help me understand the new loans avaliable to those on verge of foreclosure

Asked by Hamina, Virginia Mon Sep 15, 2008

I heard about a plan that helps you save ur house from foreclouse, according to this plan evaluate your house with current market rate and then forgive the lets say hundred or two hundred thousand that you lost on its price and issue you a new loan with current market value, if this is true please tell em who to to contact to get this kind of loan, I am in point of losing my job and our income is going down so I need to save my house from foreclouse

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Are Andresen’s answer
Are Andresen, Agent, Vienna, VA
Mon Sep 15, 2008
BEST ANSWER
To qualify for relief, borrowers must meet the following eligibility criteria (among possibly others):

Their mortgage must have originated on or before January 1, 2008;
Their mortgage debt-to-income must be at least 31 percent;
They cannot afford their current loan;
They did not intentionally miss mortgage payments; and
They do not own second homes.

They can obtain information through either of the following options:
1. Contact a local, HUD-approved housing counseling agency at HUD.gov;
2. Contact the HOPE NOW Alliance at 1-888-995-HOPE

From: http://portal.hud.gov/portal/page?_pageid=73,3947211&_da…

Good luck!
Web Reference:  http://tysonsliving.com
1 vote
Maria Morton, Agent, Kansas City, MO
Mon Sep 15, 2008
You need to contact your mortgage lender immediately. Also speak with a realtor to determine if they can help you sell for profit or short sale or if you can find a way to keep the home.
Keep the lines of communication with your lender open.
1 vote
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