Need Help with Your Mortgage?

Home-ownership for some in the past few years has gone from being the American Dream to a seemingly never-ending nightmare as the threat of losing not only their house but their home that represents their time, family, and livelihood is imminent.  Are you, or anyone you know, in this position?  Are you feeling overwhelmed by your current mortgage payments or afraid that you may lose your home?  Are you confused as to how you can get help? Well, if you are in Georgia, Rep. David Scott is sponsoring an event that may help you.

Mortgage Help for Military Families

Do you, or anyone you know that is in a military family, need help with mortgage payments?  Fannie Mae says it will reduce or suspend mortgage payments for up to six months for military families if they are unable to pay because of the injury or death of a service member.

Get 10% Back on Your Mortgage?

As ”strategic” mortgage defaults rise, Loan Value Group, is offering banks and homeowners a way to resolve the problem through a program entitled, RESPONSIBLE HOMEOWNER REWARD.  The program involves the investors structuring a reward for homeowners, averaging 10 percent of the loan balance, payable when the loan is paid off. While the reward will not give the homeowner positive equity, it could give the homeowner an incentive to keep paying despite dropping home values.

NEW REFINANCE OPTIONS If You Owe More Than the Home’s Worth

FHA has launched a refinancing program to assist homeowners who owe more on their mortgages than their home is worth.  Beginning Sept. 7, 2010, the agency will offer qualified non-FHA borrowers the opportunity to refinance with an FHA-insured mortgage on their primary residence.  Borrowers must be current on their existing mortgage, qualify under FHA underwriting requirements, and have a credit score of at least 500.

AFTER A SHORT SALE - When Can I Buy A New Home?

Here is a question from a concerned homeowner, “If I go through a short sale, how soon can I purchase another home?  I was told that if I did a short sale instead of allowing the home to be foreclosed on, it is not as bad“.  Answer, “It all depends“. 

OWNER FINANCING: Tips On How to Make It Work

Whether you are a Buyer with less than perfect credit, a Buyer with not enough down-payment funds or just a Seller eager to sell, owner-financing maybe a viable option.  Banks generally are willing to accept rent credits for an option to buy as an acceptable down payment, but both buyers and sellers must follow these guidelines for Fannie Mae and Freddie Mac to sanction the transaction.

STOP HOME LOSS SERIES: You May Qualify For HUD’s New Interest Free Loans

The Obama administration will offer $1 billion in zero-interest loans to help homeowners who’ve lost income avoid foreclosure as part of $3 billion in additional aid targeting economically distressed areas.  The Department of Housing and Urban Development plans to make loans of as much as $50,000 for borrowers in the hardest hit areas to make mortgage, tax and insurance payments for as long as two years through the HUD Emergency Homeowners Loan Program.  This new program will complement Treasury’s Hardest Hit Fund (announced in Feb. 2010) by providing assistance to homeowners in hard hit local areas that may not be included in the hardest hit target states as listed below. Those areas are still being determined.

AVOIDING BUYER HEADACHES: Lesson 1-”Yes, You’re Approved… Just Kidding”

Okay, you have done your homework by watching HGTV, reading various blogs and even consulting a real estate agent on what you need to do to purchase a home.  Among the prerequisites you were given, you were told to get a lender to pre-qualify you and you did.  Now you are excited and ready to look for some real estate.  But wait, not so fast!  To avoid any headaches after you have found the home of your dreams, you should help your lender examine if you are really ready to shop for a home.  “What are you talking about, Lee?” you maybe wondering.  Well, believe it or not, with the restrictions that have been placed now on the mortgage industry to curtail the number of future foreclosures and distressed homeowners, what you think is your income may not really be. 

Homeowner Help: How to Avoid Foreclosure

With various events in the economy, do you, or someone you know, feel like it is difficult to afford your home?  Have you tried to sell your personal home but cannot based on the current real estate market?  Well this maybe just the thing to give you relief.  Beginning April 5, the Obama administration will encourage under-water mortgage borrowers to avoid foreclosure and instead alleviate their financial burden by short selling their home in a new, (what we hope to be) streamlined process.

How to Get Money to Purchase AND Renovate Your Home

The Federal Housing Administration is encouraging use of its little-known 203(k) loan program.

The 203(k) lets an owner-occupant borrow money for both the purchase and renovation in one loan, and put down only 3.5 percent.

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