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See if you are eligible for a Home Affordable Refinance:
Check your Eligibility:
Are you the owner of a 1-4 unit house?
Do you have a loan owned or guaranteed by Fannie or Freddie?
Are you current on your mortgage payments?

Is the amount you owe on your 1st mortgage the same or less than the current value of your house?    (can’t exceed 125% of current market value)
If you answered yes  to all of these questions you quality but only your loan servicer can make the final determination so you need to contact your servicer for more information.

You will need to collect the following information:

  • Information about your mortgage, such as your monthly mortgage statement and
  • Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
  • Your most recent income tax return.
  • Information about any second mortgage or home equity line of credit on the house.
  • Account balances and minimum monthly payments due on all of your credit cards.
  • Account balances and monthly payments on all your other debts such as student loans and car loans
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What are home sales doing now? The impact of the Tax credit is supporting home sales for another quarter. Home sales jumped up by 11% over last quarter.  Some of this is also driven by sustained low mortgage rates. What does this mean for 2010? Have we seen the bottom? I don’t think we have. In my local market consumer expectations of lower prices next year are driving demand for homes down at this time. If you have a home that you have been trying to sell and it’s price right (holding everything else constant) but hasn’t sold after 6 months this may be why. Until consumer expectations about lower prices changes (which probably won’t happen until another 12-18 months) I’d rent it out.  If you must sell then contact me at yrussell@ramx.net We specialize in handling distress properties.

 by Yvonne Russell

 

 

 

The opinions expressed here are my personal expert opinions as a realtor and are to be used  for general information purposes only.  
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