Financing in Scottsdale>Question Details

Denny, Other/Just Looking in 85254

Has anyone successfully completed a balance reduction program?

Asked by Denny, 85254 Sat Jan 23, 2010

I currently have a 1st and 2nd that total about $420K. I am current on all my payments but with the drop in real estate and 3 of my neighbors walking away from their homes my value has dropped from around $525K in 2007 to around $285K today. I have heard of the balance reduction program but I am concerned about fraud. You hear more about fraud than you do about the good companies that actually help people. Can anyone provide information on legitimate companies that offer this program?

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Answers

7
Scott makes a great point about loan modifications anchoring you to your home. Doing a short sale is an option. HUD has changed some guidelines that will allow you to short sale your home and buy a new one with out waiting the customary 2-3 years provided you meet their credit qualifications. For more info please feel free to contact me.


Tim Regan
Peoples Home Equity
480-282-5034
0 votes Thank Flag Link Tue Feb 23, 2010
Before you pay anyone for this service check the better business bureau. I can only think of http://www.hud.gov for resources .
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Sat Feb 20, 2010
I was thinking about this subject again last night and I was wondering this...

Maybe balance reductions are NOT being done because there are two types of mortgage insurance sitting behind the loan and the investors would rather short sale because they will get more money.

I was thinking there is no incentive for the investor to lower the balance.

Any thoughts???
Web Reference: http://www.TheKeysTeam.com
0 votes Thank Flag Link Sat Feb 20, 2010
I have found that balance reduction is really only being done by a few Non-Conforming lenders on any kind of a consistance basis. I have seen the results of a short pay refinance. It does happen, but not as much as it probably should.


Tim Regan
Peoples Home Equity
480-282-5034
0 votes Thank Flag Link Fri Feb 19, 2010
Ok, I would like the answer too.

Can anyone below honestly answer Denny's question:

Has anyone seen FIRST HAND a balance reduction?

I watched ONE news story about a year and a half ago that showed Wells Fargo lowering one person's balance. It was someone in the Maryvale area that called and did it themselves.

Other than that nothing.
0 votes Thank Flag Link Sun Jan 24, 2010
Denny,

http://www.combslawgroup.com/

These guys are very well respected and have the knowledge & experience you need.

Good luck

Patrick
480-543-9899
0 votes Thank Flag Link Sun Jan 24, 2010
Mr.P, Other/Just Looking in Arizona
MVP'08
Hi Denny,

You can try these resources, they are free and government sponsored programs.

http://www.Hud.gov
This is a hud counselor who can discuss the various government programs with you

http://www.makinghomeaffordable.com
This is the loan modification program sponsored by the government

http://www.naca.com
This is an agency that offers free loan modifications very aggressive and hud certified.

Good luck!
0 votes Thank Flag Link Sun Jan 24, 2010
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