home foreclosure HELP where do we go and how do we start refinancing?
Wednesday, July 21st, 2010 at
2:42 pm
Wasn’t the bailout suppose to help homeowners refinance if they were facing foreclosure? How? Was there any agency or website to go to in order to start the process?
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Tagged with: Foreclosure • help • home • refinancing • start
Filed under: home buying
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No the bailout did not include help for delinquent homeowners.
You need to deal with the refinancing on your own. Start with your current mortgage holder and see if the will lower the interest.
Here is the forclosure message board on creditboards.com
You will find a lot of helpful people and its free.
http://creditboards.com/forums/index.php?showforum=77
Help, I need somebody,
Help, not just anybody,
Help, you know I need someone,
Help!
When I was younger, so much younger than today,
I never needed anybody’s help in anyway.
But now these days are gone, I’m not so self assured,
Now I find I’ve changed my mind, I’ve opened up the doors.
Help me if you can, I’m feeling down
And I do appreciate you being ’round.
Help me get my feet back on the ground,
Won’t you please, please help me?
And now my life has changed in oh so many ways,
My independence seems to vanish in the haze.
But every now and then I feel so insecure,
I know that I just need you like, I’ve never done before.
Help me if you can, I’m feeling down
And I do appreciate you being ’round.
Help me get my feet back on the ground,
Won’t you please, please help me?
When I was younger, so much younger than today,
I never needed anybody’s help in anyway.
But now these days are gone, I’m not so self assured,
Now I find I’ve changed my mind, I’ve opened up the doors.
Help me if you can, I’m feeling down
And i do appreciate you being ’round.
Help me get my feet back on the ground,
Won’t you please, please help me?
Help me,
Help me,
Ooooooo.
The FHA has a loan program you an try to qualify for, although the requirements and terms make foreclosure seem the more beneficial resolution to your situation.
1. You have to show that you can not afford the payments.
2. Your mortgage-to-income ratio must be below 31% of your gross income.
3. Your tax statements must be used to qualify you for the new loan. If you had a stated income loan before, you probably won’t qualify.
4. Any second mortgage must be paid off before the FHA will refinance.
5. You must have a down payment of at least 3.2% of the new loan.
6. Your new interest rate may be .25-.50% below the norm, but you must pay a 1.5% insurance fee, which could raise the costs.
7. If you sell in the next 5 years, you have to split any proceeds with the FHA (up to 90% would go to the FHA).
8. This can only apply to your primary residence.
9. The max loan amount is based on the current market value of your home; your bank must be willing to write down the mortgage if you are underwater.
That’s the best the government can do. It’s quite a bit worse than a regular foreclosure loan or a hard money loan. But if you want to give it a try, contact the FHA. In the meantime, it would make sense to work on other solutions, too, and not trust solely in the government.
Good luck.
ForeclosureFish
Hi, there’s a foreclosure FAQ here: http://www.lawfirms.com/resources/real-estate/foreclosure/foreclosure-faqs.htm
Maybe that will help?
You have a number of choices here. Firstly, you should know that you CAN stop home foreclosure. My brother-in-law just went through this with his family. It’s not easy, but you can do it.
There is something called a “loan modification” which you might be able to talk to your lender about. Lenders really hate having to foreclose. It’s an expensive process and the last thing they want to do is take over a house and then try to sell it. It’s not what they are in the business of doing.
I would attempt loan modification first. There may also be options available through the FHA. Their new loan guidelines are very flexible and can help people who may be in trouble.
The best option might just be to get someone on the phone who can help you. You can find some of those choices below. Hope this helps.
Good luck!