This is topic home loans in forum General Talk at Northern California Ford Owners .
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Posted by BlowN67 (Member # 4229) on
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has anybody heard or have done the short balance refinace. any pros/cons about it.
Posted by venomous99 (Member # 1917) on
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what is that?ill take a guess but is it a refinance at a balance less than your principle?
Posted by BlowN67 (Member # 4229) on
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heard they re appraise ur house an make a new loan base on that an 1099 on the difference. just my guess i havent done my homework on it to much yet..
Posted by Yaterstang (Member # 7659) on
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Apparently its extremely difficult to qualify for, I would still give it a shot. Its called an FHA secure loan. There's also a variation called the Hope for Homeowners too. Here's some links.
http://www.hud.gov/news/fhahandout.pdf
http://www.hud.gov/news/fhasecure.cfm
http://portal.hud.gov/portal/page?_pageid=73,7601299&_dad=portal&_schema=PORTAL
http://portal.hud.gov/pls/portal/docs/PAGE/FHA_HOME/CONSUMERS/H_FOR_H_CONSUMER_FAQS/H4H_CONSUMER_FAQS.PDF
If you are at the point where you are willing to either walk away from your home, then I would recommend trying to get your loan modified from a licensed company with no upfront fees. The loan modification companies that take upfront fees cannot guarantee their work, because its up to the bank to decide on lowering or fixing your payment and they are not required to do that.
Posted by 2SIK GT (Member # 3381) on
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REFINACING IS ALOT MORE MONEY THEN A LOAN MODS.SO I SUGGEST NOT TO REFINANCE IN THIS SITUATION I HAVE BEEN WORKING ON ALLEAAST 20-30 LOAN MODS.... ALREADY I CAN SET IT UP FOR IT TO WORK. IF I DONT GET IT DONE THEN YOUR MONEY IS GAVE BACK TO YOU AT NO CHARGES.... IF I CANT DO IT THEN YOU GET YOUR MONEY BACK ......ITS SIMPLE. IM CURRENTLY WORKING ON A LOAN MOD FOR COUPLE PEOPLE FROM THIS BOARD IT GOING WELL LET ME KNOW IF YOUR INTERESTED... I JUST DID ONE FOR MY COUSINS HOUSE ......THEY HAVE ENOUGH MONEY TO AFFORD ALOT MORE THINGS...... I FEEL GOOD ABOUT HELPING PEOPLE OUT AND SAVING THEIR HOMES OR SAVING THEM MONEY
[ January 10, 2009, 09:26 PM: Message edited by: 2SIK GT ]
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