In 2005 as a mortgage banker I have seen first hand the housing market crash alog with my clients savings,equity,value,dreams and hope.
I needed to find a way and solution to the fact that every loan we were writing was being denied as a result of the low appraisal. I knew that if we could get a new loan at the current market value, insured by the FHA then I could not only help myself make a living I could help my clients secure their dreams and financial future. Thus -Prudent Fundings Corp was born. I since have spoken and made arrangements with the Nations leading lenders and servicing companies to teach them how to SHORT the principal owed on the current mortgage.
In October 2010 the treasury department announced an addition to the making home affordable act signed into law by President Obama. This new law allows the current lender to reduce the principal owed on the current mortgage to the current FHA appraised loan amount. The current lender can then recoup their losses by accessing the trouble asset relief program (TARP).
When this product is used correctly and in conjunction with a new FHA insured loan, the results are outstanding. The homeowner will close on and receive a fixed low rate government insured loan at today's current FHA appraised value.
The simplest way to think of this exciting new program is this.
When you purchased your home you paid fair market or appraised value.
Today you can "repurchase: your home at fair market or appraised value.
I am happy to assist you and to answer all of your questions. If nothing else you will gain the tools and knowledge that you need to move forward and make an educated decision of what is in the best interest for you and your family.