What about responsible homeowners?
Hamilton Mill Dacula Ga Short Sale – Press Release
Keith Gumbinger, a leading mortgage expert, has an interesting proposal for how the government can help responsible homeowners who actually pay their mortgage, help the housing market, and even help whoever owns your mortgage. Say you bought a house for $350,000 in July 2006 — those were the days of 100% financing, so you borrowed $350,000 on a 30-year fixed-rate mortgage at 6.8%. The house is now worth $280,000, but your mortgage balance is $334,000. The current rate for a 30-year fixed-rate loan, if you could get one, is 4.7%. Under Gumbinger’s plan, you’d get a new $280,000 mortgage at 4.7%, and the government would guarantee the other $54,000, on which you’d pay 4.7% interest to the current mortgage holder.
This would reduce your payments by $6,700 a year, or roughly 25%. Your mortgage holder wouldn’t have to take a write-down, because the shortfall would be guaranteed by Uncle Sam. You get lower payments, preserve your credit rating, and save your pride by not becoming a deadbeat. The government is probably on the hook, in one way or another, for some of your shortfall now. This way everyone gets breathing space for the home market to recover. The government’s exposure would shrink over time as house prices begin to rise modestly (or so we hope) and your payments gradually reduce the principal on your loan. You wouldn’t have any equity in your house until its market value exceeds the loan balance plus the government’s guarantee, but then again, you don’t have any equity now.
I’ll show you how to short sale your property and never pay the bank another penny.
Send me an e-mail at email@example.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (770) 866-2561.
Discover how other sellers successfully completed a short sale and request a free consultation .
Thinking about a loan modification? Our Atlanta Home Owner Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender.
Roland is a Real Estate Agent at Better Home and Gardens Real Estate Metro Brokers .
Phone: (770) 866-2561. firstname.lastname@example.org.
Roland Lorans specializes in loan modification assistance and short sales in Alpharetta Georgia . Alpharetta Loan Modification Help, Alpharetta Short Sales. Alpharetta Short Sale Realtor. Short Sale Realtor. Alpharetta GA Short Sales. Alpharetta Realtor.
- A reward for responsible homeowners (money.cnn.com)
- FHA offers help for borrowers with ‘underwater’ mortgages (usatoday.com)
- The Mortgage Mess: Are Solutions Out There? (news.firedoglake.com)
- Home Equity Lines Of Credit: The Next Looming Disaster? (businessinsider.com)
- SFgate.com Government to offer short-refi program (sfgate.com)