Refinancing Coral Springs, FL: Underwater on your Mortgage? Do Not risk Short Sale; Reaffirm your Finances with a FHA Streamline Refinancing | Ace Mortgage Loan Corp.
What does it mean to be underwater on your mortgage? Simply stated, if you owe, on your mortgage, more than your home is actually worth, then you are what is called “underwater.” Another name for this is negative equity. No matter what you call it, being underwater can be a seriously frustrating situation. What’s worse is that this is an all too common situation. Recent reports from CNN Money have held that one in five homeowners are underwater in their mortgages. The reason this can happen and has happened in the recent recession is that people have bought home in the early 200’s and over the past few years, their homes have depreciated in value to below what they owe. There are two main options for a homeowner in this predicament and they are short sale and refinancing. Mortgage loan experts and professional mortgage brokers like Ace Mortgage in Coral Springs, FL want to make sure all homeowners seriously consider any and all other options, especially FHA refinancing, before they consider short sale.
Short sale is when a homeowner who is underwater on his or her mortgage can absolutely no longer afford their mortgage payments and they ask their bank to sell their home for less than they owe. They do this so that they can then have less overall to pay off and they can escape their worsening situation. This is always a terrible occurrence; the magnitude of how detrimental is it depends on the case, because it will always stick with the individual, via their credit score, as they continue making investments in their future. The housing market in your area will determine how severe your case will be but if you find yourself involved with an underwater mortgage and you’re a scared of the oncoming consequences, then you need to consider an FHA streamline refinance.
In addition, the FHA streamline refinance has the same policies as regular FHA loans. They have the same duration of payment plans, and they have the same low interest rates. You will not be signing a contract that puts you in the government’s cross-hairs for exploitation, rather, you will be given a change to take advantage of one of the US government’s most effective, helpful and useful bail-out plans. This plan originates from the Great Depression where families had it even harder and so it has the historical backing to assure all applicants of its legitimacy and trustworthiness. A common fear that people have when getting involved with government plans is the strict and harshly enforced regulations, but you can be assured that the FHA streamline refinance program will only bring safety and salvation for those in need of serious financial assistance in their mortgages.
Get the right help with your underwater mortgage, by consulting expert mortgage brokers for your refinance in Coral Springs, FL. The licensed, experienced pros like Ace Mortgage will back you up and give you the help you need.
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