| Maybe the correct question is not, When should I | | | | the time will your lender offer you more than a 10% |
| refinance my mortgage? but Should I refinance my | | | | payment reduction and more often will modify your |
| mortgage while upside down on my home mortgage? | | | | home loan into a higher payment because you are |
| What are my real options and can I refinance with | | | | behind. What kind of help is that? |
| negative equity? To keep it simple, all we are trying to | | | | You have to know what to ask for, what you can |
| do is gain some financial advantage and possibly at | | | | negotiate, what you qualify for and what your lender is |
| the same time resolve some financial difficulty. It could | | | | authorized to approve. Only then make a written |
| be that all you really need is a little upside down | | | | submission with the proper documentation to support |
| mortgage relief for 5 to 10 years until the housing | | | | your request but only the information and documents |
| market reverts. | | | | you have to supply to be approved. You can disqualify |
| So How Do I Get Help With Mortgage Payments If My | | | | yourself by supplying too much information that is not |
| Mortgage Is Upside Down? | | | | required or not supplying enough. This is where you |
| Assuming your mortgage is underwater you are | | | | may want to get some professional help, but I will offer |
| probably better off to modify your home loan into a | | | | you a little free help here that will get you started. |
| lower monthly mortgage payment without refinancing. | | | | Find Out What You Qualify For Under The TARP |
| There are no closing costs, you keep your same | | | | Mortgage Reduction Program |
| lender, if there is an interest adjustment or balloon | | | | Oct 2008 while the banks were getting bail out money, |
| coming up it is put off during the 5 to 10 years of | | | | US Secretary of the Treasury, Timothy Geithner |
| mortgage reduction and you may be able to | | | | announced that under the new guide lines 70% of US |
| permanently reduce your interest rate or convert it to | | | | home owners qualified for help with mortgage |
| a fixed rate (if adjustable). | | | | payments. |
| Don't Hold Your Breath Waiting For Your Lender To | | | | We have compiled a database of the mortgage |
| Offer You This Option, He Won't | | | | reductions we have successfully negotiated since Oct |
| In fact if you are current on your payments and you | | | | 2008 under the TARP Mortgage Reduction Program. |
| asked for a little upside down mortgage relief he | | | | Under these guide lines having a mortgage upside |
| probably said you do not qualify. This is not true but it is | | | | down while remaining current on payments actually |
| the most common response when you ask your | | | | increases your chances of qualifying. With the data |
| lender for help. They may even state you have to be | | | | we have complied we know what modifications |
| two or three months behind before they will "help you". | | | | lenders are approving, the criteria required to qualify, |
| Not an option if you are trying to maintain good credit. | | | | what lenders are authorized to approve and what is |
| Then when you are behind on payments, less than half | | | | negotiable. |