We often talk to people who are interested in a loan modification and usually at some point, they ask the question: Do I really need to get a lawyer involved with my loan modification? My standard answer is "well, try to get your loan modified on your own with your current lender, but if they won't modify your loan and you are in a situation where you can't afford your mortgage, then it is … [Read more...]
Loan Modifications: 4 Tips To Save Your House
Being a "mortgage guy" in today's world is kind of surreal. I talk to many people each week who currently owe more than their house is worth and may (or may not) be behind on their mortgage payments. Which means they pretty much are not going to be able to refinance their home with the current programs out there. So if you find yourself in the situation where you are falling behind on your … [Read more...]
Arizona FHA Mortgage Refinance Options: Which Ones Are Real?
FHA Hope for Homeowners, FHA Secure, FHA Streamline, FHA 95% Cash-out, FHA 203k Streamline, FHA Short Refinance... these are all "real" options for people who are currently in an FHA loan and looking for FHA refinancing options. Supposedly. Some are more real than others. Let's start with the "most real" FHA refinance programs and identify who can benefit from them. FHA Streamline … [Read more...]
Loan Modification: “Once In A Lifetime Opportunity”
The Federal Housing Finance Agency (FHFA) recently announced a loan modification program that it is calling the "FHFA Streamlined Loan Modification Program" and the plan goes into effect December 15, 2008. To qualify for the FHFA Loan Modification Program, borrowers must: Have a loan owned or guaranteed by Fannie Mae or Freddie Mac. Owe 90% or more than the home is worth. Be 90 days or … [Read more...]
Scottsdale Arizona Mortgage Rates November 21 2008
Scottsdale Arizona Mortgage Rates for November 21, 2008 Quick Mortgage News Update Freddie Mac & Fannie Mae temporarily halted foreclosure sales and evictions. Fannie Mae, issued Lender Letter 04-08 announcing that they are “halting all foreclosure sales on occupied single-family properties that are scheduled to occur from November 26, 2008 through January 9, 2009. This temporary … [Read more...]
Are Loan Modifications Real?
The other night, I found myself in the twilight zone and was having flashbacks to the year 2005. I was at a neighbors house and he was having a "neighborhood get-together" with a handful of other families. We live in a newly built neighborhood and new people are moving in all the time, so I was meeting a few of our neighbors for the first time. One of them asked what I did for a living and … [Read more...]
Having Trouble Making Your Mortgage Payment? Bailout Talk Live On KTAR!
Arizona Mortgage Team on KTAR Radio [audio:http://arizonamortgageteam.com/ktar.mp3] This morning we were live on the radio with KTAR superstar Darrell Ankarlo talking about the 700 billion bailout and what it means to people who are having trouble making their mortgage payment. The discussion centered around "what should I do if I am having trouble making my mortgage payment?" My general … [Read more...]
FHA Hope for Homeowners Program, Is It Real?
More and more people are contacting us asking about the newly-announced FHA Hope for Homeowners program and how to qualify, what will work and won't work with the guidelines, etc. The good news is that FHA has issued a few press releases about the program and we have some high-level guidelines to look at as we begin to work with people to help them get qualified. The bad news is that many … [Read more...]
Loan Modification Contact List
In the past, we have written about what you should do if you are having trouble making your mortgage payments. First, talk with your lender by yourself and try to get your loan modified. Second, contact a HUD-approved Housing Counseling Agency. Third, contact a loan modification company. OR Learn How To Get Your Loan Modified On Your Own Without The Help Of An Attorney. I just found a … [Read more...]