Learn more about Short Refinancing– Get Your Free Report at the Link above
Listen in on a Interview I did on Loan Modifications and the Fannie Mae and Freddieac Streamline Loan Modification Program
IF YOU HAVE AN UPSIDE DOWN MORTGAGE AND WANT TO REFINANCE AT YOUR HOMES CURRENT VALUE THIS IS THE COLUMN TO READ!
I Have New VIDEOS ABOUT REFINANCING YOUR UPSIDE DOWN MORTGAGE AT THIS LINK!
UPDATE: THIS PROGRAM MAY NO LONGER EXIST! FOLLOW THE LINKS TO MORE RECENT PROGRAMS!
I finally have the details necessary to give you information on the Rescue program that has affectionately changed names to “Hope for Homeowners” (H4H). (look for my contact information at the bottom of the column)
This program is designed for homeowners of any type who need to refinance their existing upside down mortgage(s). Of course there are strict guidelines to follow so I will lay out some of them here straight from the HUD website and help you understand what they actually mean to you:
1. You must have originated your loan prior to January of 2008.
2. You must NOT be able to afford your current loan.
3. You need to have made at least six payments on your loan and not intentionally missed payments.
4. You CANNOT own a second home.
5. Your debt-to-income ratio needs to EXCEED 31% (front end). See H4H Income Calculation
6. You must qualify for this loan using full income documentation, which will vary person to person.
7. You must agree to share equity created at the beginning of your “Hope for Homeowners” mortgage and any future appreciation in the value of your home.
8. Any existing liens on the property must be removed prior to the completion of this transaction or through this transaction.
9. Your new debt-to-income ration must be below 31% of your income.
10. You have until September 30th, 2011 to complete your transaction but you are subject to interest rate fluctuation.
11. You existing lender must agree to participate in a “write down” or “short pay” on any existing liens. Look for a great Short Sale Agent
Need more information?
This list is thorough yet incomplete because there is several details that I left out. Many of you will not need to know these details but if you need more information contact me at:
RE: Hope for Homeowners Details
Please be specific with your questions because I have limited capacity to respond due to sheer volume of emails. This way I can help as many people as possible.
Want to hire me to help you with this Refinance?
To work with my team to complete this transaction you must email me with your contact information and I will forward you all necessary paperwork to make complete your FHA Hope for Homeowners. I also require you to work with a Loss Mitigation Negotiator because their ability to negotiate with lenders will far exceed those of the homeowner.
RE: H4H Transaction
Please be detailed in your contact information and your request so I have the correct information to help you move forward.