Loan Modification, can it save my Irvine home from Foreclosure?
Loan Modification, can it save my Irvine home from Foreclosure?
Question: Is the mortgagor eligible for the upfront premium refund at payoff of a modified loan?
Answer: It depends upon when the closing date occurred. For assets closed:
After July 1, 1991 but before January 1, 2001, the 7-year unearned premium refund schedule shown in Mortgagee Letter 1994-1 remains in effect,
On or after January 1, 2001 that are subsequently refinanced, the 5-year refund schedule shown in the attachment of Mortgagee Letter 2000-46 applies, or
On or after December 8, 2004, refunds of upfront MIP are eliminated except, when the mortgagor refinances to another FHA insured mortgage. The refund schedule attached to Mortgagee Letter 2005-03 has been modified to a 3-year period.
If you have more questions on this topic you might want to take a look at www.ochomehelp.com
OCHomehelp.com is a team of Orange County Short Sale and Foreclosure Specialist’s. They are comprised of a team of real estate agents, loan modification experts, short sale specialists, attorneys, and title officers.
This might be a good place for you to start if you are confused or scared. They offer a free and 100% confident consultations.
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