There are cases where the homeowner
realizes they owe more than their West Sacramento home is worth but
want to stay for any number of reasons such as the payment is equal or cheaper
than rent, they have children graduating school in the next year or two and
don’t won’t to change school districts, their situation is temporary or any
other number of typically emotional reasons. We have helped a number of folks
stay in their home for just these reasons.
So let’s look at what is out there.
Now keep in mind this is not an all-inclusive list but a generality and in
every case the underlying investor has to be willing to participate.
HAMP – the Home Affordable Modification Program through the
servicers offers loan modifications, refinancing under HARP I & II, principle reductions and forbearance.
In each and every case you must have a verifiable hardship, your current
payment must be greater than 31% of your gross monthly income and your investor
must participate.
Chances of a principle reduction are
remote and barely 5% of those who apply actually receive a full recast loan
modification with 58% of those going back into default less than 9 months
later.
The Keep Your
Home California Programs include UMA which offers up to $27000 in
assistance when you are temporarily unemployed, MRAP which offers up to $25,000
to help you get caught back up on your late payments, PRP which offers up to
$100,000 towards a principle reduction and TAP for those times when the only
alternative was short sale or foreclosure. This program offers up to $5,000 in
relocation assistance. In all cases your house hold income must be 120% or less
of the Adjusted Income medians for your specific county.
As mentioned before, each servicer
and investor is different. For a better idea if one of these programs fits your
situation give me a call and we’ll help you find out free of charge.
To get a better idea of when your West
Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info
for a free estimate or call me today for a free no obligation consultation or
for the latest West Sacramento short sale information. Call me
today and sleep better tonight; you’ll be glad you did
No comments:
Post a Comment