Posts Tagged ‘Loan Modification’

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Mortgage Help

October 31st, 2011



Most of us begin the New Year with new hopes and aspirations that we intend will happen in the following months. Many vow to lose weight, many to quit a bad habit. Sadly, this year too many people have put their personal goals aside and are just trying not to lose their home.

There is help. You do not have to start the New Year worrying about the loss of your home. You need to find mortgage help and you need to become aware of the programs available to you. Very often the air is filled with despair about the amount of foreclosures happening. It should be filled with hope because loan modifications are designed to help you save your home and avoid the foreclosure process.

The loan modification process will allow you to have your loan payment changed to better accommodate your current financial standings. Your monthly payments can, and will, be reduced. Your interest rate will be adjusted which will save you thousands of dollars over the life of the loan. You will be able to save your home even if you have already started foreclosure proceedings.

There are two things you must remember when you apply for a loan modification to reduce your monthly mortgage. First, it is a one time deal. You can only have your mortgage modified once during the course of the loan. Second, you have one chance to do it right. If you are already in the process of foreclosure you can not afford to have delays in the processing, or worse yet a denial, because the paperwork was processed wrong. Enlist the help of a professional and get the job done right the first time.

A professional loan modification company can help you save your home, gain some financial stability and give you peace of mind. They are equipped to handle each of the different mortgage reduction programs being offered and will make sure that your paperwork is completed correctly as well as delivered to the appropriate personnel of the mortgage firm. Simple mishandling of the process can cost you everything you have worked so hard for during your life. There is help available to you.

Someone once said that new years resolutions are often broken. Don’t break the one you made to save your home. Educate yourself on the possibilities that a loan modification can give you and save your home. Don’t wait until it is too late.

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California Mortgage Relief – Bill 1137 And Loan Modification

October 10th, 2011



There is hope for California homeowners facing foreclosure. In July of 2008 California passed SB (Senate Bill) 1137

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Home Mortgage Modification Program

August 9th, 2011



Are you thinking about applying for a Home Mortgage Modification? A likely candidate for such a program would be a homeowner who has an existing mortgage (created before January 2009) who is facing financial hardship. The source of this hardship can be lost income, medical bills, or that the cost of their mortgage has increased dramatically-such as when the initial interest rate on an adjustable rate mortgage expires. Often, the home has lost value compared to the amount the borrower owes, so the loan-to-value ratio is over 80%, which means that the borrower cannot refinance through conventional means.

There are programs available through the Federal government and administered by banks and other lending institutions. The Federal program, called Making Homes Affordable, is available to homeowners who have a good payment history on an existing mortgage owned by Fannie Mae or Freddie Mac; however, many lenders provide their own programs that do not have this requirement, so you should talk to your lender and see what programs they have available. You will have to select the program that is right for you.

These programs can modify your existing mortgage in a number of ways-they can lower the interest rate on your home to as low as 2%, extend the term of your mortgage to as far as 40 years, and possibly forbear or forgive a portion of your mortgage balance so that your mortgage payment is only 31% of your monthly household income.

The specifics of the implementation of the program vary from lender to lender. These programs are designed to be implemented in two stages. The first stage is a trial period for borrowers. Once borrowers can successfully document that they are able to meet the new payment schedule, the lender can convert the trial modification to a permanent modification. The schedule for conversion from a trial period to a permanent loan modification is not spelled out, so lenders vary in how long a trial period they require.

If you are having trouble meeting your mortgage payment, the first order of business is to talk to your lender. They may have a Home Mortgage Modification in place, or they may have several programs, and you need to find the right one depending on your situation. Lenders are not in the business of owning property-they do not want to foreclose on your property, and want to accommodate you as much as they can.

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Bank of America Modification What To Expect

December 15th, 2010



If you are trying to get a Bank of America modification, you can expect a good rate if you qualify.

Many B of A customers are trying to modify their loans these days are reduce their payments. But how low will their payments go?

After speaking with a leading modifier of these loans, they have told me that most of these loans are seeing interest rate reductions an average of 3%. This means that if your loan is 7.5% right now, you could reasonalby expect to get an interest rate of 4.5%. This would significantly reduce the amount of your monthly payment.

Every persons situation is different and when it comes to loan modifications you really never know what to expect. That is why it is good to go with a company who can prequalify you for a B of A loan modification and tell you exactly what your rate will be if you do choose to proceed.

This is the best way to approach the situation, because if your new payment is still going to be tough or impossible for you to afford, you should look at alternatives. Trying to get a short sale is the best alternative if you need to get out of your home with minimal damage to your credit. If you wait to long and end up being foreclosed upon, you should speak with your lender and try to negotiate cash for keys. This is where you keep your house nice instead of destroying it and the bank rewards you for this. It costs lenders alot of money to fix up foreclosures that have excessive damage.

 

One more thing, if you do qualify for a Bank of America modification, certain companies can actually complete the modification in a very short time frame. As little as a few days. They can also push back your first payment to further ease your financial burden. I have heard of some people who don’t have to make the first payment for as much as 3 months, which would give you ample time to save up as much money as possible and turn your bad situation into a blessing!

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Loan Modification Programs Find The Best Loan Modification Company

August 23rd, 2010



If you are searching the internet for loan modification programs, you need to read this article. It will break down what you can expect from a loan modification and the best way to get one.

There are so many different companies out there today, it’s hard to choose the right one. Do you go with an attorney? No attorney? Money back guarantee? Or try to do it yourself. I always say, go with the option that will get you the best possible result. You only get one shot at a loan modification and you want it to be as good as it can be.

If you choose to do it yourself, which can be done, you will save the money you have to pay a loan modification company, but you will probably lose out over time. This is because professional companies know exactly how low your lender can go and how to present your financials to get the best possible results. If your lender offers you an interest rate of 5% fixed for 5 years, you might think “Wow, that’s great. I’ll take it!”, while an experienced company might know that your lender will go as low as 2% and try to get your terms extended to 40 years as well. The difference of just one percent on your interest rate will mean thousands of dollars in savings over the life of your loan.

Did you know this? If you are threatened by foreclosure, a loan modification program can actually freeze your mortgage for 3 months.  This means your lender cannot foreclose on you during this time.  This will allow the company enough time to complete the loan modification and save your home.  It’s not just any program though, it’s the “Obama Mortgage Plan”.

This plan must be hard for homeowners to qualify for on their own!  With literally millions of homeowners in need of mortgage help, less than 400.000 homeowners have actually received loan modifications through this program.  If you do get accepted, you can expect an interest rate as low as 2% and your mortgage payment cannot exceed 31% of your net monthly income.  That equals one low monthly payment for you!

If you would like some more information about a company that can see if you qualify for the Obama Mortgage Plan and other loan modification programs, just visit the links below.

 

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Bank of America Mortgage Modification New Program For Homeowners

August 8th, 2010



If you are looking for a Bank of America mortgage modification, there is a new program out there that few people know about.

For those of you who haven’t heard of it, it’s pretty exciting news if you have a B of A loan. You can now use a modification service to see if you qualify and get your loan modified in lightning fast speed. I’m talking seven days or less.  Not all customers will qualify and sometimes it can take months to get your modification approved.

You will need some basic information including your hardship description. That’s it! With this information, certain loan modification services can call your lender and verify that you are approved for this program. They will be able to tell you what your new rate and monthly payment will be after contacting your lender.  Now you don’t have to try to go at this on your own or pay some company upfront without knowing what the outcome will be. If you like the new payment, you can go for it. If you don’t, you can just say “no thanks” and pursue another avenue, such as a short sale.

This is great news for Countrywide borowers, since all their loans are being converted over to Bank of America loans. Once you get your new statement and your loan number has 10 digits, you are good to go with this program. Bank of America can only access you in there computers when you have the 10 digit loan number.

All of these loan should be switched over within the next couple months (about August), but you can still call and speak with a loan modification service to prepare for the modification.

 

If you want to see if you are approved for a Bank of America mortgage modification, just visit the links below.

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