Can’t Refinance, Mortgage Upside Down? Need Help With Mortgage Payment
Posted By tsauthor on August 31, 2009
Did your lender say: Not Qualified, Can’t Refinance, Home Mortgage Upside Down, Short Sell or Foreclose? Not options if you want your home or made payments on time to protect your credit.
Is Your Home Mortgage Underwater? Modify Your Loan Into Lower Monthly Mortgage Payments Without Refinancing.
Factually “Mortgage Underwater” works to your advantage. You can qualify for underwater mortgage modification even if your lender said, “Not qualified because your payments are current.” Yes you can modify your loan into lower mortgage payments with out refinancing.
Government Mortgage Reduction Plans For Upside Down Homes
Oct 2008, while the government was bailing out banks and releasing TARP Funds, the Secretary of the Treasury, Timothy Geithner, announced 70% of US home owners qualify for mortgage rate reductions. Not just extreme financial distress such as, upside down on home mortgage 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 solutions 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 and inject it back into the economy. The banks don’t necessarily see it that way. You have to figure out, on your own, what reduction you qualify for, then convince your lender to give it to you.
Disregard Not Qualified, Can’t Refinance, Mortgage Upside Down, Short Sell or Foreclose
You can totally disregard what your lender said. Submit your loan modification package in writing to be taken seriously and get a real answer. Find out what terms you qualify for before you submit. Then submit to modify your loan into terms you qualify for and your lender is authorized to approve. Request lowering your 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 your loan into a lower mortgage payment for 5-10 years and a 2-4% interest rate reduction. Your mortgage converts to interest only during this period, no principle payments are required. If there are escrow payments for insurance or property tax, that continues unchanged. After the 5-10 years, your mortgage reverts to the original mortgage contract terms.
Don’t Be Mislead by Lender Statements of Not Qualified, Can’t Refinance, Mortgage Upside Down, Short Sell or Foreclose.
Whether you’ve never been late on a payment or are a year behind, if you want to stay in your home, get the mortgage interest relief you need. But first find out for yourself exactly what you qualify for. Don’t depend on your lender to find out what you qualify for. I have a client who did his own loan mod and reduced his payment $600 per month, that was great. We re-did his modification and discovered he missed another $1200 per month reduction. Yes that was a LA California property. The bad news is you have to wait a year once you modify a mortgage to do it again and it is more difficult the second time, fortunately he only had to wait a few months to start saving that extra $1200 a month.
We have compiled a database of TARP mortgage loan modification programs we successfully negotiated with lenders since Oct 2008. As a free service we make this data available to home owners. We will run your information through the database and determine exactly what you qualify for under the government mortgage interest plans, your monthly payment, the modified interest rate and the years of mortgage rate reduction.
The next time you are told “Not qualified, can’t refinance, upside down mortgage, short sell or foreclose,” find out what the truth is. Run your mortgage info through the database and find out for yourself.
You Can Do Upside Down Mortgage Modification to Modify Your Loan Into Lower Monthly Mortgage Payments Without Refinancing, Even If You Are Current on All Your Mortgage Payments
The Author Dan North is available to run your information through our data base to find out for yourself what you qualify for on a loan modification. This is a free service available to all US home owners. Find out if you are one of the 70% who qualify under the Government mortgage solutions.
Call 406-546-2517 or email TARPdatabase@gmail.com
(c) Copyright — Dan North. All Rights Reserved Worldwide
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