Dont run and hide if you owe more than the house is worth

Dont run and hide if you owe more than the house is worth

It will happen soon, safety net mortgage programs put in place by the government aboutyear and a half ago, will be pulled due to lower than expected usage.These programs knownin the mortgage acronym worldasHAMP and HARPhave failed to translate into the catch-all they were designed to become, insteadimpacting only about 1/5th of their targetted audience, The failure of these programsis almost entirely attributable to poorly educated mortgage loan originators who fail toeducate themselves on the programs relying on the easy loans to fill their pipelines.

These loans aren't always easy to get into, their are3 bigbarriers to qualification. If you unlock the code and cross all 3 barriers, you win big! The rates on these programs are BETTER then those of the normal loans out there.

In lamens terms, here is what you need:

Cant currently have PMI

Your existing loan has to be oldler than 2009

Loan must be Fannie or Freddie (you most likely wont know but you can contact bestratemoney.com to find out)

Of course, in addition to these hurdles, you must meet the pre-established guidelines of fannie mae or freddi mac.Bbasically, these guidelines require that you aren't spending more than 45% of your GROSS income on all of the things that show up on your credit report (things like utilities, cable, and insurance premiums do not apply). In addition to that, your credit needs to be better than 620 at an absolute minimum. If you have a second mortgage, that can be rolled into this new mortgage.

Even though the government says you can refinanceup to 150% of the value of your home and beyond, most banks have put in place their own guidelines that short that limit and onlyallow up to 125% .

More and more homeowners are growing apathetic in theirsearch to rightside-up their upside-down equity position. Their efforts are often 1 call short of the right call, the call to the guy who actually retained the necessary details of the government programs that most of the mortgage guys wont touch because they didn't.Spend a little time, make that one extra call to the right person... It's worth it if you get it!

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