Need To Upright Your Mortgage?
Being upside down on your mortgage can be a very scary situation. Thankfully, you DO have options. Carefully researching your options for how to get out of an underwater mortgage can help guide you to make a smart decision for you and your loved ones.
Should I Pursue a Short Sale?
The first question to ask is, do I qualify for a short sale? Homeowners pursue a short sale when they can no longer pay the mortgage, need to move out, and want to avoid a foreclosure.. Not all sellers qualify.
Summit All Cash has years of experience in working with lenders and successfully negotiating short sales in Colorado Springs and surrounding areas. Time is of the essence when dealing with a short sale. Contact us and start the process today!
What About a Loan Modification?
Many lenders offer loan modification programs for underwater mortgages. You may have heard of the HARP Program (Home Affordable Refinancing Program). Introduced in March 2009, HARP enables borrowers with little or no equity to refinance into more affordable mortgages without new or additional mortgage insurance. HARP targets borrowers with loan-to-value (LTV) ratios equal to or greater than 80 percent and who have limited delinquencies over the 12 months prior to refinancing.
A few qualifications for the HARP Program include:
- Borrowers cannot be behind on payments
- The loan must be owned by Fannie Mae or Freddie Mac
- Your loan must be originated on or before May 31, 200
The HARP refinance program is not meant for homeowners who are behind or delinquent with their mortgage payments. HARP can only be used for homeowners who are current. The HARP program is not meant to save a person’s home from foreclosure.
For more information on the HARP loan modification, visit harp.gov
Refinancing programs can take anywhere from 30 days to several months! Why stress over whether you’ve been approved or not? Summit All Cash will make you a cash offer on the SPOT, and close in as little as 7 days. We take the stress out of the sell.