FHA Refis for Underwater Borrowers
FHA has launched a refinancing program to assist homeowners who owe more on their mortgages than their home is worth. Beginning Sept. 7, 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. The first lien holder must agree to write off at least 10 percent of the remaining amount owed under the mortgage, bringing the combined loan-to-value ratio of all mortgages to no more than 115 percent. The LTV for the new FHA mortgage may not exceed 97.75 percent. The Treasury Department will provide incentives to second lien holders who agree to forgive all or part of their liens.
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Realty World American Dream Realty
443 Webster Street, Monterey California
NOVEMBER 9, 2009
TIME : 7:00PM
CALL TO RESERVE YOUR SEAT
(831) 375-7355
The California Department of Real Estate just announced that Advance Fees for Loan Modification Services is now ILLEGAL! So, to all you consumers looking for Loan Modification services if you are asked to pay any up front cost, run in the other direction because you are not dealing with an honest or lawful person!
As of October 11, 2009, advance Fees for Loan Modifications is Now Prohibited, effective immediately. This announcement provides great relief to Realtors, because for the past few years we have watched struggling home owners being taking for a ride by these Loan Modification specialist. We have been saying for years now that ‘charging struggling home owner giving them nothing but a bill and false hope should be a crime’ and thankfully now it is!!!!
To learn more about this new policy visit the California Department of Real Estate website or follow the below link:
http://www.dre.ca.gov/cons_adv_fees_alert.html
Hopefully, this information helps.
