Need Mortgage Refinance

First thing you need to know is that assistance from a genuine HUD-approved housing counselor under the ‘Making Home Affordable’ program is absolutely free, you do not have to pay for advice or information under this program. So if you are being asked to pay a fee for housing counseling you should politely decline and end the conversation.

Never sign over or transfer the deed of your house to anyone off the back of a claim they can save your house for you if you do, the only possible exception to this is if you are dealing with your mortgage company to resolve your debt problem.

You should also never give your mortgage payments to anyone without the approval of  your mortgage company.

If you suspect that you are being approached by an individual or organisation that you think are trying a scam,  you have every right to report this to a government representative for the ‘Make Home Affordable’ program. Which is also the correct place to go for your free advice and information.

With the new incentives for mortgage refinancing and loan modifications coming into existence since Barack Obama signed off on the new rescue plans for homeowners facing difficulty with their mortgages in the wake of the finance industry’s near collapse,  it can be quite confusing as to what is what in the mortgage refinance world.

One thing you should know for sure is that there are differences between the mortgage refinancing program from Obama’s initiative “Making Home Affordable’  and an earlier initiative that came from George Bush  the ‘Hope for Homeowners’ program.

Hope for Homeowners Program

This program is administered by the Federal Housing Administration and its key features are as follows: (more…)

If you are looking to get a home mortgage loan modification that allows you to take advantage of Obama’s new stimulus package you will need to understand the rules that have been applied to know whether you actually qualify for this type of loan modification.

The first general rule is that you should be struggling to make your mortgage payments if you are meeting your mortgage payments comfortably then you are not going to qualify. So what exactly do the stimulus package rules say for loan modifications: -

• You have to be in residence of a single family home
• Your total repayments including capital repayments, interest, tax and insurance must be more than 31% of your gross income (from March 2008)
• Your mortgage balance must not exceed $729,750 for a single unit but for multiple units the amount can be up to $1,403,400 for the maximum 4 units
• Your mortgage pre-dates the 1st of January 2009

What you should also know: -

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