StockJunkie asked:


So, I understand how mortgages work when you buy an existing home, but how does it work when you buy a home that needs to be built in a new home community….like those being built by Ryan, K Hov, Pulte etc…

Do you have to start paying on the loan right away (kind of like a construction loan where they take draws) or do you not make any payments until they finish building the home? Perhaps its a function of when you close on the home?

Thanks!

Tara

Eric Banks asked:




Many homeowners are struggling as they are not able to pay their loan on time and are facing foreclosure. This is because the value of their property has declined more than 50% than what they actually bought it for. Now they owe much more money to the lenders than the actual value of the property to the lenders.

Tips to Refinance Upside Down Home Loan Refinance

If you are upside down on your mortgage and it is creating difficulty for you, then you can refinance your loan. Borrower need not to worry much about it as they still have a hope and chances to save their homes by getting their upside down mortgage loan refinanced by the related lenders.

1. You can refinance your loan by lowering interest rates which will help you to stay in your home. Some homeowners are tempted in a myth that the rates are going to be decreased further because of the bad economic scenario but it is advised that you do not take risk and wait for the situation to get worse.

2. You can be offered for a fixed rate mortgage loan by the lender to refinance your upside down home loan easily.

3. You must keep in mind objectives that will help you to figure out what type of loan you want and whether it will fulfill your financial goals.

4. You can even stay with your existing home mortgage rates. They may be reduced some fees to help you refinance in better way.

5. A professional help can be taken by an agent. You can appoint him to take care of your situation professionally and understand your circumstances to work upon it further.

6. Do not pick calls of anyone unless you approach to the loss mitigation department. You are needed to call them to know how to refinance an upside down home loan mortgage.

Albert

Georgia Loan Pro asked:


How Georgia Homeowners Can benefit from the New Home Loan Programs



The Federal Making Home Affordable Program has created a number of home loan programs that will help keep Georgia families in their homes, stabilize Georgia’s communities and assist Georgia homebuyers during these troubled times. Under these new home loan plans, Georgia homeowners can:

Refinance their mortgage to a new, lower, fixed interest rate. Refinance even with declining property values. Refinance with lower income and asset verification requirements. Refinance Multiple Investment Properties. Each of the above possibilities require that Georgia Homeowners be current on their existing home loans. However, for those Georgia families that have already fallen into hard times and are behind on, going to be behind on, or have an impending ARM adjustment/balloon payment with, their existing home loans can;

Obtain a modification on your mortgage that can potentially reduce your monthly payment, or offer other alternatives that can help you keep your home. Finally, for those Georgia families that are looking to purchase their first new home, or even upgrade their current home, programs are available for them to; Purchase beautiful Georgia homes with credit scores as low as 580 Purchase their new dream home with no out-of-pocket money down The U.S. Treasury, Fannie Mae and Freddie Mac have developed these programs in an effort to help both troubled and current Georgia borrowers, to get back on track and improve their current financial situations.

So How Do They Work? Refinance

For Georgia Homeowners that are current on their mortgage payments but unable to refinance because their home value has decreased, you may be able to refinance to a lower rate, or a lower-risk, loan through the refinance solution that is part of this program. Examples of how the refinance program can help Georgia Homeowners:

Fixed-rate mortgage to fixed-rate mortgage Adjustable-rate mortgage (ARM) to fixed-rate mortgage Super conforming fixed-rate mortgage to super conforming fixed-rate mortgage

Loan Modification

For Georgia homeowners who are behind in their mortgage payments, in the foreclosure process, or are current on their payments but have recently experienced a significant hardship, you may be able to modify your loan to a lower rate through the Loan Modification Program. Significant hardships are set as circumstances that may make it difficult for you to pay your mortgage going forward.

Purchase

For Georgia area families and individuals that are in search of a loan for their new dream home, financing and programs are available to help them purchase;

Bank owned foreclosures at below market value With 580 credit scores With no, or little, money down With down payment assistance

How Do I Know If I Qualify?

Georgia Loan Pro can help you move through the qualification process, and help you find the homeowner lending program that fits you best. Georgia Loan Pro will work with Georgia Homeowners to assist them in putting together the best purchasing package, and discover whether loan modification or a refinance, is the best option for them.

For more information, please contact Georgia Loan Pros via email.



ARNULFO