See instances of home mortgage help and how much you could lower your mortgage payments. These are eight occurrences of mortgage rate reduction that qualify under the Government TARP Mortgage Reduction Plan. I have selected eight cases with various scenarios and locations across the US that qualify for a loan modification. These eight cases include mortgages that are negative equity, houses with equity, home owners that are current on payments, those that are behind, investment properties that are negative cash flow, different regions of the US and varying property values. Yes, you can lower your monthly mortgage payments, even if your home mortgage is upside down or payments are current.
8 Cases That Qualify For Home Mortgage Help:
• Mortgage Rate Reduction #1: This is a house in Santa Rosa California. Purchase amount $750k, current value $380k, 1st (ASC) balance $602k, 6.5% adjustable, monthly installment $3256, 150 days late. 2nd (Chase) balance $92k, 8.5% fixed, monthly installment $720, 150 days late. They qualified for a modification of mortgage to 3.5% with lower installments of $1755 for 10 yrs on the 1st and 3.5% with lower payments of $268 for 10 years on the 2nd, a combined savings of $1951 a month.
• Mortgage Rate Reduction #2: This is a home in Missoula Montana. Purchase price $167k, current market $197k, 1st (B of A) balance $147k, 6% fixed, monthly installment $921, 0 days late. No 2nd. This home owner qualified for a rate reduction to 4.2% with lower mortgage payments of $513 for 5 years, a savings of $407 a month.
• Mortgage Rate Reduction #3: This is a property in Fulerton California. Purchase cost $350k, market value $330k, 1st (Met Life Home Loan) balance $362k, 6.87% fixed, monthly installment $2552, 0 days late. 2nd (First Horizon) balance $89k, 8.75% fixed, monthly installment $719, 0 days late. They qualified for a modification of mortgage to 3.87% with lower monthly mortgage payments of $1167 for 10 years on the 1st and 3.87% with lower mortgage payments of $288 for 10 yrs on the 2nd for a combined savings of $1814 a month. Additionally a balloon payment was coming due that is put off for 10 years.
• Mortgage Rate Reduction #4: This is a home in Lawrenceville Georgia. (First of two properties by the same owner. This one is the primary residence and the next will be the income property) Purchase cost $252k, current value $285k. 1st (B of A) balance $383k, 6.75% fixed, monthly payment $1620, 0 days late. 2nd (City Group) balance $95k, 8.25% fixed, monthly installment $514, 0 days late. This couple qualified for a modification of mortgage to 3.75% with a lower monthly mortgage payment of $1197 for 10 yrs on the 1st and 3.75% with lower monthly mortgage payments of $297 for 10 years for a combined savings of $640 a month.
• Mortgage Rate Reduction #5: This is the investment property from the owner above located in Snellville Georgia. Purchase amount $163k, market value $165k, 1st (ASC) balance $111k, 8.25% fixed, monthly payment $1166, 0 days late. 2nd (First Horizon) balance $47k, 14.25% fixed, monthly payment $578, 0 days late. This couple qualified for a rate reduction to 5.25% with lower monthly mortgage payments of $485 for 10 yrs on the 1st and 5.25% with a lower mortgage paymentof $205 for 10 yrs on the 2nd for a combined savings of $1052 a month. This rate reduction turned this investment property from a negative cash flow to positive cash flow. Both properties combined total a savings of $1692 a month.
• Mortgage Rate Reduction #6: This is a house in Manassas Virginia. Purchase cost $130k, current value $262k, 1st (B of A) balance $276k, 5.5% fixed, monthly payment $1659, 30 days late. No 2nd. This home owner qualified for a modification of mortgage to 3.7% with lower payments of $852 for 5 years on their 1st. This is a savings of $807 a month.
• Mortgage Rate Reduction #7: This is an investment property in Clearwater Florida currently un-rentable. Purchase cost $98k, current market $60k, 1st (PHH Mortgage Services) balance $91k, 8.895% fixed, monthly installment $742, 0 days late. This owner qualified for a rate reduction to 5.895% with lower mortgage payments of $447 for 10 yrs. This is a savings of $295 a month.
• Mortgage Rate Reduction #8: This is a property in Rancho Palos Verdes California. Purchase amount $1.2mil, market value $1.5mil, 1st (B of A) balance $1mil, 6.25% fixed, monthly payment $6500, 210 days late. 2nd (B of A) balance $125k, 6.5% fixed, monthly installment $1000, 30 days late. This home owner qualified for a modification of mortgage to 4.45% and a lower monthly payment of $3708 for 5 years on the first and 4.45% with a lower monthly payment of $463 for 5 yrs on the second for a combined monthly savings of $3328.
Find Out If You Qualify For The TARP Mortgage Rate Reduction Program
Whether your home mortgage is underwater or your investment property is negative cash flow, you may qualify. 70% of US home owners do qualify. Find out if you do too. As a free service to all US home owners the author Dan North is making the Government TARP Mortgage Rate Reduction Plan data base available to anyone that wants to find out if they qualify for this program. Call or email, ask for a mortgage questionnaire, once completed and returned we will run your info through the database, generate a report of what you qualify for and email it back to you.
Email TARPdatabase@gmail.com or call Dan North at 406-546-2517
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