What is a Home Affordable Refinance?
If Fannie Mae or Freddie Mac owns your mortgage, you may be eligible for a Home Affordable Refinance, which would allow you to refinance your home, and possibly reduce your monthly payments.
What if I Don’t Qualify, Can’t Afford My Home and Owe More than it is Worth?
Keep in mind that you are not alone, and that foreclosure is not your only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. A short sale allows you to sell your home for less than what you owe to avoid foreclosure.
TeamCox Realtors is a Denver Certified Distressed Property Expert CDPE, who has undergone extensive training in navigating and negotiating short sales. We can help you determine if you qualify for a short sale.
According to the resources released by the government, the qualifications for a Home Affordable Refinance include:
-You are the owner occupant of a one-to-four unit home
-Your property’s loan is owned or securitized by Fannie Mae or Freddie Mac (see resources on this bulletin).
-You are current on your mortgage payments, meaning that you haven’t been more than 30-days late on your mortgage payment in the last 12 months, or you have never missed a payment on a loan that is less than 12 months old.
-You believe that the amount you owe on your first mortgage is about the same, or slightly less, than the current value of your home.
-You generate sufficient income to support the new mortgage payments, and a refinance improves the long-term affordability or stability of your loan.
Should you Hire a Third-Party for a Mortgage Modification
If you are considering a mortgage modification, then you have probably started to take notice of the slew of companies advertising to help you negotiate lower payments or a reduced loan balance with your mortgage company. While these offers are tempting, you should be very cautious prior to entering into a relationship with any of these organizations. According to a recent White House Press Release, “One tip-off that an offered service may be a scam is that it asks homeowners to pay upfront fees, officials said at the news conference. They stressed that none of the new programs announced by the Obama administration in recent weeks required any upfront fees.” Always make certain that a third-party is not charging upfront fees to assist with a loan modification.
Be very cautious of the organization’s affiliations, since many companies include words like “Federal” or “Government” in their names that are in no way affiliated with the government. If an organization claims to be affiliated with the government, or with the Obama administration, ask for their website address and do some research.
Don’t Delay
Since each passing day is important while exploring options related to your mortgage, don’t delay working with your mortgage servicer or lender to find a solution to your specific issue.
If you are a distressed homeowner in the Denver area, who is looking to avoid foreclosure, please contact TeamCox Realtors – your Denver real estate specialists – at 303-400-6060. We are here to help you explore all of your options to avoid foreclosure.
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If you are looking for a home in Denver and the surrounding area then contact TeamCox for professional Real Estate Assistance