Would the lower rate be also for first time homeowners who do not live in their property?

Asked by Regina, New York, NY Sun Dec 14, 2008

I bought a condo in SW Miami. I rent it to be able to pay. My retirement is not enough. I am back in NYC. Month to month I must find money from here and there, even putting my jewelry in the pawn shop to be able to pay mortgage. IRA is tiny now. If I stop paying, could live more at ease and perhaps share the pie offered to people in foreclosure. Or, probably working with the lender for better interest and less monthly payments. Is even harder to pay government taxes they want all in one shot. On the other hand, my credit is not high plus banks want an income that I can't get. I am retired. All together I made last year less than $35000. What is the minimum income to refinance? I do not want to deal with Reverse mortgage. 1) I have a son and grand kids; 2) This is like giving my house to the government. Isn't it ? - not clear on this. I am more interested in knowing if my property will fall into the first home buyers for the benefits, though I do not live there. Thanks

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Tina C. Wong, Agent, SAN BRUNO, CA
Mon Dec 15, 2008
Dear Regina,

Please contact HUD for help and it is for free.
http://www.hud.gov/
http://www.hud.gov/news/release.cfm?content=pr08-178.cfm

Wish you all the best
Web Reference:  http://tinacwong.com
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