40% of all people who bought a home within the last 48 months (who took advantage of low and no down payment programs), now find themselves in a position that they owe more on their home as a percentage of their value and they don’t know what to do.
Our clients Jim and Stacy C. bought their home in the Western Suburbs in 2005 with 20% down. When the Obama administration started moving interest rates lower they tried to refinance. However they were turned down because their value had dropped and they were told that even though they put 20% down before they now had only 15% equity and they would need PMI. All the money they would save by getting a lower rate they would give back in PMI. Refinancing no longer made sense and they thought they were stuck.
Jim and Stacy felt, like a lot of people do, that if the banks are getting all this money for bailouts, why can’t I get to save some money on my mortgage? And rightfully so.
Jim and Stacy contacted us and we were able to put them into a government backed program to lower their payments on their $250,000 mortgage by almost $300 per month and let them stay in their home. This program, designed to protect the American dream, is a huge win for them allowed them to keep their dream.
Email Dylan or call him directly at (630) 343-9526 to find out how Dylan Kramer’s team can help you solve this or any other home financing issue you may be experiencing.
