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An underwater mortgage, also known as negative equity, is when you owe more on your home loan (either a primary or a second mortgage) than the property is currently worth. In other words, the ...
FHA loan modification: There are a few options for an FHA loan modification, ... (an underwater mortgage). Your lender will need to approve this type of sale, and it can have tax implications. ...
If your original loan is an FHA loan, you might be able to qualify for a streamline refinance. Unfortunately, Home Affordable Refinancing Program (HARP) loans were sunset in 2018, and Fannie Mae ...
The homeowner must not have a previous HARP refinance of the mortgage, unless it is a Fannie Mae loan that was refinanced under HARP during March–May 2009. The homeowner must be current on their mortgage payments, with no (30-day) late payments in the last six months and no more than one late payment in the last twelve months.
For example, let’s say that your current mortgage loan balance is $360,000. But your home is only worth $300,000. In that case, you would have negative equity of $60,000.
The program was built as collaboration with banks, services, credit unions, the FHA, the VA, the USDA and the Federal Housing Finance Agency, to create standard loan modification guidelines for lenders to take into consideration when evaluating a borrower for a potential loan modification. Over 110 major lenders have already signed onto the ...
The long-awaited rules that will allow homeowners with underwater mortgages to refinance using Federal Housing Authority (FHA) loans were finally announced by the FHA in a letter to mortgage ...
“An FHA streamline refinance can be costly due to mortgage insurance premium calculations depending on how long you have owned the house, so make sure to explore all your options and have a ...
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