How Can I Lower My Mortgage? Right now, there are more options than ever for lowering your mortgage rates. In addition to understanding your options, it is also important to hire the right representation to ensure the best possible outcome. 1. Check out President Obama’s new housing bailout plan. The $76 million dollar loan modification program, called the “Homeowner Affordability and Stability Plan” was announced by the Department of the Treasury in February. Eligibility requirements for participating in the plan include: Only homeowners with loans through Fannie Mae and Freddie Mac qualify Borrowers can’t owe more than 105% of the value of their home The home must be the primary residence 2. Explore short sale options. In this transaction, the homeowner receives permission from the bank to sell the property for less than the value of the note. And though it sounds simple, it actually involves numerous steps and negotiations. Finding a reputable short sale service is critical in ensuring success. 3. If your interest rates are soaring, contact a professional mortgage broker who can work directly with your bank to negotiate loan modifications or even find a new lender that can serve your family better. 4. If you need to sell your home fast, there are short sale companies that already have qualified buyers who will pay in cash. Just be sure you are connecting with a reputable business. In Portland, RE Acquisitions has seen a dramatic increase in phone calls from homeowners in need of assistance. “We understand the options for foreclosure prevention. We want to make sure that no one has to go through that experience unless there are absolutely no other alternatives.” RE Acquisitions (www.sellhomeowner.com) is a Portland, OR based short sale servicing and foreclosure prevention firm. The bottom line is that you do have options to avoid foreclosure. Contact the licensed and bonded mortgage brokers at www.sellhomeowner.com today for more information.
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