Welcome to the Homes4SaleUtahRealEstate.com Blog

2012-02-03 07:21:34
Obama Refinance Program Details..Do YOU Qualify?

SMLogo

 

THE DETAILS:

*  The owner is allowed to have only missed one payment in the past 6 months. That shouldn’t be too large of an obsticle for most owners to overcome……but….

* Owners who are underwater by more than 40% must get their lender to agree to forgive the negative equity. LENDERS must agree to do this. Lenders would have to get investors to agree to this forgiveness.

* Mid 500s credit score.

* No Jumbos. ‘Qualifying Loans’ only. Loans must be less than $725,000 (or there abouts). Remember, the max loan amount differs depending on where the home is located.

* The negative equity is STILL ON THE LOAN with this re-fi plan. Owners would get a lower payment but, still be underwater. When these owners go to sell and if they were still underwater they would have to sell as a short sale or lose the home through the foreclosure process. As long as owners are underwater there will never be a real housing recovery.

* This proposed plan is open for non-GSE backed loans. In other words, the banks would be dumping these less than stellar assets onto Fannie and Freddie..and, the tax payers. What was private debt becomes public debt.

* Congress has to sign off on this housing plan.

 
Blog Archive
2017-01-02 11:10:21
Here's to a Wonderful 2017!

2016-12-26 14:41:15
Top 5 Reasons You Should Not For Sale By Owner

2016-12-23 12:01:49
Existing Home Sales Surge Through The Holidays

2016-12-22 10:01:07
The Fed Raised Rates: What Does that Mean for Hous

2016-08-11 09:33:51
Luxury Home Sales & the Impact of the Stock Market

2016-08-10 07:51:28
Home Sale Up in Every Price Range over $100K

2015-09-21 14:05:05
Beautiful Murray Home For Sale

2014-11-28 03:07:53
Existing Home Sales Rose in October

2014-10-28 10:43:22
Q3 Home Sales Report Salt Lake County

2014-10-27 14:59:15
Lenders Step Up to Help VETS

2014-02-15 23:55:52
Washington's Birthday - President's Day

2013-08-07 18:39:56
High Tide for Area Second Home Investors?

2013-07-02 05:46:10
Area Home Listings May Not Be on the MLS

2013-06-17 06:14:41
Selling Your Home This Summer?

2013-06-16 06:10:48
Mining Underlying Value in Utah Short Sales

2013-05-28 07:05:29
Virtual Tours Separate Looky-loos from True Pro

2013-05-06 07:08:27
Buying a Local Home is an Opportunity to Quiz the

2013-05-01 07:35:49
Utah Real Estate Market Watchers Find Another Surp

2012-11-21 23:53:47
ShirLee McGary Earns CRS Designation

2012-10-01 05:53:08
Local Buyer Agent Boosts Short Sale Odds

2012-09-29 07:09:24
Horse Property in Bluffdale Utah

2012-09-29 07:06:13
Great for First Time Home Buyers or Investors

2012-04-02 12:07:16
NAR Reports Investor Sales Jumped 65%

2012-03-30 06:19:42
FOOLISH MONEY MISTAKES

2012-03-24 10:27:48
January Case-Shiller Composite - 20

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.