Arizona Mortgage Rates For November 7 2008
Mortgage Related News This Week
After talking to hundreds of homeowners who owe more than their house is worth over the last year about FHA Secure, FHA Hope for Homeowners and Loan Modifications - we have come up with another possible solution for people who currently owe more than their house is worth — the FHA Short Refinance.
The FHA Short Refinance works much like a short-sale except that the current homeowner stays in the home, the current lender agrees to write down the principal balance of the loan so that the current homeowner can get into an FHA fixed rate loan.
We are not the first loan originators to dip our toes into this water (h/t to Brian and Paul for sharing their wisdom with us) but because we talk to so many people each week who are in this situation, we have decided to see if we could help them.
So there is the earth-shattering news for the week: we can possibly now help some of those people who currently owe more than their home is worth.
Oh, and I guess I should mention that we elected a new president as well since that doesn’t exactly happen every day… Congratulations to President-elect Obama and his staff. Could you please now wave your magic wand and fix everything that is wrong in the world? I think I saw on MSNBC that you had a plan for that.
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