Do you know about - Do Upside Down Mortgage Holders Have someone else selection also Short Sales?
Fha Mortgage Interest Rates! Again, for I know. Ready to share new things that are useful. You and your friends.Are there any other options for upside down mortgage holders also short sales? There answer is now yes. A new program known as a necessary equilibrium discount is being offered to upside down homeowners that meet a few basic qualifications. As long as the mortgage(s) is worth at least 25% more than the value of the property and the applicant can document a debt-to-income ratio of 50% or less (based on the new, lower monthly mortgage payment) the negative equity can be completely eliminated straight through a necessary equilibrium discount program.
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A necessary equilibrium discount program is essentially a large scale Note buy program consisting of heavily upside down homeowners, some current on their payments and others that have already stopped manufacture their mortgage payments. Due to the fact that property owners who owe more than their property is worth are very likely to default in the not so distant future, the Notes are sold to the new buyer (in this case a Billion dollar hedge-fund) at a steep discount to current market value. The new owner of the Notes, the hedge-fund, then turns colse to and changes a combine of terms of the existing Note they just acquired. The outstanding mortgage equilibrium is reduced to 95% of current market value and the interest rate is changed, to either 6.25% or 7.25% depending on the homeowners prestige score. The once upside down homeowner now has a permanent necessary discount often amounting to hundreds of thousands of dollars in savings and the hedge-fund makes a quick profit and turns colse to and repeats the process with new clients.
Are short sales a thing of the past? Possibly. If a homeowner qualifies for the program, why just walk away from the property and let man else get a great deal. Also, short sales have negative tax implications and don't do your prestige any good. A necessary equilibrium discount program allows the homeowner to essentially short sell the property to themselves without the negative tax implications or ruining their prestige rating.
The hedge fund has a very high success rate at purchasing these Notes at a big discount to market value. The portfolios presented to the lender, often consisting of over 100 properties, are all upside down by at least 25%. These are toxic assets that if haven't soured yet and going to at an alarming rate in the arrival months. The banks know that homeowners with no equity and especially those so upside down as the participants in this type of program are very quick to hand the keys back to them if the slightest financial challenge comes their way. Rather than wait a year or two and have to go straight through the charge of a foreclosure only to end up with what they are being offered now to take this whole lot of souring "assets" off their books, the banks are understandably jumping at the opportunity.
There is a nominal fee to share in the program and it is paid after the homeowner has been prequalified and is submitted with the unblemished package of supporting documentation. In California, there are absolutely no upfront fees to share in a necessary equilibrium discount program. Once the word gets out that a program like this even exists, the flood gates will open with homeowners rushing to shave hundreds of thousands of dollars in negative equity permanently from their mortgage balance. If you would like more facts about a necessary equilibrium discount program, visit http://www.short-sales.org and invite a free consultation with a necessary discount Specialist.
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