?
3: What your current loan balance is vs value.
There are several programs available right now to assist homeowners who are in a financial hardship.
1) Hamp Loan Mod some servicers are working faster than others. Have had better results with Chase bank of america trial mod within 4 months.
2) If your current on your mortgage payment, this is your principal residence, and your first loan is upside down by 115% you may qualify for an FHA Short Refi. This depends on who your servicer / note holder is. This can get you a new loan at 97% of current market value but your interest rate will be close to current rates which actually are excellent...
If you go for a principal reduction loan mod you may get a 2% interest rate for the first 5 years to sometimes the lifetime of your loan.
If your loan balance is lower than $729,950 and you obtained the loan on or before 1/1/09 you may qualify for a principal reduction loan mod or forebearance. The goal here is to get your payment to 31% of your gross income.
Hope this helps,
JoAnna Jensen
Volo Law
Depends on several things:
1: Are you current or late on your mortgage payment?
2: is this your principal residence or a rental?
3: What your current loan balance is vs value.
There are several programs available right now to assist homeowners who are in a financial hardship.
1) Hamp Loan Mod some servicers are working faster than others. Have had better results with Chase bank of america trial mod within 4 months.
2) If your current on your mortgage payment, this is your principal residence, and your first loan is upside down by 115% you may qualify for an FHA Short Refi. This depends on who your servicer / note holder is. This can get you a new loan at 97% of current market value but your interest rate will be close to current rates which actually are excellent...
If you go for a principal reduction loan mod you may get a 2% interest rate for the first 5 years to sometimes the lifetime of your loan.
If your loan balance is lower than $729,950 and you obtained the loan on or before 1/1/09 you may qualify for a principal reduction loan mod or forebearance. The goal here is to get your payment to 31% of your gross income.
Hope this helps,
JoAnna Jensen
Volo Law
- Jay Armbruster, "JAYS1"
- Contributions:40
The "NEW" HARP program will allow a lot more people to refinance if they're under water. Wait until the first quarter of 2012.
- Shawn Ryan Rosa, "sryan1980"
- Contributions:493
You can thank President Obama for possibly being able to re-fi without having any equity in your home...used to be impossible
- Erin Lantz
- Contributions:13
Check out our HARP 2.0 Program Eligibility Calculator http://www.zillow.com/mortgage-calculator/harp-eligibility/
It's a good place to start to figure out if you may be eligible for the expanded HARP program and to find the contact information for some participating lenders.
It's a good place to start to figure out if you may be eligible for the expanded HARP program and to find the contact information for some participating lenders.
- Harold Sharpe, "So Cal Homes Realty"
- Contributions:143
You can possibly do this, however you should know the impact.
Your credit will take a hit the minute you apply for the loan Modification.
The terms will take you longer into the loan.
You will have to qualify for the loan and in doing so show you did not lie on your original loan app. In other words have a reason for falling short.
You will be stuck with the loan mod for years to come until the home is above water. the release in a short sale tax wise ends at the end of 2012.
After that if you short sell or foreclose you can look forward to paying taxes on your short sale or foreclosure. If you ask me Loan mods are a trap.
It may be better to settle your debt with a short sale now than loan mod and stick it out. Weigh your options.
You can do the Loan Mod on your own.
There is paper work involved. they want your financials etc.
almost everyone is approved for the temporary loan mod that has missed payments but the foreclosure process in the background begins as soon as you are late with the first payment. Letters, Phone calls, then the Notice of default, trustee sale notice, etc.
Dont take it lightly.
Your credit will take a hit the minute you apply for the loan Modification.
The terms will take you longer into the loan.
You will have to qualify for the loan and in doing so show you did not lie on your original loan app. In other words have a reason for falling short.
You will be stuck with the loan mod for years to come until the home is above water. the release in a short sale tax wise ends at the end of 2012.
After that if you short sell or foreclose you can look forward to paying taxes on your short sale or foreclosure. If you ask me Loan mods are a trap.
It may be better to settle your debt with a short sale now than loan mod and stick it out. Weigh your options.
You can do the Loan Mod on your own.
There is paper work involved. they want your financials etc.
almost everyone is approved for the temporary loan mod that has missed payments but the foreclosure process in the background begins as soon as you are late with the first payment. Letters, Phone calls, then the Notice of default, trustee sale notice, etc.
Dont take it lightly.
- Shashank Shekhar, "LendingExpert"
- Contributions:16
Yes this can be done via either the new or old HARP program. There are several qualifying guidelines. Most importantly your loan has to be owned/serviced by Fannie Mae or Freddie Mac. You can find that here
http://www.makinghomeaffordable.gov/get-assistance/loan-look-up/Pages/default.aspx
If it does qualify, we can help you refinance and get a lower rate (if available). Let me know if you need more details.
http://www.makinghomeaffordable.gov/get-assistance/loan-look-up/Pages/default.aspx
If it does qualify, we can help you refinance and get a lower rate (if available). Let me know if you need more details.
My home value is underwater. I just want to lower my interest rate. Can anyone help do this?
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