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Robin
Sentinel


Joined: 30 Aug 2007
Posts: 3416
Location: Loveland, OH

FHA Webinar on Short Refinance Option
PostPosted: Wed Aug 11, 2010 6:56 pm Reply with quoteBack to top

On August 12, 2010 from 4:00PM to 5:00PM EST, FHA will have a webinar to provide an overview of the recently issued mortgagee letter announcing FHA’s Short Refinance Option. After the overview, FHA staff will field questions from callers.



FHA Mortgage Letter 2010-23 - FHA Refinance of Borrowers in Negative Equity Positions:



Starting September 7, 2010, FHA will offer certain ‘underwater’ non-FHA borrowers who are current on their existing mortgages and whose lenders agree to write off at least ten percent of the unpaid principal balance of the first mortgage, the opportunity to qualify for a new FHA-insured mortgage. To facilitate the refinancing of new FHA-insured loans under this program, the U.S. Department of Treasury will provide incentives to existing second lien holders who agree to full or partial extinguishment of the liens. You can read Mortgagee Letter 2010-23 online at: http://www.hud.gov/offices/adm.....0-23ml.pdf



Treasury’s Supplemental Directives to second lien investors for the incentive payment can be read online at:

https://www.hmpadmin.com/portal/programs/directives.html and https://www.hmpadmin.com/portal/programs/hamp/servicer.html



The power point presentation for this webinar can be downloaded at: http://www.hud.gov/offices/hsg.....081210.ppt



Directions to Join the Live Meeting Webinar:



Step 1 – Access the Live Meeting Webinar Site to view the presentation

:

• Go to the live meeting link at: https://www.livemeeting.com/cc/hud/join

• A new window will open. Enter the Meeting ID: fharefinance

• Leave the Entry Code field blank.

• Click the “Join” button



Step 2 - Dial the telephone number provided below to get connected to the audio portion.



• Dial-in Number: (866)757–6799, The conference ID # is: 93804842



Please note:



• The audio conference will be recorded.

• We encourage industry groups and lenders to call in from a central location, because there are a limited number of lines associated with this conference call.
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Flpmtg1965
Dyn-o-mite!


Joined: 16 Oct 2007
Posts: 273
Location: Tampa, FL

FHA Underwater Program
PostPosted: Fri Sep 24, 2010 6:09 pm Reply with quoteBack to top

I have a client that fits this program. I asked my lenders if they are involved in doing the refi on the FHA side if the current lender/servicer agrees to write off 10% of the principle & I am finding none of my lenders are interested in this program at this time.

Is this going to be a program where if my current loan is with Chase & they decide to write off the 10% that they are going to require me to do the FHA refi thru them aswell? Is this even a program that wholesale can take advantage of? Anyone try working with this yet...if so what are you finding?

Thanks,

FLP
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