A housing rescue bill has passed through the House and Congress this week. It’s next stop…President Bush. There is much talk about him signing this bill the first part of this week!
This bill will help HUNDREDS OF THOUSANDS of homeowners, facing foreclosure, refinance OUT of foreclosure! This is a very exciting program that will help many people stay in their homes.
Once the bill is signed by President Bush this week, I will follow up with more detailed information on how this can help anyone refinance out of foreclosure.
But at this point, I encourage you to contact me to get on my list of people I will call immediately, once I’m able to help with this type of refinance!
I look forward to helping you!
Filed under:
Foreclosure
we are in a forclosure situation. My boyfriend had been laid off for a while and I worked really hard to keep up with the mortgage payments, we had our loan remodified and that only helped out when he got work, he got laid off again. We found out that sometime during the modifacation that there was a huge miscommunication process which was VERY stressfull for us and we were told we would be on a fixed rate and in the end it wasn’t now our payments went up almost $700.00 more the when he first bought the home, and is due to go up in oct. I can’t even come up with the payment now, whats worse is the bank (countrywide) won’t even help us get a lower payment they said we are best off selling. which our house is on the market but in the same breath they said that as long as we don’t send in the FULL payment it won’t help sending in what we can afford. and with the bill Bush sign they can’t help till october which will put us about 7-8 months behind what can we do? Can you help us please
I did leave you a message at the phone number you provided.
In the meantime, I wanted to leave this with you…
If you are currently behind in payments, you may have a shot at getting approved for a refinance if you have a good amount of equity in the home still.
Otherwise, your best option is going to be the new mortgage program that was just passed by the new housing bill. As of October 1st, your current mortgage holder may agree to reduce your principal balance, in order to qualify for a refinance up to 90% of the homes current value. Regardless of your credit and current mortgage lates, you can be approved by showing you can afford the lower fixed mortgage payment.
You see, your current lender does not want foreclosure as much as any homeowner. For the lender, it costs them a lot of money and time to do this process, especially now that millions of people are in foreclosure. So, it may cost your current lender less money and time to take a loss on the mortgage amount you owe them and get you into a loan that is insured by the federal government.
I will be happy to talk to your current lender after October 1st about getting you out of this situation.