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One of the initiatives in this program is aimed at helping responsible homeowners “refinance” their loans to take advantage of historically low interest rates. Here are some common Questions and Answers about the Refinancing Initiative in the program.

REFINANCING INITIATIVE

1) Who is eligible?

You may be eligible if:

* You own and currently occupy a one- to four-unit home.
* Your mortgage is owned or controlled by Fannie Mae or Freddie Mac.
* You are current on your mortgage payments.
* The amount you owe on your first mortgage is about the same or slightly less than the current value of your house.
* And, you have a stable income sufficient to support the new mortgage payments.

2) How do I know if my loan is owned or controlled by Fannie Mae or Freddie Mac?

Simply call or email me. I’ll help you determine if your mortgage is backed by Fannie Mae or Freddie Mac.

3) I owe more than my property is worth. Do I still qualify to refinance under the Making Home Affordable Program?

Eligible loans will include those where the first mortgage will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less, you may qualify. The current value of your property will be determined after you apply to refinance.

4) If I am delinquent on my mortgage, do I still qualify for the Refinance Initiative?

No. But the good news is, you may qualify for the Modification Initiative. Contact me to discuss your situation and review your options.

5) I have both a first and a second mortgage. Do I still qualify to refinance under Making Home Affordable?

As long as the amount due on the first mortgage is less than 105% of the value of the property, borrowers with more than one mortgage may be eligible for the Refinance Initiative.

6) Will refinancing lower my payments?

That depends. If your interest rate is much higher than the current market rate, you would likely see an immediate reduction in your payment amount.

However, if you are paying interest only on your mortgage, you may not see your payment go down. BUT… you will be able to avoid future mortgage payment increases and may save a great deal over the life of the loan.

7) What are the terms of the refinance and what will the interest rate be?

All loans refinanced under the plan will have a 30- or 15- year term with a fixed interest rate.

The interest rate will be based on market rates at the time of the refinance. Currently, interest rates are at historical lows, which make this a good time to examine your refinancing options.

Will refinancing reduce the amount that I owe on my loan?

No. Refinancing will not reduce the principal amount you owe. However, refinancing should save you money by reducing the amount of interest that you repay over the life of the loan.

9) Can I get cash out to pay other debts?

No. Only transaction costs, such as the cost of an appraisal or title report may be included in the refinanced amount.

10) How do I apply for the Refinance Initiative?

Call or email me today to discuss your specific situation and to examine your options. If this plan is right for you, we can begin working on your refinance immediately.

As part of the discussion, we may need to look at the following information:

* Recent pay stubs to help determine your gross (before tax) household income.
* Your most recent income tax return.
* Information about any second mortgage on your house.
* Account balances and minimum monthly payments due on all of your credit cards.
* Account balances and monthly payments on all other debts, such as student loans and car loans.

Remember that our system is about helping you to first modify your loan if you qualify.  Second, helping you to have better habits by getting you on the Money Merge Account system from United First Financial. This system will help you to make better financial decisions and guide you to becoming totally debt free in as little as 1/3 to ½ the time, even if you don’t refinance, or qualify for a loan modification.

So after you have read this your next step is to e-mail me, or go back to the link below for the Free Financial Analysis. Click HERE…

Regards,

Darin Stubbs

Branch Manager, United First Financial

By Kevin G. Hall | McClatchy Newspapers

WASHINGTON — President Barack Obama next Wednesday will roll out a plan to attack the trigger of the current global financial crisis — rising U.S. mortgage delinquency and foreclosure rates.

However, he’ll be trying to fix one problem as another perhaps larger one is unfolding.

Obama will unveil in Phoenix how he’ll spend some $50 billion, carved out of the Wall Street bailout money passed in October, to help reverse the soaring number of mortgage delinquencies and defaults.

In light of Obama’s pending plan, three major banks announced on Friday that they would suspend foreclosures indefinitely while the government develops its plan. The banks are Bank of America, Citigroup and J.P. Morgan Chase.

Because the foreclosure problem was allowed to fester so long, home prices nearly everywhere in the nation have fallen. Millions of homes now are worth less than their mortgages, making it impossible for many homeowners to refinance even with today’s low mortgage rates.

A trial balloon floated this week suggests that Obama will follow the suggestions of Federal Deposit Insurance Corp. Chairman Sheila Bair, who thinks that banks must take some losses and get owners of distressed mortgages into a monthly mortgage payment that amounts to somewhere from 31 percent to 38 percent of their monthly after-tax income.

Bair proposed this idea, carrying it out in instances where her agency seized failing banks and could rework loans on their books. She was opposed, however, by then-Treasury Secretary Henry Paulson and others in the Bush administration who wanted to keep the focus on problems in credit markets.

Consequently, the new foreclosure-relief plan by new Treasury Secretary Timothy Geithner comes late in the game and in a deteriorating environment. Since 2006, when the scope of the housing problem first became apparent, more than 1 million homes have been foreclosed. Some estimates suggest that number could increase to 6 million by 2013.

Even as Obama tries to halt the foreclosures, the deepening recession layers on new problems. Beyond the shoddy subprime mortgages given to the weakest borrowers, the default rate is climbing for borrowers who’d been in good standing as they join the ranks of the more than 3.6 million Americans who’ve lost their jobs since the recession began in December 2007.

When Congress began looking seriously at the housing issue in 2006, there was strong opposition, particularly among Republicans, to using taxpayer money to rescue homeowners who made bad choices. That philosophical opposition, however, allowed a regional problem in states such as California and Florida to spread nationwide, reducing home prices across the board.

“I think the macroeconomic effects of this are now so clear (that) there is more support for government intervention,” said Rep. Barney Frank, D-Mass., the chairman of the House Financial Services Committee. “This is not going to get resolved unless there is some public money.”

Speaking to a small group of reporters Friday, Frank said the Obama administration will put forth a plan that involves shared burdens on banks, borrowers and the government. The federal government won’t seek to buy up distressed mortgages; instead, it will contribute towered lowering the mortgage burden.

“There will be federal money used now to buy down the mortgages somewhat,” said Frank.

White House Press Secretary Robert Gibbs cautioned Friday against expecting the housing plan to be a panacea.

“I will tell you that the plan that the president and his team are working on is not . . . intended to be measured by one day’s market scorekeeping, but instead to ensure that the 10,000 Americans each day that have their homes foreclosed on and the millions more that are barely getting by are protected,” he said.

Pressure is mounting on banks to do more to prevent foreclosures. Banks have championed voluntary efforts, and often cite numbers of modified mortgages. They seldom distinguish, however, between whether they simply let a homeowner make a late payment versus converting an adjustable-rate mortgage into a fixed-rate mortgage with a lower monthly payment.

So far, voluntary programs have had no significant impact.

Two government programs give incentives to lenders to take a loss and pass the newly refinanced mortgage into FHA or Fannie and Freddie, but neither has received much support or interest from lenders.

“Anything that’s voluntary that requires a haircut (loss by lenders) is having no effect,” said Rick Sharga, a senior vice president of RealtyTrac in Irvine, Calif., who thinks banks had been playing for time but now will have to take big hits on their books to rework mortgages and prevent foreclosures.

Foreclosures were up 81 percent nationwide last year, with more than 3.1 million foreclosure filings. They’re up 225 percent since 2006 — the final year of the boom before things began to unravel — according to RealtyTrac.

In addition, the median home price has tumbled nationwide. It stood at just over $180,000 in the last three months of 2008, versus $205,000 in the year-earlier period, according to the National Association of Realtors. For all of 2006, the final boom year, median home prices neared $222,000.

As home prices fall, more homeowners go underwater, meaning they own homes worth less than their mortgages. Harvard University economist Martin Feldstein estimates that 12 million American homeowners now have negative equity in their homes — a number that translates into roughly one in five homes.

If home prices slide another 10 percent, it would take many homeowners 10 years or more, by historical rates of return, to just to break even on the home they own. That’s a decade or more before they ever earn a cent of equity.

“I think you have to get some cooperation between the creditors and government to write those mortgages down to something equal or close to the current value of the property itself,” Feldstein said in an interview Wednesday on CNBC. “Otherwise, individuals are going to have an incentive to walk away” from their homes.

If Feldstein is right, it will cost a lot more than $50 billion to fix America’s housing crisis.

This article goes to the heart of how the TARP money will actually make it into the hands of Americans!! Combine this with the power of the Money Merge Account system, interest cancellation, mortgage acceleration and strategic payoff and all of us will be better, wiser and live life with less stress!!

To find out more and for a Free Analysis click Here.

Darin Stubbs, Branch Manager

www.cutmyinterestnow.com

Does investing your hard earned dollars in the stock market make your nervous???  How about a proven wealth building strategy that will act as your financial GPS system – getting you from where you are today to where you have always wanted to be?

We have found a program that is already helping tens of thousands of homeowners pay off their mortgages as well as their consumer debt on average in 8 to 12 years.  The Money Merge Account Program is an online money management solution that uses proven financial strategies to make every penny you earn work smarter for you. This program is customized to your exact situation and will tell you based on your past, present and forecasted income and expenses when and what to do with your money to maximize its potential every minute of the day.  It will take away all of the guesswork from your finances.  Using complex math algorithms it will factor the faster way to cancel interest and eliminate your debt on your primary residence, investment properties, commercial loans, installment loans, and credit cards.  The best part is that it is easy to use and with your financial “dashboard” you will be able to see exactly where you are financially 24 hours a day 7 days a week.

In a matter of minutes we can take a quick look at where you are financially to see exactly what this great program could do for you and your family.  The only information we will need from you will be loan balances, monthly payments, interest rates and your current income information.  There is no refinancing required, this program works in conjunction with your existing loan. Give us 20 minutes and we will give you a financial game plan and a five page analysis showing you step by step how The Money Merge Account can help you.

I know it may seem too good to be true… imagine having no mortgage payment… being totally paid off in ½ to 1/3 the time. The program also includes a lifetime of coaching, free program upgrades, unlimited property transfers, and much much more!!! 

I would like to introduce Jennifer Loranger and Darin Stubbs as the team leaders for the Money Merge Account. She will work exclusively within our office so you will always receive the same professional service you have grown accustom to receiving from us.  You can call me or call Jennifer (830-4139) or Darin at 208-794-2877 directly to set up an appointment either over the phone or in person. 

THROUGH THE END OF NOVEMBER WE ARE OFFERING A FREE PROSPERITY AND WEALTH BUILDING KIT AND DVD - CALL (208) 794-2877.

This information will be sent by mail, no cost and no obligation.

Don’t put it off any longer! We can help you sleep better at night in these uncertain times by taking the guesswork out of your finances.  Get started on the right track by visiting our informative website at www.cutmyinterestnow.com.   With the help of the Money Merge Program you can fund your retirement and investments, own your home free and clear have a better life – debt free! 

Yours Truly,

Audrey D’Orazio

Mortgage Planner

Yet another top industry professional joining the United First Financial Team to market the Money Merge Account to their clients.  This is a copy of a great letter sent to previous , REFI, Purchase money mortgage, HELOC and construction loan clients.

Use the Power of the Money Merge Account to cancell interest, accelerate your mortgage, and become debt free! Join up with the team at www.cutmyinterestnow.com and help your clients become debt free!!

Darin Stubbs

Branch Manager

darin@cutmyinterestnow.com