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Financing in Union City : Real Estate Advice

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  • Local Info16
  • Home Buying54
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Activity 3
Thu Mar 26, 2009
Pacita Dimacali answered:
Hardship comes in several forms. One of them is drop in market value.

My nephew and his wife bought property iin Hayward just three years ago. Since then, the market values of property in their area dipped by 30%. They wanted to keep their house, but wanted to take advantage of a more manageable mortgage. So they applied for loan modification to convert their adjustable rate.

Although their credit took a dip (for applying for the loan modification) and their mortgage period was extended to 40 years (they don't plan on living there that long), they were able to get a below 5% fixed rate.

They had two loans from Wells Fargo: first loan and equity loan. They actually applied on their own. It took some time, but they got it done. By the time I got involved to help, they were granted the modification.

If you have more than one loan, and it's with two separate lenders, you're going to need some help to get this done. I know, I know, I know....a lot of people try to do this on their own, but it's not that easy, and it will take some time.

Good luck!
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Wed Mar 5, 2008
Michael Roberts answered:
Alexander, The first thing you need to learn is who FHA has approved. You can do that on their website. I have used the link below a number of times and my clents have had great success. The conforming limit adjustment has not been fully addressed by the governing parties.

Michael
http://www.MichaelRobertsHomes.com
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Tue Sep 18, 2007
Pam Winterbauer answered:
We may see some movement but probably very little.

There will be an immediate result with equity lines since the prime was reduced.

It will take several days for the dust to settle and we will have a clearer picture where the fixed rates are going. ... more
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