More and more information is being released regarding the American Recovery and Reinvestment Act of 2009!
If you are making your mortgage payments and would like to refinance but the value of your home may be under water you might have options under the Homeowner Affordability & Stability Plan. The first step is to find out if your home loan is "owned" by Fannie Mae of Freddie Mac. To find that out, go to these sites and input your information in.
Does Fannie Mae Own Your Mortgage?
Does Freddie Mac Own Your Mortage?
If your home loan is owned by Freddie Mac then the best bet looks like working with your current servicer to refinance or modify your loan might be the best bet. If your loan is owned by Fannie Mae (and likewise serviced by someone else) then your best option might be to work with me for your refinance. Specifically because there is another iniative called 'DU Refinance Plus' that would benefit those whose home values are not what they once were. Using this tool, we would utilize the same underwriting software we use now, with a significant twist. The software would accept or reject the input value of your home in essence making the value of your home part of a streamlined process that would not require an appraisal. Also please remember, these programs are for owner occupied 1-4 family homes, not investment or second homes.
I found these particular pamphlets to be helpful as we wind our way through the maze of the stimulus package. Please keep them close by as you review and new details emerge.
