Lower Mortgage Payments – Three Scenarios

February 25th, 2009 by michael e. riley

Refinancing Under New Housing Plan can be confusing.  Below examples provided by the US Treasury Department will help you understand the new Homeowners Affordability and Stability Plan (HASP).  Find out if you can refinance or lower your mortgage under the new plan.

Family A: Access to Refinancing

  • In 2006: Family A took a 30-year fixed rate mortgage of $207,000 on a house worth $260,000 at the time. (The family put just over 20% down.) They received a Fannie Mae conforming loan with an interest rate of 6.50%.
  • Today: Family A has about $200,000 remaining on their mortgage but their home value has fallen 15 percent to $221,000.
  • Their “loan-to-value” ratio is now 90%, making them ineligible for a Fannie Mae

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Reduce Your Mortgage – 5 Things You MUST Know About The $75 Billion Housing Plan

February 23rd, 2009 by michael e. riley

Presently the banks are often unable to help reduce mortgage rates for homeowners that are current on their loans. The Obama’s proposed plan is designed to alleviate the situation by encouraging banks to refinance or modify mortgages for responsible homeowners even if they are not yet behind on their payments.

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Posted in In The News,Loan Modification Help Closed

Banks Must 'Step Up' To Help Stop Foreclosure

February 19th, 2009 by michael e. riley

Housing Secretary Shaun Donovan said Thursday in an interview that it’s critically important that banks and lending institutions “step up to the plate” to help make certain the Obama administration’s new home foreclosure initiative succeeds.

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Posted in Legal Closed