note modification: Have You Encountered Financial Difficulties and You Have An Oregon Bond Loan?
- 06/24/09 09:47 AM
I have heard from several Oregon Bond borrowers now who are struggling due to financial hardships, and running in to difficulties due to the owner occupancy requirement and the potential recapture tax provision a homeowner may face on an Oregon Bond loan when they sell their home and their income has increased enough to trigger this provision. Some of these homeowners were trying to get the Home Affordable Refinance or Home Affordable Modification programs to help reduce their monthly payments, but the Oregon Bond Loans are not eligible for these programs that were approved through the federal stimulus packages. I asked … (2 comments)
note modification: A Successful Home Affordable Modification Story!
- 06/08/09 05:45 PM
A call came in this weekend from a client I worked with back in 2005. We had worked together on multiple real estate transactions for her in Southern California, and again on the purchase of her move up house in Ventura County.
Due to the timing of this latest transaction, she was caught - as was all of the equity and savings she transferred to purchase this house - in the economic spiral continuing to drag down some Southern California markets. The calls I was receiving from her earlier this year were pleas to tell her everything was going … (4 comments)
note modification: Southern Oregon Homeowners, You’ve Heard of Short Sales, But Have You Heard Of Short Refinancing?
- 05/05/09 09:31 AM
So, you heard about the really nice low interest rates people are getting on their mortgages, and you thought "hey...I'd like to save money every month to put back in to my budget". You made a call or two, and found out "I'm sorry, Mr./Ms. Homeowner, but we can't help you due to the amount you owe on your home vs. the amount your home is worth in today's market". So, you go back to chugging along, thinking all these stories you are hearing from people and in the news is just a bunch of hooey. Maybe, you're even a little … (0 comments)
note modification: Riding the Roller Coaster of the Home Affordable Refinance Wave
- 04/15/09 02:42 AM
I shouldn't be surprised by the ebb and flow in this business. Real estate markets have always been cyclical, driven by local economic forces and demands. Driven by migration trends related to those demands and forces. Driven by Acts of God. I know this - I've EXPERIENCED these many times over! But what a roller coaster ride we seem to be on today! Weeeeeee.... Home Affordable Refinance and Modification programs are rolled out to help struggling homeowners refinance to today's interest rates or modify their terms in order to help them stay in their homes and stem the tide of foreclosures! Whooosh, if … (0 comments)
note modification: Ready Set GO! Making Home Affordable Programs Readying for April 4th Release
- 03/19/09 03:14 AM
We've been hearing a lot about the Making Home Affordable initiatives, and have been anticipating the release of all the details for the Refinance and Modification programs. The website is up and running today, so many of our answers should be provided. If you are struggling on making your payments, whether you've fallen behind on your mortgage or not, go to www.makinghomeaffordable.gov and see if these programs might be the options you need. If you already applied for a refinance or modification and were turned down by your lender, TRY AGAIN! I have a list of clients who have contacted me … (2 comments)
note modification: REAL Help for Struggling Homeowners On The Horizon?
- 03/04/09 11:22 AM
Although the Making Home Affordable Program is to be made available to struggling homeowners today, and official announcement went out today from the Federal Housing Finance Agency, the banks and mortgage companies have not yet figured out the details of the Home Affordable Modification or Home Affordable Refinance programs. A call made to Countrywide Home Loans today to inquire about Note Modification through the "Making Home Affordable" program resulted in being directed to call back at the end of March. I hope they get on this soon, as some of the people I've been talking to have been teetering on the … (2 comments)
note modification: California Homeowners - Looking for Reasons to Hang On Instead Of Throwing In The Towel?
- 02/12/09 10:33 AM
So, you are "stuck" with a 6.25% interest rate on your 30 year fixed rate mortgage for $400,000. You are bent out of shape because you really were hoping to refinance in order to get a mortgage interest rate in the 4's, like people you know have done recently. Should you say forget it now that you are "under water", throw in the towel, and walk away from your home? You aren't interested in the moral or ethical side of the equation, or are worn down from the constant barrage of tales of woe in the news and from friends and family, … (0 comments)
note modification: Don’t Forget The Taxes and Insurance And Maintenance Expense!
- 02/04/09 03:31 AM
Something I've always made a point of emphasizing with first time home buyers - and with long time homeowners and move up buyers as well - are the "other costs" associated with homeownership. Many first time homebuyers are focused on the principal and interest part of the mortgage payment, and when they use an online loan calculator (or often times when speaking to their loan officer), the attention remains on the principal and interest portion of the payment only. And it recently came to my attention that homeowners seeking note modification may also be focused only on the mortgage portion of … (7 comments)
note modification: Beware! Not All Note Modification and Short Pay Negotiators Are The Same!
- 12/19/08 10:50 AM
There are options out there for struggling homeowners, albeit only a few truly helpful to these families trying to figure out how to stay in their homes. One program is the Streamlined Modification Program, a legitimate program that represents the efforts of a collaboration with the Federal Housing Finance Agency, the Department of Treasury and the members of the HOPE NOW Alliance. Some changes were announced last week for this Streamlined Modification Program: "On Friday December 12, Fannie Mae announced more specific details about the Streamlined Modification Program (SMP) that was announced by the Federal Housing Finance Agency (FHFA) on November 11. … (12 comments)
note modification: Distressed Homeowners Frequently Asked Questions
- 11/11/08 08:14 AM
In conjunction with the Blog Post "Distressed Homeowners, More Help Is On The Way", here are some questions and answers: Q. Can I apply even if I'm not 3 months or more behind on my mortgage payments? A. Not for this program, but there may be other options available to you. Call your lender to see what options are available to you. Q. Should I stop making my payments so I'll be approved for a Note Modification? A. If you intentional default on your mortgage, the lenders will not approve your request for assistance. Q. What is a Note Modification? A. A Note Modification … (2 comments)
note modification: Distressed Homeowners, More Help Is On The Way
- 11/11/08 08:07 AM
Do you own a home, one you have been struggling with making the payments on? Have you given up hope of keeping your home, and stopped making your mortgage payments? Is it your wish to be able to stay in your home, if only the payments on it were more affordable? Homeowners there are rays of sunshine in all the gloom in the housing market. A streamlined approach is being rolled out to help distressed homeowners wanting to stay in their homes. By December 15, 2008, servicers of loans sold to Fannie Mae and Freddie Mac - this is roughly 58% … (4 comments)
note modification: Another Option Coming For Struggling Homeowners in April 2008
- 02/29/08 01:44 AM
In April, Fannie Mae loan servicers will have another option to offer to their borrowers. HomeSaver Advance will be their newest loss mitigation option to look to for delinquent mortgages. The key to this option will be that a borrower can show that the reason that triggered their delinquency - i.e. job loss, medical emergency - has been resolved and they now have the long-term financial capability to not only continue making their scheduled mortgage payments, but the additional amount needed to cure the delinquency. Provided the borrower can establish this, they are willing to participate in this program, they have … (2 comments)
Loving the challenge of a career in mortgage|real estate since 1983, keeping up with the progression of changes in this industry keeps one on their toes. What doesn't kill us makes us stronger, right? Here's to a few more decades of strength building!
I have heard from several Oregon Bond borrowers now who are struggling due to financial hardships, and running in to difficulties due to the owner occupancy requirement and the potential recapture tax provision a homeowner may face on an Oregon Bond loan when they sell their home and their income has increased enough to trigger this provision. Some of these homeowners were trying to get the Home Affordable Refinance or Home Affordable Modification programs to help reduce their monthly payments, but the Oregon Bond Loans are not eligible for these programs that were approved through the federal stimulus packages.
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