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In the wake of 2007's rising foreclosure rates, the U.S. government negotiated with a series of mortgage-service companies to create a "Mortgage Rate Freeze" program to alleviate the financial strain of resetting interest rates for subprime borrowers in 2008. In theory, this program is designed to not only benefit a targeted group of homeowners but the economy as a whole by reducing foreclosures and, therefore, downward pressure on real estate prices. There is a wide range of estimates on the number of people this plan will help.As many as 1.2 million estimated by the Mortgage Banker Association.
The obvious benefit of the rate-freeze plan is for subprime borrowers who are facing an interest-rate reset in 2008. This plan could freeze their payments for five years, providing a lot of breathing room for those facing a payment they can't afford. Ideally, during this time, the homeowner will be able to build up enough equity, either through price appreciation or principal payments, to refinance at a lower rate, which generally requires the home owner to have about 20% equity in his or her home. |
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| What are the basic criteria for Loan Modification? |
| Min/Max LTV: |
None |
| Min/Max DTI: |
Near 100%, $100-$300, $500 max spendable cash after expenses |
| Min/Max FICO: |
None |
| Current or Late on Mortgage? |
Either |
| NOD vs NOS: |
May be able to temporarily stop foreclosure process |
| Self-Employed vs Wage-Earner: |
We can work with both |
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