Hybrid Refinance..An Affordable Means to Stay in Your Home!
October 26th, 2008
This is a new program we have coming out this week that will give people another option to stay in there home. If you are not interested in a Short Sale Solution and you would like to keep your home and Avoid Foreclosure, the Hybrid Refinance is another constructive option to consider.
The program will provide a new competitive 30 year fixed rate loan that will allow homeowners to enjoy many of the benefits of both a Loan Modification and a Short Sale while keeping their home with an affordable long term solution. The key here is long term and not a short term fix with unaffordable strings attached. We still don’t know all the details of the government program but we do know that there will be many restrictions with both short and long term strings attached.
How does the Hybrid Refinance work?
We provide you a new 30 year fixed rate loan at a market rate from our national banking affiliate. Our Expert Negotiators, in conjunction with our legal team, will contact your lender(s) to mitigate and/or restructure the residual mortgage debt above 85% of the current fair market appraised value of your home.
The residual mortgage debt will either be forgiven or restructured so as to allow you to keep your home for the long term.
How is it a Hybrid of a Loan Modification and a Short Sale Solution?
The Hybrid Refinance resembles a Loan Modification by providing you with a new affordable loan but with a new lender. Your old lender gets the majority of their mortgage paid off and maintains the majority of their original interest in a restructured format as an incentive to cooperate. The Hybrid resembles a Short Sale in that we mitigate and/or restructure the mortgage debt. In the end you get to keep your home and you have an affordable solution that is quantified upfront and not an expensive short term fix.
Who is the best candidate for the Hybrid Refinance?
• Homeowners that can qualify for a new loan and want to stay in their home with an affordable solution
• Homeowners, those that are either not currently delinquent or no more than 90 days delinquent on their current mortgage.
• Anyone that is facing a payment increase in the short term from an adjustable rate mortgage that is looking for a long term solution.
What is the cost?
The total cost for this service is $2,495 plus standard refinance costs that can be rolled into the new loan. Interest rates are very competitive and we only offer a 30 year fixed rate loan.
Example: $400,000 In total mortgage debt.
$350,000 Appraised value of the home.
$297,500 New 30 year fixed loan (85% Loan-to-Value)
$104,500 Restructured or Forgiven debt.
If you are interested in the Hybrid Refinance Program please apply online under Full Service and note Hybrid Refinance in the notes section of the application. A representative will call you back within 72 hours for a personal phone consultation.
Any clients that enroll in the Hybrid Refinance Program and are not completely satisfied with the solution also have the option of later switching to a Short Sale Solution without having to pay any additional retainer fees.
GHunter
