Can I use Obama's Stimulus Plan to refinance an upside-down mortgage?
I owe more on home than what the value is. Can I refinance being upside down? I own good credit and no late payments.
Answers:
Re-financing wouldn't be paid much sense ... you should look into getting a mortgage modification. You would need to show hardship but it will cost you alot smaller amount than refinancing. Your accountant may be able to help you beside the process. Basically Obama has put plans in place for mortgage modifications base on hardship from the economy to force bank to lower interest rates in the interest of preventing forclosures.
That program is not designed for that, it is designed for family who are having a financial hardship do to loss of income or some type of family unit situation. I don't think any bank or lender will refinance you 100% if you upside down, if they approve you they will require a giant down payment. What you can do is apply for the HAMP (Home Affordable Modification Program) if you are having financial difficulties. Visit:
NFMC.org or acornhousinghelp.org Source(s): Housing Counselor
No, that's not what it's for.
you have to hold financial hardship, so if your income is not a problem and your debt ratio is good i'm sorry to voice your prob screwed.
but if you have a descent income decrease ably maybe you need to beckon your lender and they will guide you to any programs you may qualify for.
i did this 2day.
best of luck
Yes you can refinance your mortgage beneath what's called the "HARP" program. It was designed for folks who are upside down on their loans. HARP stands for Home Affordable Refinance Program..
(2) programs were released under Obama. One be "HAMP" - Home Affordable Modification Program. And the other is HARP.
Under HARP, you can refinance a Fannie Mae or Freddie Mac mortgage so long as the new loan does not exceed 125% of the value of the home. (When this program be 1st released, the guideline was only 105% max.) These loans are at rates no different than regular loans if you hold good credit, no late mortgage pays, and can verify income.
For example: if you owe $140,000 on your loan and your home significance is $120,000, you can refinance with a new Fannie Mae/Freddie Mac loan up to $150,000.
It's a great program. You can apply beside your current mortgage company or other lender if you now have a Fannie Mae or Freddie Mac loan.
Good luck. Source(s): Finance and Mortgage Consultant since 1978
http://newjerseymortgageblog.com/obamas-…
Related Questions:
How does pre-approval for mortgage work?
If I get pre-approved with 1 lender and I found the house, can I make over my mind and deal with a different lender? What is the unbroken point of pre-approval before buying the house? Also, can I get a pre-approval contained by NY but the house I'm...
Answers:
Re-financing wouldn't be paid much sense ... you should look into getting a mortgage modification. You would need to show hardship but it will cost you alot smaller amount than refinancing. Your accountant may be able to help you beside the process. Basically Obama has put plans in place for mortgage modifications base on hardship from the economy to force bank to lower interest rates in the interest of preventing forclosures.
That program is not designed for that, it is designed for family who are having a financial hardship do to loss of income or some type of family unit situation. I don't think any bank or lender will refinance you 100% if you upside down, if they approve you they will require a giant down payment. What you can do is apply for the HAMP (Home Affordable Modification Program) if you are having financial difficulties. Visit:
NFMC.org or acornhousinghelp.org Source(s): Housing Counselor
No, that's not what it's for.
you have to hold financial hardship, so if your income is not a problem and your debt ratio is good i'm sorry to voice your prob screwed.
but if you have a descent income decrease ably maybe you need to beckon your lender and they will guide you to any programs you may qualify for.
i did this 2day.
best of luck
Yes you can refinance your mortgage beneath what's called the "HARP" program. It was designed for folks who are upside down on their loans. HARP stands for Home Affordable Refinance Program..
(2) programs were released under Obama. One be "HAMP" - Home Affordable Modification Program. And the other is HARP.
Under HARP, you can refinance a Fannie Mae or Freddie Mac mortgage so long as the new loan does not exceed 125% of the value of the home. (When this program be 1st released, the guideline was only 105% max.) These loans are at rates no different than regular loans if you hold good credit, no late mortgage pays, and can verify income.
For example: if you owe $140,000 on your loan and your home significance is $120,000, you can refinance with a new Fannie Mae/Freddie Mac loan up to $150,000.
It's a great program. You can apply beside your current mortgage company or other lender if you now have a Fannie Mae or Freddie Mac loan.
Good luck. Source(s): Finance and Mortgage Consultant since 1978
http://newjerseymortgageblog.com/obamas-…
Related Questions:
How does pre-approval for mortgage work?
If I get pre-approved with 1 lender and I found the house, can I make over my mind and deal with a different lender? What is the unbroken point of pre-approval before buying the house? Also, can I get a pre-approval contained by NY but the house I'm...