Answers (2)
- JoAnna Jensen, "KeepyourhomeCA"
- Contributions:159
Hi,
There is a Principal Reduction Alternative Loan Mod.
In order to qualify for this program you need to meet the following criteria:
1) loan was originated on or before 1/1/09
2) current loan balance at or below $729,950
3) your loan needs to be upside down by 115%
4) supposed to be principal residence
but I am seeing changes and principal reductions on rental properties. Of course no guarantee this will happen.
The rental was upside down considerably they received a $250,000 principal reduction. which is excellent.
You need to know your net present value. this is the major test.
If your npv positive
your loan is upside down
and your current payment is greater than 31% of your gross income you may qualify for a pra loan mod.
Additionally, if your current and under water, PRINCIPAL RESIDENCE.
if your current invetor allows it you may be able to short refinance.
There are programs available to people to keep you in your home.
also, one difference I just saw is with Chase anyway. If you make your trial payments on time and no substantial changes happen before the permanent mod with your income or job they are automatically turning into a permanent loan mod. This may depend on the servicer.
There is a Principal Reduction Alternative Loan Mod.
In order to qualify for this program you need to meet the following criteria:
1) loan was originated on or before 1/1/09
2) current loan balance at or below $729,950
3) your loan needs to be upside down by 115%
4) supposed to be principal residence
but I am seeing changes and principal reductions on rental properties. Of course no guarantee this will happen.
The rental was upside down considerably they received a $250,000 principal reduction. which is excellent.
You need to know your net present value. this is the major test.
If your npv positive
your loan is upside down
and your current payment is greater than 31% of your gross income you may qualify for a pra loan mod.
Additionally, if your current and under water, PRINCIPAL RESIDENCE.
if your current invetor allows it you may be able to short refinance.
There are programs available to people to keep you in your home.
also, one difference I just saw is with Chase anyway. If you make your trial payments on time and no substantial changes happen before the permanent mod with your income or job they are automatically turning into a permanent loan mod. This may depend on the servicer.
- AndreaSmolin
- Contributions:332
If you don't get an answer here, I'd email one of our lenders in our directory that lender in your area: http://www.zillow.com/directory/mortgage-lenders/
Will mortgage companys lower mortgage levels to current appraised values ?
I do not want to short sell just get rid of a big chunk of mortgage.
(This is not FHA or FannyMae/Freddie Mac mortgage)
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