Category Archives: Lower Your Mortgage Payment

Using The Equity In Your Home Wisely

Now that home values are up, many property owners are considering what to do with their equity.

We’ve seen great things property value-wise here in the Santa Clarita Valley in 2014. August Is it time to refinance your home?showed home prices up, and we’ve seen values climb since January.

That being said, many homeowners are weighing their options when it comes to exactly what they should do with their once again rebounding equity. With Home Equity Lines Of Credit (HELOC) up 27% this year, many are taking advantage of the convenience, and influx of cash, that this type of loan has to offer.

Still other homeowners are accessing equity in a more traditional route by doing a standard refinance to take advantage of lower rates. read more

Mortage Forgiveness Act to conclude at end of 2013

Late last night, Congress reached a settlement in the “fiscal cliff” negotiations. As a result, the Mortgage Forgiveness Debt Relief Act has been extended for another year. The measure will continue to exempt from taxation mortgage debt that is forgiven when homeowners and their mortgage lenders negotiate a short sale, loan modification (including any principal reduction) or foreclosure. REALTORS® should tell their clients to keep their short sales on the market and encourage them to consult with their own tax advisers about their tax situation. read more

Foreclosure Fairytale – Why a Foreclosure is devastating and the alternatives available to you.

There is a lot of misinformation out there.

I would not be surprised to find out that you have heard that a foreclosure is sometimes the best option for you. Nothing could be further from the truth.Foreclosure Fairytale

For the vast majority of homeowners out there who are in danger of losing their homes, a short sale represents a vastly superior option.

The reality is that a foreclosure is a devastating option.

As a real estate professional with the Certified Distressed Property Expert (CDPE) designation, I have put together all of the benefits of a short sale over a foreclosure in a free report that is available to anyone. read more

WHAT IS HARP?

HARP is designed specifically to help borrowers who may be ineligible for traditional refinancing due to loss of home value or because they have little (or no) equity. Like other refinancing options, with HARP you receive a completely new mortgage with new terms, interest rates and monthly payments. The new loan completely replaces your current mortgage and may lower your payment, which could help improve your monthly financial situation.

HARP may be an option if:
 You are current on your mortgage payments (and haven’t been late in the last 6 months)
 Your home value has decreased
 Your first mortgage exceeds the current market value of the home
(i.e., loan-to-value)
 Your loan is owned by Fannie Mae or Freddie Mac read more