Refinance with HOPE government program?
by Mortgage Rates on Wednesday, November 3rd, 2010 | 2 Comments
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1) You thought that you house was such a good deal when you bought it, so why are you crying for help now that you made a horrible investment decision? Did the structure of the house change at all??? If you bought a brand new car, would you be crying for a loan modification because you are 20% underwater once you drove it off the lot???? I don’t understand people’s logic with that. If the value of the property was continuing to go up from when you bought it, should the bank have the right to modify your loan to a higher principle??? What is the difference?
2) As for you HOPE question, you will owe 50% of the equity REGARDLESS of when you sell the property….even after you pay off the loan. ANY future equity means EXACTLY that…..ANY.
yes if you pay off the home you still have to give up half your equity.
You could ask the current lender to write down the loan and put the difference in forbearance. By doing so you only pay based upon the written down amount the rest is due as a lien on the home when it is sold or refinanced. These are preferable because the lenders don’t lose much and you get some payment relief. This is all based on qualifying though. if you qualify for your current payment you wont get much help anyway. or if it is determined that you couldn’t afford the home even at the lower payment you’ll get no help as well.