Mortgage Solutions: Mortgage mods and more

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Today workouts are the way we refer to the variety of solutions that homeowners and lenders are using to deal with the housing crisis. Workouts include re-finance, mortgage modifications, repayment plans, forbearance, deferments, deed-in-lieu, short sale and foreclosure. Whew! With all these options, youd think we would be moving more quickly towards stabilization, no? Well, since they are all very costlyevery party involved is slow to take-the-medicine. Here is an update on each:

Re-finance: As the housing bubble inflated it was periodic re-financing (to take out equity) that contributed to the pain that many of us now feel as the bubble rapidly deflated. Today, re-fi activity is less as values have fallen so low. For the fortunate ones who still have considerable equity in their homes re-financing to a lower rate can be a great value. It is projected that interest rates will remain low for an extended period, so activity in this area should continue for some time.

President Obamas Housing Assistance Program encourages the use of re-fis to help homeowners who are only very slightly underwater on their mortgages.

Mortgage Modifications: This is the hot workout for 2009. It is expected that over 2 million modifications will be granted this year. Initially mods were limited to interest rate adjustments only and for a short (3-5 year) timeframe. Now, as the crisis has deepened and as bailout money is spent we see more use of principal reductions, length of loan extensions, and lower interest rate mods.

President Obama and virtually all of his HUD executives have endorsed modifications as the primary weapon in the fight to slow the rate of foreclosures and provide some stability to housing prices.

Learn about my loan mod solution on a free CD called 60 Minute Loan modification Secrets.. get it at http://www.60-MinuteLoanModification.com.

Category:

News & Politics

Tags:

• loan modification
• mortgage modification
• home loan modification
• foreclosure
• short sale
• hope for home owners
• bailout