Monthly Archives: November 2011

IMPORTANT ANNOUNCEMENT ABOUT HOMEOWNERS UNDERWATER ON LOAN.



FHFA, Fannie Mae and Freddie Mac Announce HARP Changes to Reach More Borrowers



HARP provides borrowers, who may not otherwise qualify for refinancing because of declining home values or reduced access to mortgage insurance, the ability to refinance their mortgages into a lower interest rate and/or more stable mortgage product. HARP is unique in that it is the only refinance program that enables borrowers who owe more than their home is worth to take advantage of low interest rates and other refinancing benefits.



Borrowers do not need to use third party companies that advertise themselves as "mortgage experts" or "foreclosure specialists" to apply for a HARP loan. Before calling such companies borrowers should talk first with their mortgage lender.



In general, borrowers must meet the following criteria:



• The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.



• The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.



• The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.



• The current loan-to-value (LTV) ratio must be greater than 80%.



• The borrower must be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.



Borrowers who owe more on their house than the house is worth will be able to reduce the balance owed much faster if they take advantage of today’s low interest rates by shortening the term of their mortgage.



If the borrower refinances under HARP and their new loan is a fixed rate mortgage, there is no maximum LTV. If the borrower refinances under HARP and their new loan is an adjustable rate mortgage, their LTV may not be above 105%.



Timing will vary by mortgage lender. The Enterprises will be sending operational instructions to lenders by November 15th. Some lenders may be able to accommodate mortgage applications under some of the enhancements by December 1 while it could take other lenders additional time to incorporate the expanded program into their systems. In addition, some of the enhancements such as delivery of loans with LTV greater than 125 should be operational during the first quarter of 2012.


Recent testimonial. Just a note on how I may help you or someone you know purchase a home in this great buyers market.



My wife and I wanted to take the time to let you know about the outstanding experience we had working with your agent, Joe Wathen, in the past few months. We currently live in Europe, but will be returning to the USA in the spring of 2012 to the fantastic home Joe helped us buy. In the beginning, buying a house from half way around the world had seemed like a daunting task to us, but Joe made it easy. He acted as our eyes and ears in Maryland and his attention to detail and customer service went above and beyond all of our expectations.



Traditional home buyers are able to visit houses they might like to purchase. We did not have that luxury from Europe, but that didn’t stop Joe. He used all the resources at hand to help us “see” the home we wanted to buy and to keep our home buying process on track. Some of the far-reaching and innovative ways he helped include:

• Video-taped the entire house we wanted to purchase inside and out and then uploaded the videos to YouTube. This was the first view of our new home! He even went back to the house to video tape a second time to find answers to some of our questions.

• Took numerous photos of the house and uploaded those to the Internet.

• Used Skype to talk long-distance.

• Lined up all the inspections and services needed for closing. Since we do not live in the local area, Joe also met with the termite inspector, roofing specialist, and lawn care service on our behalf.

• Solicited quotes for housing repairs and maintenance.

• Kept in close contact with our mortgage lender, the title company and the selling agent to ensure the selling process stayed on track.

We weren’t the only ones impressed with Joe’s service. We received several positive comments from the title company personnel and the home inspector about how pleased they were to have Joe working on the sale of this home.



Joe’s attitude and service reflected a total commitment to our home buying experience. We would highly recommend him to all of our friends and associates. We are so happy we went with Bob Lucido's RE/MAX team again!



Sincerely,

David Costello Diane Costello



cc: Joe WathMy wife and I wanted to take the time to let you know about the outstanding experience we had working with your agent, Joe Wathen, in the past few months. We currently live in Europe, but will be returning to the USA in the spring of 2012 to the fantastic home Joe helped us buy. In the beginning, buying a house from half way around the world had seemed like a daunting task to us, but Joe made it easy. He acted as our eyes and ears in Maryland and his attention to detail and customer service went above and beyond all of our expectations.



Traditional home buyers are able to visit houses they might like to purchase. We did not have that luxury from Europe, but that didn’t stop Joe. He used all the resources at hand to help us “see” the home we wanted to buy and to keep our home buying process on track. Some of the far-reaching and innovative ways he helped include:

• Video-taped the entire house we wanted to purchase inside and out and then uploaded the videos to YouTube. This was the first view of our new home! He even went back to the house to video tape a second time to find answers to some of our questions.

• Took numerous photos of the house and uploaded those to the Internet.

• Used Skype to talk long-distance.

• Lined up all the inspections and services needed for closing. Since we do not live in the local area, Joe also met with the termite inspector, roofing specialist, and lawn care service on our behalf.

• Solicited quotes for housing repairs and maintenance.

• Kept in close contact with our mortgage lender, the title company and the selling agent to ensure the selling process stayed on track.

We weren’t the only ones impressed with Joe’s service. We received several positive comments from the title company personnel and the home inspector about how pleased they were to have Joe working on the sale of this home.



Joe’s attitude and service reflected a total commitment to our home buying experience. We would highly recommend him to all of our friends and associates. We are so happy we went with Bob Lucido's RE/MAX team again!



Sincerely,

David Costello Diane Costell