JoAnna Jensen

If you have a first loan with GMAC and you owe more than your home is worth we may be able to help get you a Short Refinance.

There are a few programs available:

1: Short Refinance for Negative Equity Loans: You must be Current on your mortgage payments.

You must owe more than your home is worth on the FIRST loan by 10%.

For this program your loan can not be FHA. I may be able to work with your lender to get you a new

loan at 97% of current market value. Other lenders may participate as well.

2: Streamlined Refinance: This is where your current on your payments but you owe more than your home is worth. Your first loan is FHA, Fannie or Freddie. WE go in and get you a Streamlined Refi with no appraisal needed. You get a lower interest rate which should reduce your payment but not your principal.

3: principal reduction modification alternative:

This is for those home owners who live in their home

originated their loan on or before 1/1/09

having a financial hardship not too much money at the end of the month, but if we were able to reduce your mortgage you could afford the new payment.

your first mortgage balance is at or below $729,950.

Your FIRST mortgage payment, including principal interest taxes and insurance is more than 31% of your gross income. The goal of the lender is to reduce your payment to 31% so your payment must be greater than 31% of your gross income of whomever is on the loan.

This is the initial criteria. There are other guidelines that we can go thru. We help our clients know if they qualify before submitting their paperwork although there is no way to know for sure if you do.

If you are still current you have the most options available and may still qualify for a short sale.

In some situations a short sale may be your best option depending on how late you are and the balance of your loan.

For more information please contact JoAnna Jensen

Legal Realty

925 699 5041

Joanna@vololaw.com

efax 925 520 4918

Do you have a second loan that is completely underwater?

Example you have a home worth $550,000.

A first loan of $600,000 and a second loan of $100,000?

You may have a few different options.

Ihave had several clients tell me that they havent had many options available to help with the second loan.

Depending on your scenario, and if your current on your loan you may be able to do a loan mod on the first and then apply for a modification on the second or settle and wipe out the second loan.

for an analysis of your specific scenario give me a call and we can go over your exact situation.

Do you owe more than your home is worth?

There are programs available for Home Owners who Live in their home and are current on their mortgage but owe more than their home is worth.

Short Refinance. Two programs are available. One for homeowners who have an FHA loan that is current, and one for home owners who have a non FHA loan who are current but the loan will be refinanced into an FHA loan.

Both options are for Owner occupied homes only.

FHA Streamlined loans do not offer a principal reduction, however you will end up with a lower payment by reducing your interest rate to todays interest rate. Typically no appraisal is needed. Fairly easy process. You have to be current on your loan no missed payments for last 12 months.

Next program is for Non FHA home owners this should end up getting you a principal reduction to the current market value so If you owe $550,000 on your first but your home is worth $525,000 you may end up with a new loan at 97% of current market value!!!.

Lenders are comming out with new programs all of the time. There are Principal Reduction Alternatime Modifications as well. Meaning, the typical Waterfall of getting the homeowner to 31% of their gross may now include a principal reduction.

Typically the lender will not automatically reduce the principal they will have the home owner pay for a few years on a payment that does not include principal then you will get an adjustment. they will offer it in thirds. After making payments ontime you will end up with a loan at current market value!! Perfect. this is to stop owners from getting a principal reduction and selling.

Streamlined Refinance , FHA Chris Jensen Bank of Commerce 925 872 2626

Do you owe more than your home is worth? Facing a financial hardship? Has your lender given you a Notice of Default?

Example: First loan Balance $700,000 2nd Loan balance $75,000 Homes Current Market Value $500,000. 2nd loan payment $512 30 years at 7.25%. approximately

Second loan is completly upside down and can be settled for potentially pennies on the dollar.

Current mortgage payment $4775 principal and interest. Plus Taxes and insurance. $700 $5,475 Income $ 13,500. Had a reduction in pay from $ 18,000.

Are you 60 days or more late on your mortgage?

Potential new mortgage at current market vallue $ 500,000 7.25% interest rate 30 year loan $3233 savings of this loan will take over the current loan.

first mortgage $5475

+ 2nd mortgage 512

$ 5987

new loan $ 3410.00 - old mortgage payment, savings of $ $2577 PER MONTH!! Plus a reduction of negative equity of $ 275,000!.

This is just an estimate. Because your loan is 1) upside down by 20%

or more and 2) non performing, (late 60 days or more)

**Your credit score does not matter!!! your ability to pay does. You must have a 50% debt to income ratio. Which mean that your gross income needs to be 2 times as much as your new mortgage payment, principal interest taxes and insurance plus all of your additional credit cards.

I may even be able to help you buy a new home once you successfully short sale your current home even with credit issues. If you decide to short sale your home we may be abe

Please call today for a free 15 minute consultaion on our Balance Reduction Program and our Short Purchase Program to find out solutions for your real estate needs.

JoAnna Jensen

Certifieddebtnegotiators.com

925 699 5041

jensenair@hotmail.com

Certifieddebnetotiatiorskk

For home owners who are facing a financial hardship we have more than one option to help with your hardship and potentially keep you in your home.

Depending on your lender and your qualifications I offer the following tools to help you:

1: Loan Modification Depending on your financial situation, lendier etc, your want to get your first loan down to 31% of your GROSS income and this should include Principal interest, taxes, and insurance. So, if your paying a interest only or neg am loan, and your already at or above 31% of your gross income, you may qualify depending on your lender, and additional criteria.

2: Has your home loast 20% or more in value? For example Do you owe $950,000 on your loan but it is worth $400,000??? (some people do) you may benefit from a principal reduction or short refinance.

4: Is your 2nd loan upside down, You owe $350,000 but the home is worth less than what you owe on the first?? In this case I may be able to help you as well.

If you have income, and you want to keep your home, we may be able to help you?

I am also certified by IAPDA to assess your financial situation and advise on changes to make settlements with your bank credit cards.

I have options to help you keep your home. Our fees are very reasonable.

Legal Realtly

www.certifieddebtnegotiators.com

Short Sales, Principal Reductions, Loan Modifications, Debt Settlement,