Staying in your home vs. Selling

(My Original Blog Post: http://www.minnesotainvestors.com/blog/staying-in-your-home-vs-selling/)
B: Staying in your house
1. Do a Short-Refi-
-Before foreclosure is filed
-Current lender or new qualified FHA lender
-Close within 120 days or less
-Loan amount for new BPO at market value
-Approximately $225 out of pocket
-Need tax returns, w-2’s, 1099’s, check stubs, bank statements, etc
-Discharged Debt (Taxes possible see Mortgage Debt Relief Act of 2007)
-Debt-to-income as high as 45%
-Don't need to be behind in payments
2. Do a Loan Modification-
-Usually no loan principle reduction
-Usually redo the amortization
-Usually redo the interest rate, sometimes lower
-Usually fixed interest rate
-Usually if you are behind in payments
3. Do a Foreclosure Extension-
-Delay foreclosure 6-12 months
-Doesn't always work with a short sale
-Great for little time left in redemption
4. Do a Refinance-Rate/Term and Cash-out Refinance
FHA Streamline
620 Minimum (currently)
No Appraisal
No Income Verification
No Asset Verification
Will need to Credit Qualify
Cash Out up to 85% LTV will require new Appraisal

Rural Development Streamline
620 Minimum (currently)
Available with or without Appraisal
Income and Assets Verification Required
Will need to credit qualify
Cash Out up to 95% will require new Appraisal

VA Streamline
620 minimum (currently)
Appraisal may not be required (varies by Lender)
Income/Asset Verification may not be required (varies by Lender)
Will need to credit qualify
Cash Out will require new Appraisal

CONTACT ME:

Email subscribers- Go to any of these sites, to get info by email: RonOrr.com,
RenterLeads.com , RentToOwnBuyers.com , Contract4Deed.com , HomeLoansMN.com ,
MinnesotaInvestors.com, SellMnHouse.com, OverFinanced.com, BankOwnedForeclosure.com

Scenario's can be emailed to: ron@minnesotainvestors.com

Please answer these questions on your first Voicemail/Email
1. Credit score of everyone on the loan
2. Last Bankruptcy, Foreclosure, or Short Sale for everyone on the loan
3. How long consistent work for everyone on the loan
4. Monthly payment you can afford
5. Total money available you have
6. Your desired move-in date