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Mortgage Relief Options

Question: Are there any rules governing primary residence rental and overseas DOD deployment?

I bought my home in 7/07 with an interest only loan, as my primary residence with the intent to refinance to a conventional as rates fell again. Unfortunately, I was immediately ordered overseas with DOD and had to rent the home out. I want to refinance and my mortgage to a conventional however, my broker is telling me it will result in an INCREASE my interest rate as its now a rental property.

This seems pretty unfair to me and the Fed has exempted deployed USG employees from the 2 out of 5 year requirement.

I want to refinance to a 30 year conventional but I dont know how much longer I'll be deployed. Is there any relief for my situation ? What are my options ? .

Answer: If I was in charge of Veterans benefits, trust me, our taxes would be sky high I would give them so much...we really appreciate what you guys do...so...don't shoot the messenger, but this is how the military views it:

The military usually will discourage the purchase of a home because of possible deployment, b/c you don't get special benefits if you make that choice.

Understand that for everyone, not just soldiers, if you are not living in the house it's an investment property, and therefore, subject to higher interest rates.

It was like that before the bust and it's still like that.

Just be glad...that you can refinance it at all...most can't.

My advice, is to sell the house, even if you break even.

If I lived in your area, I would do it commission free on my end. I always do that for soldiers who can show proof of involuntary deployment overseas.

Mortgage Relief Talk with Jason Cardiff

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National Mortgage Relief Assistance Program

Fannie Mae is the common name for the Federal National Mortgage Association, a stock holder owned organization that last year was put under the control of the government due to extreme liquidity issues. It is likely that they are the holder of the deed of your property and if thats the case you may be eligible for government relief.

Fannie Mae was enacted by government charter in the’30’s during the Great Depression. Its purpose was to increase the home mortgage availability for low income families by securitizing mortgages. This was done to make sure that there was a stable supply of money for the companies responsible for giving mortgages to home buyers.

In’68 the federal government changed the once public organization into a privately owned company under the control of a board of directors. As a government sponsored enterprise its existence has been criticized for its relationship to the government and semi public classification.

In September of 2008 the collapse in the US housing market forced the Federal Housing Finance Agency to place Fannie Mae under federal control. Once again the institution was under the control of the the government.

It was estimated that at that time Fannie Mae and its sister corporation Freddie Mac guaranteed approximately one half of the US $12 trillion dollar real estate market. It had revenues of over $51 billion in 2008 and a total exceeding $880 billion in assets at the end of 2007.

Because Fannie Mae’s business was all very closely tied up in domestic mortgages and property values the financial crisis was devastating for the organization. Its stability was weakened so much by the drop in home prices that the government was forced to step in.

Many experts suspected that Fannie Mae and Freddie Mac were supported by the federal government and once those suspicions turned out to be correct the federal government assumed significant control with those institutions. That government influence is being utilized to implement policies to assist distressed mortgage holders.

If you are a homeowner with a loan owned by Fannie Mae you could be eligible for mortgage assistance.

The author has many years of experience as a mortgage associate and knows how home owners can find foreclosure assistance, many times through government mortgage assistance programs

About the Author:

http://insurancetip.net

Source - Home Loan Aid Through Fannie Mae

Lincoln National Group - En Español - Personal Client testimonial # 7 - Save Your Home!

Mortgage Relief Department

Question: let the houses go and file for banktrupcy?

I used to have a few houses that an investor took "subject to" and I hold the mortgage .Now, this investor is starting to default on the mortgage of at least one house that I know of, and the house is in foreclosure. I also get calls from the codes violations department about possible liens on the other properties. My credit is shot as a result of this investor (and my own bad choices), and I also have a couple of houses on my own . One homesteaded (with not much equity) and one rented that is $300 a month upside down. I also have credit card debts, an upaid car and no job (I'm on unemployment)... so, as you can see I fee I'm heading to a disaster. I'm willing to let everything go for the peace of mind! Can liens be attached to my homestead home? I feel that chapter 7 is my answer, considering I cannot pay anything, really... My money is running out, and I can't take the stress anymore. Any ideas of relief? Foreclosures? Banktrupcies?

Answer: Talk to a BK attorney in your area. soon and see what your options are..

Dems Demand Bailout Reform