If you have a first loan with GMAC and you owe more than your home is worth we may be able to help get you a Short Refinance.
There are a few programs available:
1: Short Refinance for Negative Equity Loans: You must be Current on your mortgage payments.
You must owe more than your home is worth on the FIRST loan by 10%.
For this program your loan can not be FHA. I may be able to work with your lender to get you a new
loan at 97% of current market value. Other lenders may participate as well.
2: Streamlined Refinance: This is where your current on your payments but you owe more than your home is worth. Your first loan is FHA, Fannie or Freddie. WE go in and get you a Streamlined Refi with no appraisal needed. You get a lower interest rate which should reduce your payment but not your principal.
3: principal reduction modification alternative:
This is for those home owners who live in their home
originated their loan on or before 1/1/09
having a financial hardship not too much money at the end of the month, but if we were able to reduce your mortgage you could afford the new payment.
your first mortgage balance is at or below $729,950.
Your FIRST mortgage payment, including principal interest taxes and insurance is more than 31% of your gross income. The goal of the lender is to reduce your payment to 31% so your payment must be greater than 31% of your gross income of whomever is on the loan.
This is the initial criteria. There are other guidelines that we can go thru. We help our clients know if they qualify before submitting their paperwork although there is no way to know for sure if you do.
If you are still current you have the most options available and may still qualify for a short sale.
In some situations a short sale may be your best option depending on how late you are and the balance of your loan.
For more information please contact JoAnna Jensen
Legal Realty
925 699 5041
efax 925 520 4918
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