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flajack
5 Posts |
 Posted - 07/06/2008 : 12:18:25 PM
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My name is Jack Lewis and I have just completed a refinance for a couple who could have lost their home due to the declining home values and their mortgage interest rate increased to 10.25%. This is happening all over Florida and the country. Mortgage Lenders are willing to reduce the principle balance if homeowners are willing to leave the home and sell the property?! This process is called a “short sale” and is responsible for property values to decline. If Mortgage Lenders who accept less on a “short refinance”, instead of only reducing the principle balance on “short sale”, homeowners could stay in their homes and their property values would not be affected!
The refinance we did was for a homeowner working in Iraq and his wife is disabled living in Deltona. Congressman Tom Fenney was a driving force in this success story. Congressman Fenney and HUD contacted the mortgage lender and suggested they revisit this transaction. They did and we closed on Friday in an emotional closing. The lender reduced the principle balance by 55K and the new mortgage was an FHA insured mortgage at 6.25%
The only way we are going to stop the declining property values is to promote the lenders who are willing to work with distressed homeowners and expose the mortgage lenders who are forcing homeowners into foreclosure.
There are thousands of homeowners who need this process to survive and stay in their homes.
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kellamtom
633 Posts |
Posted - 07/07/2008 : 05:23:48 AM
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working in iraq, i had a cousin who worked for haliburton for a year and wz bringing home 10k mthly as a contractor this compared to his 2500 monthly here in the states, he wz rolling
another lo in our office wz working on a couple of short refi, it's been 4 mths and still not closed, if all lenders were accepting the short refi then we'd be experiencing the refi boom all over again. |
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ratewar
66 Posts |
Posted - 07/07/2008 : 06:14:38 AM
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| Not to rain on your parade, but if all lenders were willling to short refi no lenders would ever be willing to lend at all. lenders have a right to insist that the loan the made is paid as agreed. After all they did not purchase the home, if the value had soared they would not have profited one cent more then the original loan was set up to pay them. Yes its easy to be short sighted and would'nt we all like a refi boom to come along about next week. But be careful what you wish for it might just close your doors. |
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