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hud: FHA'S SHORT REFI PROGRAM FOR NEGATIVE EQUITY HOMEOWNERS - 08/17/10 11:33 PM
                                                                                                        
So FHA is boasting about launching it's new short refi program for underwater homeowners.  Woot, woot.  Have you actually LOOKED at their requirements?  It reminds me of the evil stepmother in Cinderella who tells the girl that she can go to the ball "IF" she can get an impossible amount of work done.  In other words, "NOT GOING TO HAPPEN!"
The U.S. Department of Housing and Urban Development (HUD) Mortgagee Letter 2010-23 lists the eligibility requirements for lenders and negative equity homeowners.  The first glaring issue is that the lender participation is "voluntary" and "requires the consent of lenders."  … (6 comments)

hud: Mortgage Balance Reduction Details Being Released - 03/30/10 03:21 PM
According  to several articles I recently read, the the new Obama Administrations Mortgage Balance Forgiveness Program will not be available to all homeowners in all markets. This begs the question of  how many homeowners WILL actually qualify?  And the investors (banks) still have to agree to participate.  So how many lenders will really do this?
Qualifications for the program:  It will write down the 1st lien prinicpal to 97.75% of the home's value.  Some homeowners will have their negative equity wiped out to the point where they in fact have some equity!  The 1st and 2nd will be 115% LTV.  Section 14B in … (1 comments)

 
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Michele Ashbarry

San Diego, CA

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Realty Partners

Address: San Diego, CA

Office Phone: (760) 440-9812

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