Government Programs For Upside Down Mortgages

A new report released wednesday said nearly 60 percent of Las Vegas homeowners are “upside down. The government will take steps to verify the information. Borrowers are allowed to have their loans.

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4. Reverse Mortgage: With this type of mortgage, which is available to seniors 62 and older, instead of paying a lump sum, the lender cuts a monthly check to the borrower. At the end of the term, the bank owns the home. Reverse mortgages are typically no doc loans meaning that you don’t need to document your employment, income, or assets. 5.

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Getting government help for an upside-down mortgage starts with negotiating with your lender and then consulting agencies like the FHA to modify loan terms.

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While there are a range of government. down right now, said Grissett, a 39-year-old business analyst with blue cross blue Shield. If you don’t have any equity in your home, there’s no way you’re.

As the popular HARP program ends, FHFA will roll out a new program that will give more underwater homeowners the chance to refinance.

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Filed under FHA streamlines, Government Mortgage Financing Programs News, HARP Program Loans or The Obama Refinance Program, Upside Down (Underwater) Mortgage Programs As predicted, the new FHA streamline program that launched in June created a massive stampede of FHA streamline refinances over the last month or so.

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The main way to refinance your mortgage if you’re underwater is through a government program called the Home Affordable Refinance Program, or HARP. Most lenders offer this program through Fannie.

 · What can you do about an upside down mortgage loan? Can you sell or refinance the home when you’re in this boat? Is there any help for upside down homeowners? These are the questions we will address below. A Resource for Upside Down Homeowners. As the number of upside down homeowners has grown, so too have the number of programs available to.