by Scott Smith on March 7, 2012
As many as three million borrowers with government-insured mortgages may be eligible for lower borrowing costs when they participate in streamlined Federal Housing Administration (FHA) refinancing, according to the White House Administration on Tuesday, March 6.
The fresh round of changes from the administration affects loans the Federal Housing Administration insures and would reduce fees on those mortgages for borrowers previously unable to borrow at lower rates.
Those using the so-called “streamline” refinance program allows FHA borrowers to win new FHA-backed loans without going through some of the more stringent guidelines that make locking into new loan terms more challenging.
The Obama administration said it will lower the costs on up-front mortgage insurance premiums to 0.01 percent for streamlined refinancings of FHA loans. The White House also said it will cut the annual fee for these refinancings in half to 0.55 percent.
Eligible borrowers for the streamline refinance program must have taken out those FHA loans before June 1, 2009.
The changes to the government’s streamlined refinancing program could help the typical FHA borrower find “significant monthly savings,” according to the administration.
Since mortgage rates are at historic lows and hover around 4 percent, the administration estimates a typical FHA borrower with $175,000 outstanding on their loan could reduce monthly payments to $915 a month and save $100 a month more than the borrower would have under current FHA fees.
by Scott Smith on May 10, 2011
Some challenges residents are facing in the Paradise Valley real estate market and all over Arizona is dealing with loan modifications.
Contemplating Hiring a loan modification attorney?
There is more than one source readily available that might say you don’t need the help of an seasoned loan modification attorney to get your loan modification done. Even though it may be technically accurate that you don’t have to hire a loan modification attorney in order to see results, many people find that hiring a legal professional who works specializes in loan modifications results in “quicker, more effective” loan modifications.
The aid of a lawyer will make the loan modification process go a lot easier. Many homeowners never actually get their loan modified when they try to work with their lenders and are told reasons like “you aren’t late on your payments yet”. By picking the right loan modification attorney to help you with your case, you can rest assured that there will not be any “excuses” from lenders when there should be solutions.
Confer With an attorney
The loan modification process is not effortless – and working with lenders is tricky for two main reasons: first, you get different answers from different service reps every time you contact your lender; and second, they are not set up to help you unless you already know exactly what they want. To get the best loan modification deal, you need the help of an experienced law firm just as if you were going through bankruptcy, you would need an experienced bankruptcy attorney.
Fighting for a loan modification is similar to going to court. You might think that you are saving money by representing yourself, but you will get much better results in the long run by hiring a professional.
