I can't afford my mortgage payments but I can't sell because I'm UPside DOWN!!!!

I wanted to share something with you that may benefit your finances in regards to your current mortgage.  IF you are currently upside down on your loan which many people are, and have unsuccessfully tried to get your lender to modify your balance or rate with no luck, then this might work.  I have not sent out any mortgage modification e-mails in the past, because the majority of the ones that were rolled out were simply glorified forbearance programs that most families did not qualify for anyway and had to spend 6 months sending in paperwork.  This is being done for primary residences only.

This will be very fast and easy, I promise.  You do need to meet 3 things first to see if you are eligible and then take step 2.  Follow instructions below:

1.       Go to the following links and input the minimal information requested to see if your loan is insured by either Fannie Mae or Freddie Mac.  If you know you have an FHA loan, then STOP as they are not participating in the HARP 2 program

http://www.fanniemae.com/loanlookup/  This link is for Fannie

https://ww3.freddiemac.com/corporate/  This link is for Freddie

If your loan is currently insured by either one of these, then proceed to step 2

2.      You must be current on your last 12 months payments to be eligible for this program, and will be qualified with a simple debt to income formula to be sure you meet the guidelines.  If you are current, then proceed to step 3.

3.      Call your current lender and ask them IF they are participating in the HARP 2 refinance or loan modification program and go from there.  There is NO appraisal done on this program and it does not matter how upside down you may or may not be.  PRMI is not writing these deals, but the majority of people I have spoken to have completed them in 2-3 weeks w/ little hassle.

Thank you to our Guest Blogger.... Brad Stahlhut from Primary Residential Mortgage!

David Foster GRI E-Pro