Check out these sites to see if you qualify to redo your mortgage

[Randy Kaar]

The main site is:       http://www.zillow.com/refinance/ 

The other site is:     http://www.makinghomeaffordable.gov/

The 2nd website is the one where you fill in the information, if you do not know the answers, it will walk you thru it and take you to the direct sites that are needed. The paperwork has just started to be sent out to the lenders so they caution patience. It also details what you need paperwork wise, before you contact your lender



This is the goverment program for people that are having problems paying the high mortgage rates,
If you qualify, your mortgage company has to redo your mortgage at no additional charge.
or so the wife says..
hope it helps someone...


randy

[Woody]

Thanks for posting this Randy.   

[dakids]

Thank you Randy!!!!

[Randy Kaar]

This just came out today,

The Treasury today unveiled the guidelines for its new “Making Home Affordable” loan modification plan, which aims to help seven to nine million homeowners.

The “Home Affordable Refinance” program will be available to roughly four to five million homeowners with “solid payment history” on existing Fannie Mae or Freddie Mac loans.

However, borrowers must also provide a letter of hardship, explaining a change in circumstances or a rise in payments that will lead to foreseeable default.

Meanwhile, the “Home Affordable Modification” will strive to help three to four million at-risk homeowners and those already in foreclosure by reducing monthly mortgage payments to as low as two percent.


    *  There is no minimum or maximum LTV ratio for eligibility purposes.

    * Loans can be refinanced or modified up to the current high-cost jumbo loan limit

    * Loans originated on or before January 1, 2009 are eligible

    * Borrowers must fully document income, sign an IRS 4506-T, provide two most recent pay stubs, most recent tax return, and sign affidavit of financial hardship

    * Loans must have been originated on or before January 1, 2009


The Home Affordable Refinance program ends in June 2010, while the loan modification program will run from now until December 31, 2012 (loans can only be modified once).

“Treasury announced today that the Making Home Affordable program will also include additional incentives for efforts made to extinguish second liens on loans modified under this program.”

“Extinguishing second liens will make mortgages more affordable, improve loan performance, and help prevent foreclosures.”

Second mortgages will not be included in the front-end debt-to-income ratio, making it a whole lot easier to get the housing payment down to the desired target of 31 percent.
For more info go to http://www.FinancialStability.gov.




randy

[sandmannd]

Thank you for all the information Randy. I'm going to have to look into this for sure.

[Randy Kaar]

Hope it works out for you! We are qualified for it, If we can save
a couple hundred a month. yea!

randy