*The$75 billion housing rescue plan announced on Wednesday, March 4, will help as many as 9 million homeowners.

This plan stars immediately.

There are two mayor components to the plan:

A) Loan Modification: this is aimed at owners having trouble making payments b/c their interest have increased on their income has decreased. The government will offer financial incentives to persuade mortgage-servicing companies to easy up on borrowers who are in economic hardship.

                To qualify for loan modification the home owner must:

           1)     Have payments of more than 31% of pretax monthly income and show hardship.

           2)     Occupy the residence.

           3)     Prove the home is their primary residence

            4)     Have unpaid principal balance of $ 729,750  or less in the New York Area

            5)     Have the Mortgage originated before or in Jan 1, 2009 and

            6)     Make all modified payments over a trial period of three months or more.

                If the borrower qualifies, then their interest rates could drop as low as 2%, their paying period    would lengthen, and other modification would take to ensure the borrower’s payments are no more than 31% of their pretax monthly income.

Borrowers get up to $5,000 over five years per borrower from the government to help ease monthly payments.

Mortgage-service companies will receive up to $3,500 from the government to participate, plus the government would match the lender’s costs dollar-for-dollar.

B) Loan Refinancing: This is aimed at owners who cannot refinance, usually b/c of a decrease in the value of their home. Approximately 8.5 million borrowers (one in five single family home) owe more than their home is worth.

              To qualify for loan refinancing the owner must:

            1) Have loans owner or guaranteed by Fannie Mae or Freddie Mac (below $729,750)

            2) Be current on their mortgage payments,

            3) Prove the ability to afford new mortgage debt,

            4) Have a mortgage balance of no more than 105% of the current estimated home value.

 *There is no income limit for the borrower, which means this program applies to all clients that meet the qualification criteria.

30 year fixed rates moved down this week. Purchase is at 4.875 and refinance money is at 5.0%Cool

Whether you are buying or selling a home, hire someone like me, who wants to earn your business. I invite you to contact me as I'd be happy to assist you with this important transaction. (917) 515-9783 Rossmery.

In addition, if you have any general questions about Loan Modification or Loan Refinancing in New York, please contact me as I'm more than willing to help. (917) 515-9783 Rossmery

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