HOME AFFORDABLE MORTGAGES:
If you are current
on your mortgage but unable to refinance because your home decreased in value you may become eligible for a break under the
- You must be the owner occupant with a loan owned/under
Fannie or Freddie programs
- You must not have been more than 30 days late in the last 12 months.
- You must owe less than the current
value of the home and
- You must have income to pay the new mortgage.
Refinancing from an Adjustable Rate Mortgage (ARM) to a fixed rate may
You may not get cash back and your loan amount will not be lower, but you will lower the interest rate and that will decrease your
payment. If the mortgage is not current or if you have a bad payment history you
will not qualify for refinancing. You may, however qualify for a Home Affordable Modification.