Handguns
Subscribe
Home› Off Topic
Chuddybuckrivet
Posts: 3,156 Officer
Refinancing program for 'underwater' homeowners kicks off Thursday
Chuddybuckrivet
Posts: 3,156 Officer
http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2011/11/refinancing_program_for_underw.html
“Underwater” homeowners can start submitting applications Thursday under a revised government program meant to make refinancing easier.
The Obama Administration announced this fall it’s making changes to the Home Affordable Refinance Program so more struggling homeowners can take advantage of it.
Among the criteria homeowners must meet:
• They need to be current on their mortgage payments.
• The loans must be backed by Fannie Mae or Freddie Mac, the government-run companies that guarantee about half of all home loans nationwide.
• The loans must have been bought by Fannie or Freddie no later than May 31, 2009.
To find out if your loan is owned by Fannie, click here. To see if it's owned by Freddie, click here.
The government is doing away with a cap that prevented borrowers whose mortgages exceed 125 percent of the value of their homes from being eligible for the program. Other changes include reduced risk for lenders and lower fees for borrowers.
What's more, Fannie Mae now says it will allow some homeowners to refinance even if they've had a foreclosure in the past seven years. "That's pretty impressive," said Ryan Paton, president of Capitol Lending Group in Fort Lauderdale.
Paton wishes more people knew about the program, saying it's the best opportunity yet for homeowners to get out of underwater mortgages and refinance into 15-year loans without a huge hit to their monthly budgets.
The revamped program potentially could help tens of thousands of homeowners in South Florida who owe far more than their homes are worth. More than four out of 10 residential properties with a mortgage in Broward and Palm Beach counties are underwater, research firm CoreLogic said Tuesday.
While Thursday is the official launch date nationwide, some lenders may not be prepared to accept applications right away, said Kevin Brungardt, chairman of RoundPoint Financial, an online mortgage company based in Charlotte, N.C.
“It’s going to be frustrating, but homeowners should be patient and persistent,” he said. “If somebody’s interested in submitting an application, they should shop different lenders for the best price and contact their loan servicer.”
Brungardt said the changes are "a piece of the solution, but I don't think it's the Hail Mary pass that cures all."
“Underwater” homeowners can start submitting applications Thursday under a revised government program meant to make refinancing easier.
The Obama Administration announced this fall it’s making changes to the Home Affordable Refinance Program so more struggling homeowners can take advantage of it.
Among the criteria homeowners must meet:
• They need to be current on their mortgage payments.
• The loans must be backed by Fannie Mae or Freddie Mac, the government-run companies that guarantee about half of all home loans nationwide.
• The loans must have been bought by Fannie or Freddie no later than May 31, 2009.
To find out if your loan is owned by Fannie, click here. To see if it's owned by Freddie, click here.
The government is doing away with a cap that prevented borrowers whose mortgages exceed 125 percent of the value of their homes from being eligible for the program. Other changes include reduced risk for lenders and lower fees for borrowers.
What's more, Fannie Mae now says it will allow some homeowners to refinance even if they've had a foreclosure in the past seven years. "That's pretty impressive," said Ryan Paton, president of Capitol Lending Group in Fort Lauderdale.
Paton wishes more people knew about the program, saying it's the best opportunity yet for homeowners to get out of underwater mortgages and refinance into 15-year loans without a huge hit to their monthly budgets.
The revamped program potentially could help tens of thousands of homeowners in South Florida who owe far more than their homes are worth. More than four out of 10 residential properties with a mortgage in Broward and Palm Beach counties are underwater, research firm CoreLogic said Tuesday.
While Thursday is the official launch date nationwide, some lenders may not be prepared to accept applications right away, said Kevin Brungardt, chairman of RoundPoint Financial, an online mortgage company based in Charlotte, N.C.
“It’s going to be frustrating, but homeowners should be patient and persistent,” he said. “If somebody’s interested in submitting an application, they should shop different lenders for the best price and contact their loan servicer.”
Brungardt said the changes are "a piece of the solution, but I don't think it's the Hail Mary pass that cures all."
Replies
when we say the same thing about welfare recipients, you cry like a wounded buffalo Sopchoppy
It's their money, they spend it how they like. Truth and honesty have nothing to do with it. - Mr Jr
"“A radical is one who advocates sweeping changes in the existing laws and methods of government.” "
As long as Fannie or Freddie owned before the end of May 2009. You can't have refi'd since then. The standard fees for NOO will still apply.
when we say the same thing about welfare recipients, you cry like a wounded buffalo Sopchoppy
It's their money, they spend it how they like. Truth and honesty have nothing to do with it. - Mr Jr
"“A radical is one who advocates sweeping changes in the existing laws and methods of government.” "
http://www.fanniemae.com/loanlookup/
or freddie mac:
https://ww3.freddiemac.com/corporate/
when we say the same thing about welfare recipients, you cry like a wounded buffalo Sopchoppy
It's their money, they spend it how they like. Truth and honesty have nothing to do with it. - Mr Jr
"“A radical is one who advocates sweeping changes in the existing laws and methods of government.” "
The servicing has been sold, not necessarily the paper. Check the two sites and see if they own the paper.
How can one be current on the loan, but still have had a previous foreclosure?
when we say the same thing about welfare recipients, you cry like a wounded buffalo Sopchoppy
It's their money, they spend it how they like. Truth and honesty have nothing to do with it. - Mr Jr
"“A radical is one who advocates sweeping changes in the existing laws and methods of government.” "
LBPS. IBM has decided to get into the loan servicing business.
when we say the same thing about welfare recipients, you cry like a wounded buffalo Sopchoppy
It's their money, they spend it how they like. Truth and honesty have nothing to do with it. - Mr Jr
"“A radical is one who advocates sweeping changes in the existing laws and methods of government.” "
I guess I should have said mortgage servicing.