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Housing Commission: Reverse Mortgages and Alternatives Must Remain

on Feb 26, 2013 in FHA Information | Comments Off on Housing Commission: Reverse Mortgages and Alternatives Must Remain

Question by Penny76: Has anyone been able to get a Fannie Mae loan modification? My mortgage is current and always has been. I believe I meet all the requirements for a loan mod. I have applied through my credit union twice and have been turned down twice. Obama made it sound like everyone that met making home affordable requirements could get one! Do I need to skip a payment? I’m barely making it from paycheck to paycheck! Best answer: Answer by RebeccaThen you are over extending and need to sell and buy a home you CAN afford. The Credit Union surely gave you a reason for the denial for TWICE already. Don’t ruin your credit by skipping payments then finding out you still do NOT qualify. Know better? Leave your own answer in the comments! Question by Dave: Foreclosure Prevention Methods – Can the owner do a short sale on their own property? If some lenders are willing to take less from an outside investor, approved would they consider doing this directly from the owner? Possibly taking less for the home and refinancing it for the owner? We have not started foreclosure. In the last 6 months we have negotiated missing one payment and repaying another over 6 months. The mortgage has not been 1×30 as of recently, ask but was 1×30 about 6 months ago. Forgot to mention, visit yes we would like to keep the house and there is about 10-15% equity. Selling would not work, since hard prepay is very high, plus agent fees and other fess. Best answer: Answer by DJ BNo, they want what you promised to pay. They aren’t in the charitable business. If you default, it’s foreclosure. You could consider deed in lieu of foreclosure, but some companies aren’t accepting that. They want their money. Keep in mind as well, they could file a personal judgment lien or file a 1099 with the IRS for the balance if the property sells for less than the mortgage balance. If you need help call this number 888-995-HELP. It is a HUD approved counseling service that may be able to help you. Add your own answer in the comments! Question by gianinni: Best way (affordable) to purchase a home? My girlfriend and I are both 56 years young and neither of us have ever purchased a home…What is the best way for us to go? Our present landlord has offered to sell us the house and we are seriously thinking about it. I thought asking all you fine people for advice would be the best place to start…thank you. Best answer: Answer by alterfemegoI suggest you contact several local lenders to see what you qualify to purchase. Each lender will have different programs and you need to select the one that best suits your financial situation. You could write an offer on your own, treatment or have a Realtor help you. Or hire an attorney. Know better? Leave your own answer in the comments! Mortgage Rates: Italy's Election May Have Positive Results on Loan Rates Current FHA 30 year fixed mortgage interest rates are as low as 3.250%, pharm FHA 15 year fixed mortgage rates are as low as 2.750% and FHA 5/1 ARM loan rates are as low as 2.250%. While FHA loans are especially popular with first time home buyers because … More informaiton please visit here… Raising FHA's Game However, like it or not, the FHA may have averted an even steeper decline in housing prices and higher mortgage rates had it not stepped in during the crisis when private capital evaporated...

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