upside down mortgage: What is a float down? - 06/26/09 11:23 AM
A float down is when rates improve after you have "locked in" your interest rate and the lender agrees to float your interest rate down to the market rate for that given day.
Q: Do all lenders offer this?
A: No. Every lender has a different policy. Some do not offer a float down option at all
Q: How do I know if the lender I am locked with will offer a float down?
A: Ask your mortgage broker. Ideally, you would want to ask this question prior to locking.
Q: What do I do if I am already locked and … (0 comments)
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upside down mortgage: Attention UPSIDE DOWN Villages of Urbana Homeowners - 05/05/09 01:47 PM
Help may be here for you!
I am one of many VOU homeowners that is upside down on my mortgage I purchased in the Villages of Urbana in September of 2005, otherwise known as "the height of the market". As a result, I owe$440,000 on a townhouse that is worth about $350,000 (I'm being aggressive with that estimate)
Due to the rapid decline in home prices in our community, many homeowners have been unable to take advantage of today's low interest rate. That has changed if your current mortgage is owned by either Fannie Mae or Freddie Mac. Under the HARP program, you … (0 comments)
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upside down mortgage: I pay my mortgage, what about me? - 03/18/09 09:55 AM
The most frequent question I hear is: "I actually pay my mortgage on time, what about me?" "What is the government doing to help me?". That is a great question. One positive conclusion I have come to is this: The bulk of Americans are doing everything they can to get by. They are working harder, cutting back and doing what needs to be done in these times. The worrisome question is: how long can this continue? There is only so much the average person can do. So, what about them?
The good news is, our elected officials are trying. The bad news is; … (3 comments)
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