Homeowner’s hotline | Trouble paying mortgage?
Many homeowners are finding they can’t refinance because they owe more than their home will appraise for. Call your current loan servicer and find out if Fannie Mae is the end servicer. If so, Fannie Mae has a program for “under water borrowers” and will refinance your loan up to 120% of your home’s value. Obviously, you must still qualify for the loan.
FHA has the FHASecure program.
If you can’t make your mortgage payments and refinancing isn’t an option, the worst thing you can do is nothing. A good place to start is Hope Now.
Check out their website at http://www.hopenow.com/
Tags: Hope Now Alliance hopenow.com, Hope now foreclosure prevention help, I owe more than my home value is worth
November 13th, 2008 at 4:00 pm
Hope Now 888-995-HOPE
- Call your current mortgage servicer with your loan #, gross income, & HOA or condo fee amounts.
Servicer will tell you if you meet their loan to value requirement. You must owe more than 90% of your home’s value. Your home must also be a single family residence that you are at least 90 days past due on. You can’t be in bankruptcy.
Servicer will look for solution that reduces your payment to 38% or less of your income by; extending the loan term, lowering the interest rate, or pushing back payments on the principal.
If it’s a go submit your paperwork and first payment. Make 3 payments within 90 days to lock in your reduction.