Have you been told one or more of the following: Not Qualified, Can't Refinance, Mortgage Upside Down, Short Sell or Foreclose? Not options if you want your home or made payments on time to protect your credit.
Home Mortgage Upside Down? Modify Loan Into Lower Mortgage Payment Without Refinancing.
Loans
Factually "Home mortgage upside down" works to your advantage. Do upside down mortgage modification even if your lender said, "Not qualified because payments are current." Yes you can modify loan into lower mortgage payment with out refinancing.
Government Mortgage Reduction Plans for Home Mortgage Upside Down.
Oct 2008, while the government was bailing out banks and releasing TARP Funds, the Secretary of the Treasury, Timothy Geithner, announced 75% of US home owners qualify for government mortgage reduction plans. Not just those with extreme financial distress such as, home mortgage upside down and behind on payments but also those who are current on mortgage payments. Lenders actually receive payments from the government for each mortgage modification they give to borrowers but they get paid just as much for a small reduction as a large reduction. So there is no incentive for them to give you as much of a reduction as you qualify for. You do have to ask for the full amount and negotiate to get that.
Government mortgage reduction plans are intended to stimulate economic recovery by injecting money back into the economy. The intention is that if you cut your mortgage in half you will take that extra money you now have and inject it back into the economy by going out to spend it. The banks don't necessarily see it that way. You have to figure out on your own what reduction you qualify for then convince them to give it to you.
Don't Buy Not Qualified, Can't Refinance, Mortgage Upside Down, Short Sell or Foreclose
You can totally disregard what your lender told you verbally. You must submit your loan modification package in writing to be taken seriously and get a real answer.Find out the terms you qualify for before you submit. Then submit to modify loan into terms you qualify for and your lender is authorized to approve. Request lowering mortgage interest rate by 2-4%, but don't request a 2% reduction if you qualify for 4%. The point is, submit the modification you know you qualify for and your lender can approve. Negotiate from a position of strength.
Typically modify loan into lower mortgage payment for 5-10 years and 2-4% interest reduction. The mortgage converts to interest only during this period, no principle payments are requited. If you have escrow payments for insurance or property tax, that continues unchanged. After the 5-10 years, your mortgage reverts to the original mortgage terms.
Don't Be Mislead by Verbal Replies of Not Qualified, Can't Refinance, Mortgage Upside Down, Short Sell or Foreclose.
Whether you've never been late on a payment or a year behind. If you wan to stay in your home, do upside down mortgage modification. But first find out for your self exactly what you qualify for. Don't go to your lender to find out what you qualify for. I have a client who did his own loan mod and reduced his payment 0 per month, that was great. We re-did his modification and found he qualified for another 00 per month reduction. Yes that was a LA California property. The bad news was that you have to wait a year once you modify a mortgage to do it again, fortunately he only had to wait two more months to start saving that extra 00 a month.
We have compiled a database of TARP mortgage reduction plans we have successfully settled with lenders since Oct 2008. As a free service we make this data available to home owners. We will run your information through the the database and determine exactly what you qualify for under the government reduction plans, your monthly payment, the modified interest rate and the years of mortgage reduction.
The next time you are told "Not qualified, can't refinance, mortgage upside down, short sell or foreclose," find out what the truth is. Run your mortgage info through the database and find out for yourself.
TARPdatabase@Gmail.com
You Can Do Upside Down Mortgage Modification to Modify Loan Into Lower Mortgage Payment Without Refinancing, Even If You Are Current on All Mortgage Payments
Can't Refinance, Mortgage Upside Down?
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