Tag Archive | "refinance"

NACA – Home Save Program

Wednesday, June 24, 2009

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As a follow-up to last week’s article introducing you to NACA, I decided to let you know about one of their programs aimed at helping people going through foreclosure. NACA’s Home Save Program provides four long-term solutions. All of the below solutions provide for an affordable mortgage payment over the long-term. In fact the Restructuring sometimes lowers the fixed interest rate to less than a NACA Refinance. As opposed to the refinance, a Restructure is...

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Too Good to Be True?

Friday, June 19, 2009

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Have you been looking for a trustworthy non-profit organization to help you out of foreclosure or save your home? We’ve been looking too…and this is what we found. An organization that offers low-interest home purchase and refinance loans to "high risk" borrowers. They have an amazing track record of successful advocacy against predatory and discriminatory lenders. It sounds too good to be true…but rest assured it isn’t. They’ve been around since 1988!

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Refinance Freddie Mac Loan with a Different Lender

Friday, June 12, 2009

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Soon you'll be able to refinance a Freddie Mac-owned or guaranteed mortgage with any lender affiliated with Freddie Mac. Previously, you had to work with the same lender who currently services your mortgage. In addition, to help reach more borrowers, Freddie Mac is increasing the amount of closing costs that can be rolled into the new refinanced mortgage. Come to the site for more info inclusing how to find out if your loan is held by Freddie Mac.

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Hope for Homeowners Equity Sharing

Wednesday, June 10, 2009

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If your lender agrees to work with you and refinances you through the HOPE for Homeowners program, you must share both the equity they initially create as well as any price appreciation that comes from selling. See what this means to you with actual examples...

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HOPE for Homeowners Changes

Monday, June 8, 2009

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On May 20, 2009, President Obama signed Senate bill 896 into law. It has many provisions meant to help stem foreclosures and deal with several problems that have developed since the HOPE for Homeowners, Home Affordable Refinances, and Home Affordable Modifications have been implemented. Your new H4H mortgage will be no more than 90% of the new appraised value of your home with the lender essentially writing down your current mortgage to that amount. Yes...this is one of the few programs that actually allows principal forgiveness.

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Lenders for Home Affordable Modification and Refinance

Wednesday, May 20, 2009

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Here's the latest list of lenders that have signed agreements with the Treasury Department to process loan modifications and refinances through the Home Affordable program. Check to see if your is one...

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Mortgage Relief Online

Monday, May 11, 2009

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Trying to figure out whether you qualify for a Home Affordable Loan Modification or Refinance? You're obviously not alone...we've get getting tons of questions about it on many of our blog posts. While we've been doing our best to give you the qualifications for the programs, we've unfortunately been unable to provide information specific to your situation. But a project called Mortgage Relief Online can now do that!

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Home Affordable Refinances Start at B of A

Monday, April 13, 2009

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As we wrote a couple weeks ago, most lenders haven't started processing Home Affordable Refinance or Home Affordable Loan Modification packages yet. Well that's beginning to change...finally! Bank of America announced yesterday that they have begun accepting refinancing applications under the program. Come find out what this means for you...even if your loan isn't serviced by Bank of America or Countrywide. If you're waiting on a Home Affordable modification rather than a refinance, there's big news in the article for you too...

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My Servicer Isn’t Participating

Thursday, April 2, 2009

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Since the announcement of President Obama's Home Affordable Loan Modification and Home Affordable Refinancing programs, we've been getting a lot of questions about particular servicers and whether or not they're going to participate in the program. Many of you have been asking what you can do if your servicer says they aren't. So many people have asked, I dug through more Treasury Department documents and found good news for some of you. We also found the only 3 ways you can find out if your servicer is participating...

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Home Affordable Refinance and Modification Update

Tuesday, March 31, 2009

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If you've been trying to contact your lender about refinancing or modifying your mortgage through President Obama's new plans, you've likely been frustrated. Few, if any, servicers have finalized their plans or trained their loss mitigators or how they're going to handle the new plans. And according to the Association of Community Organizations for Reform Now (ACORN) and a study they just finished, "76 percent of outstanding mortgage loans are serviced by companies who have committed to implementing the plans". But what's that mean for you and your mortgage? Come read the rest of this article to find out...

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President Obama’s Making Home Affordable Refinance

Monday, March 9, 2009

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Here's the post you've been waiting on about President Obama's Making Home Affordable Refinancing program. If you owe less than 105% of what your property's worth, you probably qualify, but there are several things you should be aware of. For instance...this post tells how to figure out if your loan is held by Fannie Mae or Freddie Mac and how to start the refinancing process with this program. If you have questions, please ask as a comment...

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President Obama’s Home Affordable Loan Modification

Thursday, March 5, 2009

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This took a little longer than I wanted it to, but I wanted to be as thorough as possible for you. I'll start with the loan modification part of the President's plan first since I know that's what most of you want to know about. Come and read about the qualifications, the process, and the lack of principal reductions.

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Obama Foreclosure Relief Plan Details

Wednesday, March 4, 2009

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I'm still trying to make it through the 50+ pages of documents below to find the most valuable tidbits for you, but I wanted to post these links so you can begin your own research. I'll post more this afternoon...

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Take Advantage of President Obama’s Plan

Friday, February 27, 2009

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Our third of three posts on President Obama's Homeowner Affordability and Stability Plan. You can help yourself out tremendously by taking a few simple steps between now and when the program starts on March 4. You'll also learn what to do if you already have a foreclosure sale date and your lender hasn't notified you it's been suspended.

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President Obama’s Plan – What No One Is Telling You

Thursday, February 26, 2009

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Part 2 of my 3 part series on President Obama's foreclosure relief plan. Come read about the refinancing plan that won't help the people in the most heavily affected states like California, Arizona, Florida, and others. Will the fact the plan only covers your first mortgage be an issue for you? Did you know your lender might not participate? Find out more about these and other gotchas by reading the rest of the article on the site...

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President Obama’s Foreclosure Plan – The Basics

Tuesday, February 24, 2009

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You've probably heard a lot about President Obama's Homeowner Affordability and Stability Plan. He unveiled it last Wednesday in Phoenix and there was a firestorm of coverage about it. It's an intensive and comprehensive plan. He plans to put $75 Billion into three main programs to help homeowners in foreclosure and those that are approaching foreclosure. The is the first of three articles exposing everything you need to know about the plan...even what the news isn't telling you!

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Refinancing Options for Upside Down Mortgages

Wednesday, January 28, 2009

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Until the Hope for Homeowners program was announced, most homeowners that were upside down on their mortgage had no realistic way to refinance their home. Even if they still had good credit and had no hardship, they couldn't afford to bring tens of thousands of dollars to the closing table. Hope for Homeowners is designed for any homeowner whos wants to refinance their existing upside down mortgage(s). Of course there are strict guidelines to follow...read more at the site

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Fannie and Freddie Fast Track Modification Program

Tuesday, January 13, 2009

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If you're thinking about trying to use the new Fast Track Loan Modification program to stay in your home, you MUST know what it's going to cost you before you sign anything. It could affect your future bankruptcy right, predatory lending rights, your credit score, and even your ability to sell in the future...check it out so you know what you're getting into.

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Fannie and Freddie Fast Track Modification Program

Monday, January 12, 2009

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Fannie Mae and Freddie Mac have announced a new "Fast Track" loan modification program. There are very specific qualification guidelines, but if you're in the right situation, it could really help you out. This article tells you how and gives you access to a 57 minute conference call Todd did with Brent Lane explaining it.

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Short Refinance or Modify Jumbo Loans?

Tuesday, December 30, 2008

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If you have an expensive home that has fallen in value and you're near or in foreclosure, you have some tough choices to make. Is a short refinance or a loan modification right for you? Our mortgage expert from California explains the difference and which is better...

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