Are you upside down on your house? (Upside down means you owe more to the bank thatn the house is now worth.) Well, I have heard from two people now who have had their banks contact them and ask them if they want to refinance to a lower rate. Not only that, but for those who qualify they will be able to get a reduction in the amount of their loan too! YES! It's true. Part of the stimulus package that Obama has created allows banks for those of us who have not defaulted on our loans but are upside down. They are allowing a forgiveness of 20-25% for those who fit their criteria too! People to have to get PMI insurance but who cares! My friend paid a tad over $620,000 for her home and owed about $550,000 at 8.5% on it when the market tanked. Now she had it reduced to 5% and $430,000!!! Not bad eh?!
If you don't understand something in this post let me know and I will do my best to send you an explanation. Just remember there is hope!
Mariaaaaaaaaaaaa
:)
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