Wednesday, December 19, 2012

Now is a Great Time to Consider a Reverse Mortgage - Alexander J. Chaudhry

http://alexanderjchaudhry.tumblr.com/post/38314815999/now-is-a-great-time-to-consider-a-reverse-mortgage

Thursday, December 13, 2012

How to refinance an underwater mortgage - Alexander J. Chaudhry


There are times when homeowners who wish to refinance their homes do not get accepted by loaning companies, even with a great credit score and a clean track record for payment. There are ways to work around such dilemmas. According to Marsha O’Hare of a HUD-certified housing counselor in Ohio, it is important to know what kind of loan the homeowner has. A homeowner is eligible for the Home Affordable Refinancing Program (HARP) of the Obama administration if the loan is previously owned by Fannie Mae or Freddie Mac. This will allow anyone without a delinquent payment record to refinance, even if the loan owed is more than the amount of the house.

The Federal Housing Administration (FHA) Short Refinance also provides another option. This is a program extended to all homeowners who have a good payment record and those who are not behind in their payment and also to those who owe more money than the worth of their home. The good thing about this program is that it provides assistance specifically to those homeowners who do not have a loan covered by Freddie Mac, Fannie Mae, or FHA. It is important for lenders to agree that the loan principal will be reduced. By contacting and coordinating with the mortgage provider, a homeowner may learn more about his or her eligibility to the program.

If HARP and the FHA program do not work, it is suggested the homeowner seek legal counsel to learn what other work-around can be done or to know the other available options to get a lending company to refinance the house. Legal counsels will be able to provide clients other options based on the specificity of the type of loan the client has, and what will work best in the financial situation of the client, as well as what options are available given the state of payment record and credit scores.

FNC Title Services LLC is a national title services which provides legal aid to homeowners or firms that have concerns regarding home or commercial estate settlement. The firm was founded by Ali Farahpour who has been providing legal counsel on home settlement issues, as well as commercial real estate issues for the past 20 years. 

Tuesday, November 27, 2012

Alexander J. Chaudry to be featured in Reverse Mortgage Magazine's January issue

http://www.chron.com/business/press-releases/article/Reverse-Review-Magazine-To-Feature-Alexander-J-4069218.php