For Homeowners With No Equity

There are a few options for the millions of U.S. homeowners who owe more on their home than the property is currently worth. Here are a few:


1. FHA Streamline Refinance — If you are upside down / underwater on your mortgage and currently have an FHA loan then getting a refinance to an improved mortgage is possible if you have kept up with your mortgage payments. Contact us today if this applies to you.


2. A “Home Affordable Refinance Program” or HARP loan (aka the “DU Refi Plus” program) — With President Obama’s HARP plan qualified homeowners can refinance a conventional first mortgage for up to 125% of the current value of the home. However this program does not always work well for people who have second mortgages, credit scores below 680, or who currently pay mortgage insurance (PMI). Contact us in the sidebar to learn more about this program.


5. Loan Modification Programs — If you owe significantly more on your first mortgage than your home is worth and/or are on the verge of foreclosing your best bet is often to seek a loan modification from your current lender. Loan modifications normally reduce payments by lowering interest rates or extending the loan period. Obama’s new “Home Affordable Modification Program” (HAMP) gives lenders incentive to modify troubled loans as well.


4. FHA short refinance — Contact us for details and the latest news on the new FHA short refinance program. The FHA short refinance program is a variation of the loan modification theme but involves principal reductions rather than just rate reductions. Like loan modifications this program requires the voluntary cooperation of your current lenders and that can be tricky.


5. Selling short — A short sale is when a homeowner sells a home for less than they owe. In many cases the lender(s) will accept the sales proceeds as payment in full. Contact us and we'll help to connect you with an agent to investigate that route. The Obama administration recently announced a program designed to give incentive to more homeowners and banks to use this strategy.


6. Other Alternatives — There may be other alternatives for you. Contact one of our Mortgage Experts to find out all of your options. You can complete the Contact form below to have a Mortgage Professional contact you at your convenience. If you want to get approved for Mortgage Financing you can complete our Quick Mortgage Application to start down the path to saving today.


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Mortgage Solutions TEAM
at Christian Roberts Mortgage
512 E. Winchester
Murray, Ut 84107
Ph 801.716.5246
Alt 801.716.5251