If your a resident of Arizona, do you think that President Obama's Mortgage Bailout Plan is the best option for you or do you think that there may be a better solution? Well, the short answer is yes, there may be a better solution for you. The long answer is an option called the Short Refinance. That's basically the long and short of it.
The reason that the Obama Mortgage Bailout Plan may still leave you short of your expectations is because it's short minded. Yes, that's correct. Even if you go through the entire process of Obamas' Mortgage Bailout Plan, you may be still be upside on your mortgage. And that would leave you very short of your temper. Don't you agree? Yes, I thought so. Lets take a look at this situation and you decide if you, as an Arizona mortgage holder, will be satisfied with the end result.
The short comings of the problem are easy to understand. Your mortgage payment can still go through the adjust stage after the initial setup. Sound familiar? Yes, that's very similar to the problem that got you into this situation originally. So, your Obama Mortgage Bailout Plan may end up being short on expectations because you might just go around in a circle and end up where you started, which is behind on your mortgage payments.
What should be considered as a different option is not a short minded plan, but a Short Refinance. The Short Refinance offers a negotiation process with the current mortgage company to accept a mortgage payoff under the current appraised value. Using this payoff, the homeowner is able to get a new thirty year fixed rate mortgage using refinance as a method.
This Short Refinance plan will give you a fixed payment that will not change if interest rates change. The new loan amount has to be lower than appraised value and you get a 30 year fixed rate mortgage which are two things that the Obama plan does not guarantee.
Don't be short minded when it concerns your home mortgage. Consider a Short Refinance instead of Obama's Bailout Plan.
