Tuesday, May 25th, 2010
Many Utahns falling behind on their house payments are being scammed by companies claiming to provide assistance in helping negotiate a loan modification with the mortgage companies. (more…)
Posted in Foreclosure & Short Sales, Home Ownership | No Comments »
Monday, May 4th, 2009
I get a lot of questions about loan modification and refinances. A lot of home owners are underwater on their houses or their loans have jumped up after the adjustment period. Some are struggling to pay their mortgage because of employment issues. Many questions are about the “Making Home Affordable” program by the US Government. Here are the basics and a link to the government website:
The Obama Administration has introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis and get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize our housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels. The Home Affordable Refinance Program gives up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments. The Home Affordable Modification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures.
www.MakingHomeAffordable.gov, provides homeowners with detailed information about these programs along with self-assessment tools and calculators to empower borrowers with the resources they need to determine whether they might be eligible for a modification or a refinance under the Administration’s program. Through this website, borrowers can also connect with free counseling resources to help with outstanding questions; locate homeowner events in their communities; find a handy checklist of key documents and materials to have ready when making that important call to their servicer as well as FAQs from borrowers in similar circumstances.
As always, if you have any questions about refinancing, please call my financing specialist, Kristen at 801-913-7367.
Posted in Financing, Home Ownership | No Comments »