Are you a homeowner who wanted to refinance to get the incredibly low interestrates available on fixed rate home loans? Maybe you wanted to trade-in your adjustable rate mortgage for one of these shiny low fixed rate jobbies? You heard about those interest rates that people have been getting that are in the mid-high 4% ranges, and wanted to put some of that interest savings back in to your own pocket, but WHAMMO - you found out that bank owned foreclosed homes and short sales have been driving the bus when it comes to current market value for you home. Even if you were turned down on your refinance or note modification request, you should try again after April 4^th.

Have you heard of the Home Affordable Plans that are rolling out April 4, 2009? The Home Affordable Refinance and Home Affordable Note Modification programs are designed to help homeowners who have been unable to refinance find a way to stay in their homes and avoid foreclosure. No longer does a homeowner have to default on their mortgage in order to get help. Nor, if you are trying to refinance vs. have your existing loan terms modified, do you need to get in line and wait for your existing lender to respond to your request - you may go to any participating lender, including mortgage brokers who work with MANY different lenders. 

Some keys are that you have verifiable income, are financing 80-105% of your home's current market value and have an existing "agency loan" (Fannie Mae/Freddie Mac). More details are being released soon, including pricing structure, but if you were turned down due to your appraised value, TRY AGAIN! If you were told by your existing lender that they couldn't help you because you have been making your mortgage payments on time, TRY AGAIN!

We're gearing up for the Home Affordable Refinance candidates here in Southern Oregon, and I'm helping my California clients who have been deeply affected by declining market values look in to the Home Affordable Refinance program, and point them in the right direction if note modification is what they need to stay afloat financially. Have you looked in to these programs to help you stay in your home in these difficult economic times?

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com