If you are undwater on your home with negative equity, you may want to check out this program. My Sister let me know about this and it sounds intriquing. As always, check with your financial guru to see if this is something that will benefit you.
Here are some excerpts from the site follwed by media coverage of LVG:
According to the media press report LVG is basically working with you and the lender to make things a little more equitable for you. It 's goal is to prevent strategic defaults, where people walk away from the home due to the home's negative value. I would still rather see bank's address property values as some have promised to do, or see homeowners fight for their rights as most home loans are fraud filled.
Here's how RH Reward works:
The eligible homeowner with negative equity is presented with an initial RH Reward amount.
To keep their RH Reward status active, the homeowner makes their full and timely mortgage payments.
For a fixed period of time following enrollment, an additional amount of money will be added to the initial RH Reward amount for each month the homeowner maintains active status.
Once the mortgage balance is paid in full either by sale of home, refinance of home, or paying off the mortgage, the homeowner can withdraw the entire RH Reward amount.
I hope this helps some of you out there, and if you have any experience with this group, please leave a comment or email at alrady40@yahoo.com . Have a great day!
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