| Author |
Previous Topic | Next Topic |
|
gatorbroker
9 Posts |
 Posted - 07/13/2008 : 08:23:29 AM
|
Last year I heard something about a law that had been passed where subprime lenders had to refinance arms that are adjusting within 30 days at the original interest rate. Does anyone know the facts?
Thanks |
|
kellamtom
617 Posts |
Posted - 07/13/2008 : 08:33:11 AM
|
| its called fha secure |
|
|
gatorbroker
9 Posts |
Posted - 07/13/2008 : 08:41:01 AM
|
| This person is not in forclosure and has never been late on the loan has a 728 mid now.... can they still qualify? The only issue is the home won't appraise at amount owed now due to short sales and forclosures. They will have to come up with 45k to refianance at a LTV of 95%. The loan amount is now at 545k and appraised value would be around 499k. |
|
|
kellamtom
617 Posts |
Posted - 07/13/2008 : 09:18:21 AM
|
| if it's a florida prop you're out of fha loan limtis |
|
|
jvanpetten
2402 Posts |
Posted - 07/13/2008 : 10:10:28 AM
|
| They need to contact their current lender and work out an agreement to modify the loan. |
|
|
davidfr
965 Posts |
Posted - 07/13/2008 : 5:01:52 PM
|
quote:
Originally posted by kellamtom
if it's a florida prop you're out of fha loan limtis
Actually there are 2 or 3 counties where you are okay with FHA loan limits, but if you are underwater you still probably have to do a loan mod. Unless of course this new FHA modernization bill actually passes and is able to handle situations like this. |
|
|
kellamtom
617 Posts |
Posted - 07/13/2008 : 8:11:27 PM
|
quote:
Originally posted by davidfr
quote:
Originally posted by kellamtom
if it's a florida prop you're out of fha loan limtis
Actually there are 2 or 3 counties where you are okay with FHA loan limits, but if you are underwater you still probably have to do a loan mod. Unless of course this new FHA modernization bill actually passes and is able to handle situations like this.
you might be able to negotiate a short refi |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
