Beware of Foreclosure Rescue Scams - Help Is Free! Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. Recognize and avoid common scams.
- Assistance from a HUD-approved housing counselor is FREE.
- Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.
- Beware of people who pressure you to sign papers immediately, or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house.
- Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
- Never make a mortgage payment to anyone other than your mortgage company without their approval.
If you need information regarding the Making Home Affordable Program, make sure to get your facts straight. Visit
www.makinghomeaffordable.gov, or call 1-888-995-HOPE.
Labels: 2009, assistance, foreclosure, government, loan modification, making home affordable, program, scam
President Barack Obama's new mortgage relief plan aims to help up to 9 million borrowers qualify for more affordable mortgages and stay in their homes. Obama's "Making Home Affordable" program is designed to work with lenders to modify the loan terms for up to 4 million homeowners and to refinance up to 5 million homeowners into more affordable fixed-rate loans.
The Question is: Do you qualify for the refinancing plan?
- Only homeowners in good standing whose loans are held by Fannie Mae or Freddie Mac qualify.
- The property must be owner-occupied and the borrower must have enough income to qualify for the new mortgage debt.
- Borrower's can't owe more than 105% of their home's current value on their first mortgage.
- Borrowers with a second mortgage still can qualify as long as their first mortgage isn't more than 105% of their home's value.
- Homeowners can't take cash out during the refinancing to pay other debt.
- Borrowers have until June 2010 to apply for the program.
Above information provided by Covenant Mortgage Corporation. If you have questions about your existing or future mortage, please contact
Covenant Mortgage. For assistance with selling or buying a home, contact our team at
Vanderhoff Real Estate today.
Labels: covenant mortgage, making home affordable, mortgage, obama, president, program, refinance, vanderhoff real estate
Fannie Mae, which controls nearly half of the mortgages in the country, will launch a new program in April to help those who are self-employed or have bad credit take advantage of the refinance craze.
The "Refi Plus Program" will waive the normal credit score requirement for a refinance; it will have reduced documentation standards for proof of income; and it will allow for computer-based appraisals, which tend to inflate the value of a home and make it easier to qualify for a refinance.
More people stand to be affected by these upcoming changes than the entire number of people who have already gotten their refis!
However, Refi Plus will ultimately lead to higher defaults and more foreclosures; it is, after all, a lessening of standards. But apparently the "experts" aren't overly concerned. They're holding out for the hope that the program will actually allow people who couldn't make their mortgage every month to do so.
Labels: fannie mae, mortgage, program, refi plus, refinance
