Jeremy Drobeck ~ (269) 488-9494 ~ Apply Now ~ Contact Us

Government Help

Government Help Is Here!  HARP 2.0

In early February Treasury Secretary Timothy Geithner & President Obama outlined a plan to help home owners looking to refinance & struggling to make there payments.  On March 4th, 2009 the guidelines for these programs were release and are outlined below.  Call me today to discuss your options!

Refinance Options: Dubbed an Obama Refi this program is designed for homeowners paying their mortgage on time who are unable to refinance due to the lack of equity in their home.

  • Up to 125% LTV
  • Appraisal may not be required
  • NO PMI possible
  • Min. 580 Credit score
  • Loan must be held by Fannie Mae & Freddie Mac
  • Must income qualify
  • There are many restrictions and loopholes.  Call me today to discuss.

 

Modification Options: Designed for homeowners struggling to make their payments because of an interest rate increase or change in income.

  • First-lien loans on owner-occupied properties with unpaid principal balance up to $729,750.
  • All borrowers must fully document income
  • Incentives to lenders and servicer's to modify at risk borrowers who have not yet missed payments when the servicer determines that the borrower is at imminent risk of default.
  • Modifications can start from now until December 31, 2012; loans can be modified only once under the program.
  • The program will share with the lender/investor the cost of reductions in monthly payments from 38% DTI to 31% DTI.
  • Servicers that modify loans according to the guidelines will receive an upfront fee of $1,000 for each modification, plus "pay for success" fees on still-performing loans of $1,000 per year.
  • Homeowners who make their payments on time are eligible for up to $1,000 of principal reduction payments each year for up to five years.

The modifications guidelines are simply an outline.  It is up to each servicer of the loan to decide if & how they will modify a loan.  Call me today for some tips and pointers before you call your loan servicer.  I will help give you an edge before calling.

BEWARE OF MODIFICATION SCAMES
HELP IS FREE!
CALL ME TODAY FOR A FREE CONSULTATION
(269) 488-9494

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