New York Real Estate Lawyer Blog » FHA http://nyrealestatelawyersblog.com Published by The Devery Law Group, P.C. Thu, 08 Jul 2010 14:44:43 +0000 http://wordpress.org/?v=2.8.2 en hourly 1 Streamlined Refinance As An Alternative To A Loan Modification http://nyrealestatelawyersblog.com/mortgages/streamlined-refinance-as-an-alternative-to-a-loan-modification/ http://nyrealestatelawyersblog.com/mortgages/streamlined-refinance-as-an-alternative-to-a-loan-modification/#comments Thu, 20 Aug 2009 19:26:44 +0000 Stefanie Devery http://nyrealestatelawyersblog.com/?p=101 Today, there was an article on MSN called “Frustration Rises Over Mortgage Relief Program” and it exemplified all of the problems that homeowners are having getting loan modifications. There are many different loan modification programs and the confusion not only exists among homeowners, but it also exists at the banks. Depending on whether or not your loan is held by Fannie Mae or Freddie Mac, there may be other options.

If you have an FHA (Federal Housing Authority) mortgage, there is some good news. It is almost always held by Fannie Mae or Freddie Mac, and therefore relatively easy to modify. However, if you are experiencing trouble modifying your mortgage, there is another alternative called a “Streamline Refinance.”

Streamlined refinances are very low cost, extremely fast and very effective. Although your FHA loan is owned by the governement, it is serviced by a lender, such as HomEq, AHMSI, or even Bank of America. Your current servicer, the company to whom you pay your mortgage payment every month, will have the information required to begin the process. FHA has also been known to take into consideration the decline in the housing market and adjust your amount owed accordingly.

Here are a few of the requirements to qualify for an FHA Streamline Refinance:

1. You must be current on your loan

2. You must have your loan for at least three months

3. Your credit score will be factored in

There are other factors which may play a part in determining whether or not a Streamline Refinance is right for you. Contact your lender or servicer to get more information or talk to a qualified Real Estate professional, such as an attorney or licensed mortgage broker.
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