Get Excited, Get Ready, Get Prepared
As we all know the current housing market has made a turn for the worse.Now leaving most homeowners owing substantially more on their "Underwater Mortgage" than their home is worth. This has put clients like you that pay on time and handle your debts correctly in a position that you have no control over.
Our company will help you put the control back in your hands.
At Suncoast Mtg, we realize that every customer has a different combination of assets, limitations and dreams. Our job is to understand your unique needs- in order to formulate the perfect solution for you.
The new Government Making home affordale refinance is designed to put you in a better financial position.
We are going to explain, show and consult with you the correct and approved method of obtaining a new loan at the current value, by refinancing the underwater loan that you currently have. You will gain, Information, Knowledge and Power realizing and understanding the secrets that Mortgage Brokers, Bankers and Wall Street does not want you to know.
FHA refinancing will allow you to obtain a new loan at today's current value as well as today's low fixed interest rates.
This is the time with FHA Refinancing to get an Underwater mortgage refinanced.
We do this by working directly with you and the nation's leading servicing companies,private lenders and banks.
We provide all the required forms to fit your lender guidelines. We provide direction, negotiation and consulting. We work for you the client. We consult with you-- and then, submit the short pay documents, current value, and new lender approvals to your current lender(s) helping you (the client) and those (the investor) get in a better financial situation.
Your current lender will allow you to submit your transaction to a new bank or lender. The new lender will then refinance you) and the current lender will take a loss on the outstanding mortgage loan balance (upside down) called a short pay, loan settlement or short refi. The lending note holder (bank) then will access the TARP
to recoup their shorted loan amount.
The treasury department has set aside 75 billion to fund the tarp. The reason the big name banks and lenders are allowing this process to take place is for the following reasons
FHA Short Pay Refinancing
1. Takes all risk off their book (the banks know that you are considered high risk because essentially you are renting your home from the bank because of being upside down in equity. People in this situation are at a higher risk of walking away from their home instead of paying their bills statistically.
2. It increases the banks cash flow
3. They receive stimulus money (TARP Funds
) to assist you and to compensate their loss
4. They have to take part in helping adjust the Real Estate market.
5.They feel they may have put you in a loan you could not afford in the first place, such as a 100% loan also know, as a 80/20, a STATED, NO DOC LOAN or adjustable rate loans.
6. The banks and investors have to have their assets collaterized when they borrow money themselves, Meaning the value of your property has to be at least equal to the note written.
If you fall under any of these above categories you may be eligible for a short pay or loan settlement.
Enjoy Your Equity Tomorrow