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Adjustable rate mortgages will be responsible for a new wave of foreclosures over the next 2-3 years. As a majority of the loans that were given to home owners were risky, toxic loans that came with low teaser rates, which are now expiring and as a result home owners, will see their payments sky rocket. This will become overwhelming for a lot of home owners who are already dealing with a job loss or reduced hours at work as the economy declines.
The worst type of adjustable rate mortgage...
Loan Modification Companies: A New Business Structure For Scam Artist.
Due to the crash of the real estate market, there has been a rise in the number of scam artists that are looking to take advantage of uneducated home owners. A lot of these scam artists are the same ones that have put home owners into these predatory and toxic loans to begin with and are now using the demand for loan modifications by home owners as a new way to steal money from already cash strapped home owners.
What they do is buy a list of home owners that are late on their mortgage...
Loan Modification Overview and Tips
With the overwhelming demand for loan modifications in todayβs market, itβs hard for lenders to staff and train employees to keep up with the hundreds of request they get on a daily basis. Attempting a loan modification on your own is a hard task if you are not equipped with the right knowledge as you need to know what your lender requirements are to apply for a loan modification.
Its not uncommon for home owners who attempt to get a loan modification on their own to get a denial,...
The Making Home Affordable Program: Will it Help You?
The Making Home Affordable Program was developed by the Obama administration to help fix the collapsing real estate market. The plan is targeted to assist about 9 million home owners who may be eligible to refinance or do a loan modification.
There are two main categories that this program wont help, which are homeowners who make sufficient income and make their payments on time, that have seen a significant decrease in the value of their homes and also if your loan is not owned by Fannie Mae...
What You Need to Know About the Obama Loan Modification Plan
This Plan was developed to help struggling home owners restructure their mortgage, which would reduce the foreclosure rates and keep home owners in their homes and would also slow the decline in home values. The Obama Loan Modification Plan has about $75 billion allocated to accomplish this task of making bad loans good and should help about 4 million home owners to save their homes from foreclosure.
In the first quarter of 2008, over 50% of loan modifications that were done has failed within...
Understanding Loan Modifications - What You Don't Know Could Hurt You!
More and more Americans are at risk of foreclosure and losing their homes as the U.S. economy seems to deteriorate on almost a daily basis. If it's not banks shutting down, it's the unemployment rate increasing to rates not seen since the great depression.
Lenders are swamped with applications from home owners that are in default and don't have the man power to keep up with the demand from home owners that want to save their homes. The dream of home ownership seems to be withering away and is...
A Behind the Scenes Look on Loan Modifications
The loan modification process is actually a very multifaceted process. What I mean by that is, the entity that actually makes the decisions on loan modifications are not always made by the company that owns the loan. Instead it's actually the investors who own the mortgage back security that your loan is a part of that make the decisions as to whether or not to approve your loan modification and not your servicer which is the company that you make your payment to on a monthly basis.
The...
Do You Know Who Benefits From a Loan Modification?
Today more and more lenders are implying that they are doing everything within their power to help home owners that have fallen behind on their payments, but I am sure if you speak to anyone that has attempted to get a loan modification, will beg to differ as they tackle road block after road block from their lender.
Not only are home owners finding that its a mission to reach a work out officer within the loss mitigation department of their lender, but to make matters worst, if they do...
The Loan Modification Process - What You Need to Know!
This article was written to give a brief overview of how the loan modification process is handled when the home owner is dealing directly with their lender. Before I begin I have to let you know that I am not trying to persuade or scare you from doing a loan modification on your own, but instead I am trying to give you real information, so stay with me. Before you attempt a loan modification it is important to know what you will be getting yourself in, as most lenders only give the home owner...
How to Choose a Loan Modification Company
With the current collapse of the real estate market, there has been an increase of con artists that has arrived in the loan modification field, which target home owners that are in facing foreclosure.
What these fraudulent loan modification companies do is prey on the fears of these home owners that are in the midst of losing their homes to foreclosure. They give them empty promises which include guaranteed reduction in their mortgage rate to 2% or lower and also a guaranteed reducing in their...
Your Home: A Short Refinance Will Help You Keep It
Today there are many home owners that have paid their mortgage on time, but have found themselves in an adjustable rate mortgage, that has adjusted or is scheduled to adjust in the near future. Now they have good credit, good mortgage history, but the problem is they cannot refinance as they owe more than their home is worth. Well so they've been told, but one insider secret option that is available to home owners in this situation is a short refinance.
If the above scenario describes your...
Short Refinancing Frequently Asked Questions
What is a Short Refinance?
A short refinance is when a lender accepts less than what is owed on the mortgage to allow the home owner to refinance.
Will A Short Refinance Damage My Credit?
It depends; unfortunately this question has both a Yes and No answer. The short refinance could show up on your credit as Settled For Less Than Full and may drop your scores 50 -70 points. But in actuality most lenders will report as "Mortgage Paid" after a short refinance, which will actually increase your...
Owe More Than Your Home is Worth Now What?
If you own a home in a declining market such as South Florida, then you may have a rude awakening when you find out how much your house is worth in todays market, especially if you need to sell or refinance in the near future. Some home owners have the flexibility to wait out this declining market, while many more dont, for such reasons as divorce, relocation, financial hardship or an adjustable rate mortgage that just spiked up a few hundred dollars and home owners can no longer afford their...
How Do Lenders View Credit Counseling Services?
Typically consumers that have overwhelming debt have two options, either enter into a Consumer Credit Counseling Program or declare Bankruptcy. While the two options may have a lot of similarities, most will opt to enrolling into a Consumer Credit Counseling program for such reasons as it is more cost effective and easier to implement.
Many credit card companies and creditors realize that it would be more beneficial to actually work with debtors and make affordable payment arrangements than...
Are You a First Time Home Buyer? Heres $7500
Have you ever heard of the Housing and Recovery Act of 2008? Well today we are going to focus on one of the benefits, the $7500 First Time Home Buyer IRS Tax Credit.
Even with interest rates at historical lows and with a wide selection of discounted homes on the market, people still weren't buying, so the government came up with this tax credit to stimulate and provide financial assistance for First Time Home Buyers to buy now rather than wait.
The $7,500 First-Time Home Buyer IRS Tax Credit...
Is the FHA Hope For Home Owners Program a Bad Deal For Home Owners?
Actually this FHA Hope Program For Home Owners may prove to be HOPELESS, for both home owners and lenders
..Let me explain
..First, here is an overview of this Hope Program.
The President has signed into law legislation that will allow HUD's Federal Housing Administration (FHA) to continue providing targeted mortgage assistance to homeowners that are upside down on their mortgage and or with an adjustable rate mortgage. The Hope for Homeowners program will continue FHA's existing and...
Free Yourself From Foreclosure With FHA
The focus of this article will be the FHA SECURE PROGRAM. To simply put it, FHA Secure is a refinance option for home owners that currently have a subprime loan or any other non FHA loan. One of the benefits of this program is whether you are current or delinquent on your current mortgage, you could still qualify for this FHA Secure Loan. That means if you are currently late or have had late payments in the past, then you could still qualify for a low fixed rate mortgage. Now before we go any...
In Foreclosure and Want to Keep Your Home? Try a Short Refinance
..
This is definitely one of the big banks and lenders best kept secrets. But with the recent increase in foreclosures and the tightening of lender guidelines, which makes it even harder to qualify in todays market for a refinance, and not to mention the drop in property values in such areas as Fort Lauderdale and Miami has brought the short refinance to the front lines. While some might have heard the term Short Sale which is the process you would go thru if you are trying to sell but you owe...
Rent Or Buy? How Does Miami, Florida Residents Decide?
At some point in life we are all faced with this question. With today's low rates and a lot of bargain priced properties in the Miami market, makes the dream of home ownership very attractive. The biggest concern for Miami first time home buyers is; can I afford to buy a home? Home ownership does come with a lot more cost when compared to renting such as: property taxes, higher insurance premiums, higher utility cost, and maintenance of the home, just to name a few. When something breaks there...
Getting Divorce In Fort Lauderdale? Things You Must Know To Avoid Disaster
When a couple decides to part ways, they will have to go through one of the most emotional times of their life. Not just that they will be parting with there once thought soul mate, but now they have to figure out how to live on a single income, where they are going to live, how to preserve their credit and how to restructure their financial future.
It is best to start with the largest asset, which is normally their home and is the foundation of their finances. Now there are several questions...
How Foreclosure Will Impact Your Credit In Fort Lauderdale, Florida
In today's market, especially in Fort Lauderdale Florida, a lot of home owners are finding themselves in this situation with an adjustable rate mortgage that just adjusted and now the home has become more of a burden as it is no longer in their monthly budget. While other Fort Lauderdale home owners find themselves with a property where they owe more than the property is worth. Some of these home owners now face the decision of going into foreclosure or consider doing a short sale to sell their...
Apartment Buildings - One Of Real Estates Most Stable Investment Vehicles
With property values plummeting in areas such as Florida, more and more investors and turning their focus from single family housing to multifamily apartment buildings. In the past the main reason why investors choose apartment building is because they like the idea of having the tenants pay down the mortgage and pay the expenses of the property as they enjoy the benefits of real estate appreciation, and if purchased and financed correctly the owners can receive a monthly income similar to what...
Mortgage Insurance - Your Friend Or Foe??
During the subprime boom, most home buyers stood clear of mortgage insurance, even while getting 100-125% financing on their home. Now a lot of them are facing foreclosure and wished they had digged deeper to find out the pros and cons of Mortgage Insurance. However, with the collapse of the subprime industry, anyone purchasing or refinance that are borrowing 80% Loan-to-Value are higher, dont have a choice and are required to get Mortgage Insurance.
What is the purpose of Mortgage...
Office/Warehouse Condo's - Today's Property Type Choice Of Small Business Owners
Today more and more small business owners, including Accountants, Doctors, and Lawyers are taking advantage of great mortgage programs and low interest rates on commercial real estate. Commercial Real Estate has far surpassed the appreciation of residential real estate and has put commercial real estate property owners on the fast track to building wealth. Commercial Real Estate has proven over the years to have one of the best returns on investment.
The benefits of buying versus renting...
Want A Fixed Rate Mortgage That Will Save You Thousands On Mortgage Interest?
How would you like to discover a little known fixed rate mortgage program that will not only save you thousands of dollars, but tens of thousands of dollars on a mortgage loan? Read on
.
I am not referring to a 15 year mortgage, nor am I talking about a bi-weekly or some type of mortgage reduction program. Yes if you can afford the payments the come with a 15 year loan, the by all means go for it. It will not only get you out of mortgage debt faster, but will save you thousands of dollars...
Considering Buying a Home? Think FHA!
If you are considering purchasing a home, but you are having problems coming up with the necessary down payment, then FHA has your answer. FHA loans were once only considered for low to moderate income individuals, this however is not the case. If you are buying a primary residence and you want to put down a small down payment with great rates, then FHA is your answer. If you would like the idea of having someone else help you pay your mortgage payment or to buy an investment property like a...
Getting a Commercial Loan? Be Prepared!
When deciding to purchase or refinance a commercial property, it is good practice to start by looking at your credit report. Lenders use the 3 major credit bureaus, Equifax, Trans Union and Experian. So it will be a good idea to pull all 3 to assess your credit report for any out dated or erroneous items that could be hurting your credit score. You will also want to clear up any negative information - if you have any derogatory items such as late payments or collection accounts then write a...
What Do Lenders Look For When Qualifying Someone For A Loan?
The information you are about to read will give you some insider knowledge that will help you understand how the mortgage industry operates and will help you avoid making costly mistakes that you could end up paying for years to come. It is my hope that this report will provide some insight that will enable you to make better decisions when it comes to choosing between the many different mortgage programs available today.
First you need to understand the basic requirements that lenders look...
Key Mistakes Homeowners In A Chapter 13 Bankruptcy Make
In talking to numerous homeowners in Chapter 13 Bankruptcy I have found the following myths or mistakes to be the most common during my survey. So I wanted to share this information, because I find it very frustrating that even today with so much information available at no charge, that homeowners in bankruptcy are still blinded by these mistakes. Please read these common mistakes that if you avoid, you are guaranteed to save thousands of dollars, clean up your credit and get a fresh start! I...
Reverse Mortgage Myths Exposed!
Determining the truth about reverse mortgages can become a head ache, if you don't have the right information. You need to be educated on the different programs available, so that you can make the best decision for your personal needs. Basically, if you get a reverse mortgage you will be getting a loan that will allow you to have one of the following three options, a monthly income coming in, or a large lump sum at once, or a credit line that can accumulate interest, so yes it grows as well as...
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