Vital Info About The New HAMP Program!
Hi, that is Kerri from the Bay Area Short Sale Angels. We’re one of California’s number one short sale team. So a variety of you’ve heard of the new HAMP program that is out there. It’s actually not new, it’s been around for a while, but it’s simply obtained a breath of fresh air. President Obama made sure that they modified the rules in order that now in case you qualify for the HAMP program you can refinance your house regardless of how far underwater it is. So that’s nice information for people who have really stayed present on their mortgage and they want to benefit from the low interest rates that are occurring right now. These householders wouldn’t qualify before as a result of their houses have been fully underwater. Now they qualify so long as they fit certain criteria.
First of all, it has to be a Freddie Mac or Fannie Mae loan. There’s an easy technique to find out if your loan belongs to either one of them. Go to their web site and take a look at their loan lookup. The primary one is fanniemae.comloanlookup. Then you possibly can enter your address to search out out. The next one is freddiemac.commymortgage. So in the event you go on those two web sites and you discover out that your loan is owned by either Fannie or Freddie, then you’ll be able to go onto the following qualification. The next qualification is your principle residence. That implies that you’ve got lived in the house for two out of the last five years. So even if you happen to’re presently renting it out, should you lived in it for two out of the last 5 years, then it nonetheless might qualify in your principle residence.
The subsequent qualification is that your mortgage must be at or below $729,750. The final qualification is that it’s a must to be current on your mortgage. You’ll be able to only have one late payment in the last year. So, if your loan matches these {qualifications}, then it’s positively worth your while to see if you can refinance utilizing the HAMP program and lower your interest rate. When you’re planning on staying in your own home, it is a implausible deal.
Once more, I am Kerri from the Bay Area Short Sale Angels where we believe there’s nothing worse than doing nothing. We’re one of California’s primary short sale crew and we look forward to speaking with you soon.
For more information on short sales and how to avoid foreclosure, visit the Bay Area Short Sale Angels blog or you can also contact the Kerri Naslund team and get started today.
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