Recently
Ocwen launched their new Shared Appreciation Mortgage. The Shared Appreciation
Program offers another twist to Principle Reduction and West Sacramento Short Sale.
Under
the program, those who qualify Ocwen will:
1)
reduce the principle to 95% of Fair Market Value (FMV)
2)
Reduce the interest rate on the remaining balance and
3)
Waive their right to seek a deficiency on the forgiven debt 1/3 each year if
the borrower stays current for the next 3 years.
So,
what's the catch you say? The understanding is that when you go to sell now at
a profit instead of a loss, you agree to give Ocwen 25% of the appreciation if
and when you sell.
Now
think about that for a minute. You get to stay in your house. You automatically
have 5% equity, you have no liability for the forgiven debt providing you
remain current on your payments and you give up 25% of the profit when you
sell. I gotta tell you that sounds like a pretty fair deal to me.
Your
other alternatives are: stay in a house worth half of what you owe, short sale
or let the house go into foreclosure. Pretty easy decision if you ask me.
Now,
for those who don't qualify and owe more than your home is worth, West Sacramento Short Sale is more than
likely still your best option. Call me and we can review your particular
situation.
Is
an West Sacramento Short Sale Right
for Me? Call me and let's talk about it.
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