Foreclosures happen for many reasons and it is something no homeowner wants to experience. There are many resources available to homeowners concerned about or in jeopardy of being foreclosed upon. I have a series on this site with loan modification tips. Unfortunately, we are hearing about many instances where homes are being foreclosed on while [...]
Posts under ‘Mortgage’
Obama Urges Lenders to Move it on Loan Modifications
Troubled homeowners waiting on loan modifications are getting help from the Obama administration. 25 lenders who signed up for the Making Home Affordable program were urged to move faster to help homeowners.
According to the California Association of REALTORS®, the letter sent to the chief executives of these 25 institutions said: “We are asking that all [...]
Credit Score Key to Mortgage
Did you know that a strong credit score is still one of the leading factors lenders use in determining whether or not to issue a consumer credit? Staying on top of your credit score to make sure there are no inaccuracies or errors is important for consumers even if you aren’t anticipating taking out a [...]
Mortgage Rates Higher On April’s 539,000 Jobs Lost
The economy shed 539,000 jobs in April, raising the 6-month total to nearly 4 million jobs lost.
And while the April data may look bad, it’s actually 10% better than what was expected.
As a result, it’s turning into a bad day to be shopping for mortgage rates.
After bottoming out early last week, conforming, 30-year fixed [...]
Explaining What The Federal Reserve Did In Plain English (April 29 2009 Edition)
The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged today within its target range of 0.000-0.250 percent. The Fed also reiterated its plan to support the mortgage market to the tune of $1.5 trillion.
In its press release, the FOMC noted that the economy may still be contracting, but that it’s not [...]
Part 6- Loan Modification 101 – Finalizing your loan modification
Congratulations! Your loan modification is almost done. Here are just a few tips to wrap up the process.
You’ll receive a loan modification packet from your bank that looks very similar to loan documents. Review them to ensure the following terms are what you agreed to:
Interest rate
Interest rate reset cap
Term of modification (how many years)
Monthly payment
Good [...]
Part 5- Loan Modification 101- Negotiating new loan terms as part of your loan modification
If you’ve gotten this far, congratulations! It means you’ve been approved as a loan modification candidate and the bank has or will be making you an offer very soon. This post will cover some ways to negotiate with your lender to get the best possible modified terms for your new mortgage.
What to expect [...]
Part 4- Loan Modification 101 – Tips for qualifying for a loan modification
So far we’ve discussed the basics as it relates to getting a loan modification. Now we’ll talk about a few tips that will help you qualify for a loan modification. These tips are centered around your hardship letter and the monthly expense worksheet.
The hardship letter
Called an LOE in the biz (letter [...]
Part 3- Loan Modification 101 – Determining if you qualify for a loan modification
So far in this series we’ve talked about the process of loan modifications, how to get started and how to collect the information you need to accurately complete your monthly expense worksheet. The monthly expense worksheet is going to be used by your lender to determine if you qualify for a loan modification or not. [...]
Part 2- Loan Modification 101- Doing your homework
Once you’ve received your loan modification application from your lender it’s time to do your home work. What do we mean by “your homework?” We mean simply the collecting and ascertaining of your income and expenses in order to successfully complete your loan modification application.
In brief – think back to the documentation you [...]
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