X

Wondering what income you'll need to buy a median-priced home? See our latest metropolitan area home affordability analysis

Wondering what income you'll need to buy a median-priced home? See our latest metropolitan area home affordability analysis

Is a Shared-Appreciation Modification really a good deal?

Q: What should we really consider when trying to determine if the (SAM) Shared Appreciation Modification would be a fit for us? We are currently in foreclosure did not qualify for the HAMP but have been offered the SAM.

A: It's hard to say how valuable the SAM might be for you. The answer depends upon how much potential appreciation you will need to give up, the new interest rate on the modified loan, whether you will be responsible for any shortfall in the investor's expected return, any fees which might be included and other factors. If you have no other options and you wish to save your home, this might be an avenue to explore, but you'll want to make certain that it provides an actual, permanent solution rather than a short-term one.

Ask the expert
Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
Submitting your question...

Question received! Check back later to see if your
question gets published.

Q: What is the difference between "rate" and "APR"?
APR 26, 2021
A:

APR is perhaps the most misunderstood part of mortgage finance. "Rate", or more properly "contract interest rate" is the actual rate of interest you are being charged...

Read More
Q: How do I find out who owns my mortgage?
MAR 15, 2021
A:

The owner of the loan is most often the "investor" -- the entity who put up the actual funds to make your mortgage happen.

Read More
Q: When will I begin paying more principal than interest?
MAR 04, 2021
A:

A 4 percent 30-year fixed-rate mortgage will see equal parts principal and interest at about payment number 154.

Read More
Add to Homescreen?
X
X
Install this web app on your phone :tap and then Add to homescreen