Refinance or Loan Modification - which one will work for you?
Los Angeles, USA 3/12/2009 08:15 PM GMT (TransWorldNews)
Solomon Financial along with Fred Solomon and David Chen have dissected the Obama Plan to develop a special software program that lets you input your numbers to determine your qualification for a home loan refinance or federal loan modification. This unique formula combined with an exclusive calculator determines if you qualify. "It takes us five minutes to figure out if you will qualify or not," adds Solomon. For more information, or to see if you are eligible, go to: http://www.freemoneyhour.com/loancost.php
“How do you know when you qualify for a refinance or a loan modification? “ asks Fred Solomon, broker and radio show host of the Solomon Free Money Hour. In order to qualify for Obama’s new refinance plan your loan to value cannot be any higher than 105% LTV (loan to value). In other words, if the value of your home is $400,000, your loan cannot be any higher than $420,000 (5% higher than the current market value). So that eliminates pretty much everyone who bought a home in 2004, 2005, 2006, 2007 and 2008 (unless they put a large down payment).
“Call your loan servicer to see if you qualify for the new Obama plan” is what is said. Get ready to be lied to and listen to the lender's scare tactics. This is a $75 billion bailout geared towards refinancing / loan modification.
So the additional questions are: How do you know how to figure out a 31% front end ratio? How do you figure out if the lender is lying to you or not? How do you negotiate with someone who is lying straight to your ear? I guarantee that if you call the lender yourself, the lender will lie to you. People don't want to believe that. Channel 11, in conjunction with Solomon, is doing a huge story on their client. "We have example after example of clients who were lied to," reports Solomon.
Now, remember this plan is supposed to help 9 million Americans and if you haven't heard yet, Wells Fargo is laying off 20,000 employees when rates are at all-time historic lows and we have all-time record foreclosures. It does not make sense.
“My office took this new Obama plan and we have dissected it for you. The first thing we look at is to see whether you qualify for a regular refinance or not. If not, we look at the new Obama refinance plan up to 105% loan to value. If you are too far upside down, then we look to see if you qualify for a loan modification or not,” adds Solomon.
For media interviews, or for more information or a consultation, call:
(800) 811-7709 or go to
http://www.freemoneyhour.com/the_solomon_free_money_hour.php
I went to www.freemoneyhour.com/loancost.php and the specialist helped me understand the process of loan modification and then tailored a plan for me. They also negotiated with the bank to cut interest rate to 5.15% from the original 7%! Thanks to them, I am free from loan burden now.
Posted by: Pothik | March 19, 2009 at 01:41 PM