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HARP Refinancing Explained - 06/01/12 07:06 AM
Have you been faithfully making all your mortgage payments yet watched your equity wither away?
Have you been feeling like the Federal assistance programs have nothing to offer you?
Well, think again! The HARP Refinance Program may just fill the bill for a lot of homeowners who are current, but find themselves boxed in on all sides. They are current on all their payments and may be struggling to pay the mortgage, yet they are unable to refinance into a lower cost loan because their property values have fallen. Sounds like you? Well, read on.
The HARP (Home Affordable Refinance Program) … (1 comments)
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Lost Your Job? You May Qualify for Reduced Mortgage Payments! - 06/01/12 07:05 AM
FNMA and FHLMCLoan Forbearance Policies
Did you lose your job? Suddenly, through no fault of your own, you are faced with trying to make your mortgage payment with severely restricted income. This program is designed to help someone exactly like you!
This is a Federal program under the Making Home Affordable programs. There are all kinds of programs that the Federal government is sponsoring. They all have the same goal—to get you to keep your house and get you payment relief.
This program in particular is a forbearance plan, where the lender will reduce the amount of your mortgage payment for … (1 comments)
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Did You Know that You May Get Paid Really Well to Do a Short Sale? - 06/01/12 07:03 AM
Many banks are now offering cash incentives to borrowers who are behind on their mortgage payments, encouraging them to sell their house in a short sale.
Previously, a government program called HAFA (Home Affordable Foreclosure Alternative) incentivized homeowners by paying them $3000 for relocation assistance at the time of completion of the short sale of their house.
Banks including J.P. Morgan Chase, Wells Fargo and Bank of America have taken a step further by paying huge cash incentives, starting at $5,000 and higher, to the homeowners for doing a short sale.
Why Banks Are Paying Cash Incentives to Homeowners Who Opt … (0 comments)
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2 or More Loans & Your Home is Under Water? You MUST Do a Short Sale. - 06/01/12 06:57 AM
In July 2011, Governor Jerry Brown of California signed the landmark SB 458, which is HUGE for CA homeowners and investors. It basically protects them against all junior lien holders if they complete a short sale on their property in CA.
Previous law, SB 931, only applied to senior lien holders. Junior lien holders had the choice to approve a short sale only if the borrower would agree to sign a promissory note to pay the full balance.
This new law, however, doesn’t require or force the junior lien holders to approve the short sale. But if they do approve the short … (0 comments)
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HUGE Incentive for Short Sale - 06/01/12 06:46 AM
FORECLOSURE = ZERO
SHORT SALE = Up to $30,000 for You!!!
Did you know that some banks (Chase and now Bank of America) are giving HUGE incentives to homeowners if they choose to short sale a home rather than let it foreclose?
I just got an email from Bank of America a few days ago explaining the program. It’s called a Streamlined, Cooperative short sale, and it has a number of key advantages for the homeowners.
The homeowner is guaranteed a payment of at least $2,500 and UP TO $30,000 if you qualify for this program. This is called “Relocation Assistance.” The program … (1 comments)
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Colleen Coleman
Claremont,
CA
More about me…
Colleen Coleman. Broker
Address: 915-C W. Foothill Blvd., #125, Claremont, CA, 91711
Office Phone: (909) 972-1616
Cell Phone: (909) 230-2178
Email Me
The goal of this blog is to share free tips and inside information with homeowners, home buyers and sellers.
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