FHA Streamline Refinance Bad Deal
Are they doing it again, are Lenders up to old tricks with FHA Streamline refinancing? The mortgage industry is all a buzz once again. Companies that were on the verge of shutting down because they lacked clients are now hiring and expanding. Is the housing crisis over, are home values back?
“I received a call from a homeowner yesterday saying he had done a FHA Streamline refinance on his home and now his payment went up $86.00” said David Wilson of www.USLoanModifier.com a company that helps modify current home loans. “He was looking for help because he had gotten behind on his payment and was told they would lower the interest rate, but when they added his late payment and the broker fees to the loan amount, his payment went up.”
Homeowners that are trying to refinance out of their current mortgage are often times turned away because the value of their home has dropped below what they currently owe. If the homeowner is trying to get back into a secure financial situation, they can turn into a victim of FHA Streamline refinancing if they aren’t careful.
Wilson says, “A loan modification has many options for the homeowner and that’s how www.USLoanModifier.com helps. It bothers me to see homeowners hurt by FHA Streamline refinances time and again. They already owe more than the house is worth, then they do a streamline refinance to save their home only to have the loan amount and mortgage payment increase. To make matters worse, the mortgage consultant is now calling that homeowner back wanting him to do another FHA Streamline.”
Protect yourself by making sure the FHA Streamline Refinance isn’t going to increase the amount of negative equity or increase your monthly payment even if the interest rate is lower. A reputable company will not make such recommendations and will advise that you consider a loan modification.
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