New FHA Home Affordable Loan Modification program
Several news outlets revealed today that FHA insured mortgage loans will be modifiable after Aug 25. This is good news for a huge number of income-strapped homeowners.
Brief aspects of the program include: modification up to 125% of home value, deferrment of principal owed through an interest-free subordinate loan (essentially a second mortgage), not due until first mortgage is paid off; buy-down of the total balance by up to 30%.
The biggest danger is that the property does not significantly increase in value before the new second is due. Given the history of the US, this has to be a safe bet.
After five different accounts of this new program, I liked this article the best.
This will greatly increase the already overloaded workload for lenders.
Call a US licensed attorney and get to the front of the line.
I have two great firms.
Posted on August 1, 2009 at 3:49 am
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Posted on June 25, 2010 at 10:38 am
The Home Affordable Modification Program is an excellent program if you can get through the application! After taking days to read & understand how to fill out & quality for HAMP I was able to lower my interest rate to 2%. The application was so confusing because they want you to fail! Now that I understand how to qualify I was able to help my neighbors get approved usually in about 30 days!
Posted on July 20, 2010 at 7:51 pm
excellent writing . …
excellent information. …
Posted on July 22, 2010 at 7:07 am
That is a excellent point to bring up.
Posted on July 28, 2010 at 6:34 pm
The Best location for you to start is with an skilled Realtor in your area. Your Realtor will have established relationships with local lenders who do a excellent job and get their loans CLOSED. It doesn’t price anything to work with a Realtor, as the commissions for your representation are paid by the Sellers. The greatest method to discover a great Realtor is by referral. Talk to your friends and neighbours for recommendations, and then research those people. Look at their websites, read their testimonials, and then interview them if you still can’t decide.
Posted on July 29, 2010 at 9:30 am
A skilled investor will probably do a better job of negotiating the deficiency. The best way is to enlist a realtor to list and sell the property after the investor has submirred a cash offer
Posted on August 1, 2009 at 1:41 am
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