Helping Homeowners Avoid Foreclosure in Roseville and Sacramento

Is it in Your Best Interest to Complete a HARP 2.0 Refinance or Short Sale on Your Home?

Posted on Aug 7, 2012 in Roseville and Sacramento Short Sale FAQs

Hi this is Mark Peek at Keller Williams Real Estate, your Roseville and Sacramento short sale specialist. I want to talk to you today about whether or not to keep your home if you are underwater or if you are considering a refinance program such as the revised HARP 2.0. One of the things that I would suggest before you think about moving forward and taking a refinance on that is whether or not this makes sense for you. First of all with the payment that you get out of the refinance, would you be willing to rent this property at that current payment? If the answer is no, then the HARP 2.0 refinance is probably not in your best interest.

Number two is how long is it going to take for you to break even if you refinance? If it’s only going to reduce your payment a couple hundred dollars but you are severely underwater is that really in your best interest and how long is it going to take for you to break even again. One of the things I suggest before considering HARP 2.0 refinance is to run the numbers on your residence. Does it make sense for you to stay or should you short sale? If you short sale you can potentially come back and purchase again after closing the short sale in as little as two years. So, does that make sense? Take a look and use the short or stay calculator on my website. Put in your address and information and it will generate a report and give you an idea of how long it’s going to take for you to break even. It will help you decide if a refinance or short sale might be right for you.

If you have a Freddie Mac owned loan you are going to have a hard time and I’m not sure that there is many servicers or lenders out there that are doing Freddie Mac HARP 2.0 refinances. The guidelines are just so rigid on buy-backs out there that a lot of the lenders are afraid to do that. Again, I’m Mark Peek with Keller Williams Real Estate, your Roseville and Sacramento short sale specialist and I’m here to answer any questions you may have.

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