Can I use Obama's Stimulus Plan to refinance an upside-down mortgage? - upside down mortgage
I owe more to what the house is worth. Can I refinance the reverse? I have good credit and no late fees.
Thursday, January 14, 2010
Upside Down Mortgage Can I Use Obama's Stimulus Plan To Refinance An Upside-down Mortgage?
Subscribe to:
Post Comments (Atom)
5 comments:
Yes, you can refinance your mortgage under the so-called "saddle" of the program. It was for people who conceived her head on their loans. ARPA stands for Refinancing Home Program Affordable ..
(2) software were released with Obama. One of them was "Hamp" - changes to the Affordable Home Program. And the other is HARP.
According to Harper, you can refinance Fannie Mae or Freddie Mac, mortgage, provided that the new loan does not exceed 125% of home value. (If the program was launched on 1, the directive was only 105% max.) These loans are at interest rates do not differ from conventional loans, if you have good credit, not pay the mortgage at the end, and may vary income.
For example: If you owe $ 140,000 in loans and the value of your home is $ 120,000, you can refinance with a new Fannie Mae / Freddie Mac loans up to $ 150,000.
This is an excellent program. You can use your current mortgage lender or another lender, you now have a Fannie Mae or Freddie Mac loans.
Good luck.
This program is not designed for families with financial difficulties, developed over the loss of income or some kind of family situation. Do not think that any bank or lender to refinance the 100% if the opposite if you are going to require a sharp decline in payment. What you can do is the question Hamp (Home Program Changes affordable) if you are having financial difficulties. Hits:
NFMC.org or acornhousinghelp.org
Re-financing would not make much sense ... You should consider a modification of the contents of the mortgage. You do not point to the difficulties, but they are much cheaper than refinancing. Your tax adviser can help the process. Basically, Obama has taken the mortgage modification plans for the difficulties of the economy, forcing banks to cut interest rates, the interest in preventing strokes in stroke fone jacker.
You must have financial difficulties, so that if your income is not a problem, and the debt ratio is good, sorry to say, their fucking problem.
But if you have a lower revenue and a decrease, perhaps you should contact your lender and run all programs, the question comes.
I have 2 days.
Good luck
No, this is not what it is good.
Post a Comment