1) You must be current on your mortgage
2) You must have less than 3 percent equity in your property
3) You must have a loan that will have an interest rate reset starting
What you need to do is call the federal government’s tool-free mortgage crisis help line at 1-888-995-HOPE to see if you qualify for assistance. Or you can talk to a housing counselor at the Department of Housing and Urban Development to refinance your mortgage at a lower rate through the new FHA Secure plan. You can go online to www.hud.gove/news/fhasecure.cfm to get contact information or call 1-800-CALL FHA.
2 comments:
What about the folks who have loans that reset before Jan 1 and are now being priced out of their own homes by successiver resets. Is there any hope for them? Where can they get refinanced??
It's true, if you are locked into a high interest rate, you can always look into mortgage refinancing in order to save you money for the long haul. Refinancing depends on a multitude of factors. These factors include your current interest rate, the new potential rate, closing costs, if you have bad credit mortgage and how long you plan to stay in your home. If you have an adjustable rate mortgage that will be resetting to a much higher rate, an avalanche of bills heading for collection, or too much outstanding credit card debt, you might be able to bail yourself out with a timely refinance. Fixing your rate before your credit gets worse, or getting cash out to consolidate debt and lower your total monthly payments may help you stay on your feet. Even borrowers with poor credit histories may benefit from refinancing. You owe it to yourself to rethink your situation and see if you're one of them.
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