Posted: Wed Aug 20, 2008 3:27 pm Post subject: new law
I have had a couple of people tell me that they read an article in the newspaper that a new law is going to be passed that mortgage companies will have to drop your mortgage balance to the amount that your house is worth as long as you are current on your loan. Has anyone else heard of this?
If you are facing problem and can show the ability to make the payments, then you can refinance the mortgage in Fixed Rate Mortgage which will be backed by the Federal Housing Administration. But it will depend upon the lender or the mortgage company whether they are prepare to face the loss on the existing mortgage. Know more about the New Law at http://www.mortgagefit.com/news/bill-avoidforeclosure.html#56658
Hope it helps. Feel free to ask if you have any further questions.
Wow I woul say your friend is reading what he wants to hear. Tht would turn th banking indstry upsie don overnite. The new law allo for lenders to choose to let you refi into an FHA loan for 90% of the appraised value however as of yet I have not heard of any banks agreeing to this
Good Luck
Brian _________________ Licensed Broker 50 states http://www.aimwithfocus.com
Need quick advise email or PM Glad to help
angelbb
