Real Estate – An Innovative Way of Not Filing Bankruptcy
The Federal Housing Administration announced FHASecure, a temporary initiative to permit lenders to refinance delinquent adjustable rate mortgages (ARMs) and/or to offer new subordinate financing where the combined loan-to-value ratio exceeds the applicable FHA loan-to-value ratio and geographical maximum mortgage amount.
The FHASecure Eligibility Criteria
Borrowers Current on Their Mortgages
The mortgage being refinanced must be a non-FHA fixed rate or adjustable rate mortgage. Cash out refinances are not acceptable.
If there is insufficient equity in the home, FHA will insure first mortgages where there is a:
1) Write Down. The existing note holder(s) writes off the amount of indebtedness that cannot be refinanced into the FHA insured mortgage (a short pay-off); or
2) New Subordinate Financing. The FHA-approved lender making the new mortgage, the existing note holder or other interested party may take back a second lien by the amount which the payoff is short, including closing costs, arrearages, other reasonable and customary costs that are standard servicing practices and are included in all payoff statements or previous secondary financing if the indebtedness exceeds FHA prescribed LTV and maximum mortgage amount limits; and/or
3) Re-subordination/Modification. The note holder(s) of existing subordinate financing must re-subordinate or modify the existing subordinate lien(s) and re-execute at closing if the lien is to remain in effect after closing.
Borrowers Delinquent on Their Mortgages
How FHASecure Can Help:
The borrower's payment history shows no more than one 60-day late payment or two 30-day late payments.
If the borrower is unable to meet the payment history requirements specified above, the lender may still proceed with the refinance transaction provided that the loan-to-value ratio on the new FHA-insured mortgage does not exceed 90 percent and the borrower has no more than one 90-day late or no more than three 30-day late payments over the 12 month period prior to the rate reset or extenuating circumstance.
An Innovative Way of Not Filing Bankruptcy
****Resources of FHASecure can be located at www.hud.gov
San Diego real estate listings
The only way to pay that off is massive inflation– 10-15% every year for 6-8 years. Worst part is the next President will take the fall for Greed the scope of which the world has never seen. So hold on to that house if you can, in a few years it will be worth three times its present value and that mortgage you can’t afford will represent a year’s salary.
Hotel and Trip Coordinator
Property prices are only beginning to tumble. They will stabilize when they finally hit or surpass equilibrium value as determined by their P/E Ratio.
SD Dental Surgeon
When I saw how the housing prices were going up, up, up and most peoples’ salaries didn’t pay enough to afford them, I knew the market was going to crash three or four years ago. Some real estate dealers and owners were just so incredibly greedy. They ask for a sales price or rent not based on how much they really need to charge to recover their expenses and make a reasonable profit, but on getting the maximum money for themselves, without regard for the effect on society.
San Bernardino Attorney