It is pathetic to know that companies are still taking advantage of desperate people. First, they got them into loans they could not afford, and now many of these same thieves are taking advantage of people who are facing foreclosure for whatever reason. As with any business dealings, it is critical that you check out the company that you are considering using. If at any time, you don't feel like they are being up front or clear (preferably before you give them a check), don't feel pressured to stick with them because they are your only hope. If they are selling you on the fact that they are your only hope, I would be even more skeptical.
That said, I want to share with you a few of the main scams that have been used to take advantage of hard working people like you.
Loan Modification Scam #1 - No Job Required
You have to be able to prove to the mortgage company that you can pay the mortgage after the loan modification or you won't be approved. Of course, if you have a source of income that doesn't require you to work like annuity payments, social security, disability, or structured settlement payments, then you could try to use that income to qualify.
Loan Modification Scam #2 - Payment Quotes Over The Phone
No loan modification advisor can tell you what the underwriter will determine your payment to be without them having a complete application. If you get a price quote over the phone, hang up immediately - you are about to be scammed.
Loan Modification Scam #3 - A Guarantee That You Will Get a Loan Modification
The only guarantee a company can make is that they will give you your money back if you do not qualify. Even then, I would recommend paying a portion and not all of the money up front until they can tell you more.
Many people don't realize that sometimes they can get their loan modified themselves and sometimes faster than a third party. The reality is that if someone is working through a third party company, the banks know that a third party is getting paid. They are in the business of helping homeowners avoid foreclosure. I believe it is always worth investigating how you can do your own loan modification first before paying thousands of dollars and getting the same answer.
To learn more about saving your home from foreclosure through successful loan modification, visit http://www.loanrescueaz.com
Article Source: http://EzineArticles.com/?expert=Anthony_Kirlew
Monday, May 17, 2010
Wednesday, April 14, 2010
The Latest News On Mortgage Loan Modification
A mortgage loan modification is basically an adjustment that is made on the terms governing your mortgage loan which is done by the lender. Such changes can be on the loan amount, the interest rate or the type of loan that you have. For example, your variable rate mortgage loan can be changed to a fixed rate mortgage loan. The primary reason for having a mortgage loan modification is to keep your home with affordable payments, which can change due to modifications in the adjustable rate mortgage, changes in the employment situation and the effect that a foreclosure will have on the credit profile of a lender.
If your home is about to be foreclosed by a lender because of one or more of the above reasons, you can turn to some government programs that can help you with your mortgage loan modification. Under the continuing efforts of the Obama plan against home foreclosure, you can be eligible for a reduced mortgage interest of as low as two percent that will go for five years. You will be given a temporary mortgage loan modification that will become permanent if you complete the paperwork required and make three payments on time. The paperwork includes the usual hardship letter and proof of income. There is also the Home Affordable Modification Program, which can make a substantial reduction on your monthly mortgage payment. To qualify for loan modification you have to meet the following conditions:
* You must be the owner of the home that is about to be foreclosed. It must be an occupied and single family property. There can be one to four units to a property which includes cooperative, condominium and manufactured homes that are fixed to a foundation and treated by state law as real property
* The property should also be your primary place of residence as validated by your credit report, tax return and utility bills
* The property is not owned by an investor
* The property is not condemned or vacant
* Should there be a bankruptcy, you are not automatically eliminated for a mortgage loan modification consideration
* If you are in an active legal proceedings for the mortgage loan, you can still qualify for a mortgage loan modification without waiving your rights under the law
* If you have unpaid principal balance for first lien loans before the capitalization of arrears, it should be less than or equal to 729, 750 dollars for one unit, 934,200 for two units, 1,129,250 for three units, and 1,403,400 for four units. The figures are all in US dollars.
Aside from government assistance to your mortgage loan modification, there are do it yourself loan modification methods that you can do by yourself to save on the cost that you will have to pay to loan modification companies. Your fight for mortgage loan modification is further helped by the California Loan Modification which focuses on lowering mortgage payments. But the law is not a "cure all" and it is not uncommon for mortgage loan modification applications to be denied, to help you with the entire loan modification process, prevent lenders from taking advantage of you and to avoid loan modification scams, you must have the services of a good lawyer. There are violations that may require a forensic audit to detect, but these are usually identified at once by an experience lawyer, making his services essential in your fight to keep your home.
For more info Click Here
If your home is about to be foreclosed by a lender because of one or more of the above reasons, you can turn to some government programs that can help you with your mortgage loan modification. Under the continuing efforts of the Obama plan against home foreclosure, you can be eligible for a reduced mortgage interest of as low as two percent that will go for five years. You will be given a temporary mortgage loan modification that will become permanent if you complete the paperwork required and make three payments on time. The paperwork includes the usual hardship letter and proof of income. There is also the Home Affordable Modification Program, which can make a substantial reduction on your monthly mortgage payment. To qualify for loan modification you have to meet the following conditions:
* You must be the owner of the home that is about to be foreclosed. It must be an occupied and single family property. There can be one to four units to a property which includes cooperative, condominium and manufactured homes that are fixed to a foundation and treated by state law as real property
* The property should also be your primary place of residence as validated by your credit report, tax return and utility bills
* The property is not owned by an investor
* The property is not condemned or vacant
* Should there be a bankruptcy, you are not automatically eliminated for a mortgage loan modification consideration
* If you are in an active legal proceedings for the mortgage loan, you can still qualify for a mortgage loan modification without waiving your rights under the law
* If you have unpaid principal balance for first lien loans before the capitalization of arrears, it should be less than or equal to 729, 750 dollars for one unit, 934,200 for two units, 1,129,250 for three units, and 1,403,400 for four units. The figures are all in US dollars.
Aside from government assistance to your mortgage loan modification, there are do it yourself loan modification methods that you can do by yourself to save on the cost that you will have to pay to loan modification companies. Your fight for mortgage loan modification is further helped by the California Loan Modification which focuses on lowering mortgage payments. But the law is not a "cure all" and it is not uncommon for mortgage loan modification applications to be denied, to help you with the entire loan modification process, prevent lenders from taking advantage of you and to avoid loan modification scams, you must have the services of a good lawyer. There are violations that may require a forensic audit to detect, but these are usually identified at once by an experience lawyer, making his services essential in your fight to keep your home.
For more info Click Here
Friday, February 26, 2010
Take Help of Mortgage Brokers to Get Best Mortgage Deals But Watch Out
A mortgage broker helps you to save a large amount of extra money on the other hand it might be a great deal bewildering in particular if you are not familiar with the affordability calculator that is designed for its precise computation. Due to the same reason people, decide spending on a mortgage broker who can deal with each and every one of the formalities and watch over the legal parts on top without troubling you with the terms and conditions that can increase your difficulty.
You should be aware of that the person you employ has this job of contacting the different lenders and finding the most excellent lender or bank as per your needs. This turns out to be somewhat risky job for the reason that your whole financial condition is opened to a stranger and you might feel a bit apprehensive. For that reason, there are a few ways, which you should stick to sign up a mortgage broker. Make a choice on the persons who are lawful as said by laws of the state. Regrettably, there are no countrywide laws that influence the guidelines of their functioning.
One more fundamental concern that needs to be kept in mind even as employing an independent mortgage broker is to be aware of his references. Look into with whom he has worked before; in addition look into his past records comprehensively. Preferably, ask your close friends, colleagues or family members who may have worked with him to get a better picture of him. You can as well make a choice on the most excellent mortgage companies to seek mortgage financing as opposed to a mortgage broker, if you find it tough to hire an honest person.
Subsequent to trustworthiness, you should look at the working experience as well as competitive nature of the mortgage broker you are thinking of employing. He is required to have right experience with the intention of assisting you with the all the formalities and paper work involved. For fear that, there might be a few complications and hidden clauses in the application forms of such loans; he is supposed to be knowledgeable enough to draw attention to them in the beginning of the process rather than passing your loan application further that might bring about denial for loan.
Searching for mortgage broker should not be that difficult, there are now several online mortgage brokers. These mortgage brokers are very professional, honest, having contacts with several lenders and banks, and are very helpful. You just have to log on to the internet search with your favorite search engine for mortgage brokers Canada or mortgage rate Canada and you will have access to several online mortgage brokers who are eager to help you. In addition, look into if your state needs any type of license on the part of mortgage broker and remember all the information provided in this article. You will certainly get the most excellent person to firm up the best mortgage deal for your condition.
You should be aware of that the person you employ has this job of contacting the different lenders and finding the most excellent lender or bank as per your needs. This turns out to be somewhat risky job for the reason that your whole financial condition is opened to a stranger and you might feel a bit apprehensive. For that reason, there are a few ways, which you should stick to sign up a mortgage broker. Make a choice on the persons who are lawful as said by laws of the state. Regrettably, there are no countrywide laws that influence the guidelines of their functioning.
One more fundamental concern that needs to be kept in mind even as employing an independent mortgage broker is to be aware of his references. Look into with whom he has worked before; in addition look into his past records comprehensively. Preferably, ask your close friends, colleagues or family members who may have worked with him to get a better picture of him. You can as well make a choice on the most excellent mortgage companies to seek mortgage financing as opposed to a mortgage broker, if you find it tough to hire an honest person.
Subsequent to trustworthiness, you should look at the working experience as well as competitive nature of the mortgage broker you are thinking of employing. He is required to have right experience with the intention of assisting you with the all the formalities and paper work involved. For fear that, there might be a few complications and hidden clauses in the application forms of such loans; he is supposed to be knowledgeable enough to draw attention to them in the beginning of the process rather than passing your loan application further that might bring about denial for loan.
Searching for mortgage broker should not be that difficult, there are now several online mortgage brokers. These mortgage brokers are very professional, honest, having contacts with several lenders and banks, and are very helpful. You just have to log on to the internet search with your favorite search engine for mortgage brokers Canada or mortgage rate Canada and you will have access to several online mortgage brokers who are eager to help you. In addition, look into if your state needs any type of license on the part of mortgage broker and remember all the information provided in this article. You will certainly get the most excellent person to firm up the best mortgage deal for your condition.
Tuesday, February 23, 2010
Things to Consider Before Opting For Mortgage Refinancing
Refinancing your mortgage is an important decision. It is definitely not something that you can go for on a whim. If your main goal of refinancing is to save money, then you must make sure that you understand all the costs involved in the process, so that you don 't end up with unpleasant surprises and a lot of debt.
Why Refinance?
There could be several reasons why you may want like to refinance your mortgage. It could be because you wish to change the terms of your loan, take advantage of better interest rates, change the type of loan - say fixed rate to variable rate, or extend the term of the loan. Whatever be your reason, it is important to fully comprehend all the costs involved and the benefits that you should be getting out of this decision.
Costs Involved in Refinancing
When you go for a mortgage refinance to replace your existing loan, you need to take a close look at much more than just the interest rate offered on the new loan. Refinancing a mortgage loan will involve appraisal fee, legal charges, application fee etc. In addition, the lender of your previous loan may charge you a penalty for closing the loan prematurely, if there is such a clause in the terms of the agreement. Consider all these costs and see if the benefits still outweigh the costs.
Other Factors
There are some important factors that influence the rate that you will be charged on the new loan, such as the value of your house, which will be appraised for the second loan. During a slow economy, the house value drops, and in such cases, the price that you paid to buy your house has no meaning for the appraiser. The value that he determines for your house can be much lower than what you expect and so will be the loan amount.
In addition, the prevailing money lending rates in the market affect mortgage rates significantly. Having a fair idea of whether interest rates are currently low or high will help you decide the right timing of the loan. If the economic climate is positive and the interest rates are likely to shoot up in the future, then you can save money by going for a fixed rate interest loan, which will cushion you from rate increases.
Refinancing your existing mortgage is often a good idea; however, you should carefully evaluate the benefits and costs before taking this step.
"For More Information on Mortgage Refinancing or Home Equity Loans, contact a Mortgage expert at Canadian Mortgages Inc."
Why Refinance?
There could be several reasons why you may want like to refinance your mortgage. It could be because you wish to change the terms of your loan, take advantage of better interest rates, change the type of loan - say fixed rate to variable rate, or extend the term of the loan. Whatever be your reason, it is important to fully comprehend all the costs involved and the benefits that you should be getting out of this decision.
Costs Involved in Refinancing
When you go for a mortgage refinance to replace your existing loan, you need to take a close look at much more than just the interest rate offered on the new loan. Refinancing a mortgage loan will involve appraisal fee, legal charges, application fee etc. In addition, the lender of your previous loan may charge you a penalty for closing the loan prematurely, if there is such a clause in the terms of the agreement. Consider all these costs and see if the benefits still outweigh the costs.
Other Factors
There are some important factors that influence the rate that you will be charged on the new loan, such as the value of your house, which will be appraised for the second loan. During a slow economy, the house value drops, and in such cases, the price that you paid to buy your house has no meaning for the appraiser. The value that he determines for your house can be much lower than what you expect and so will be the loan amount.
In addition, the prevailing money lending rates in the market affect mortgage rates significantly. Having a fair idea of whether interest rates are currently low or high will help you decide the right timing of the loan. If the economic climate is positive and the interest rates are likely to shoot up in the future, then you can save money by going for a fixed rate interest loan, which will cushion you from rate increases.
Refinancing your existing mortgage is often a good idea; however, you should carefully evaluate the benefits and costs before taking this step.
"For More Information on Mortgage Refinancing or Home Equity Loans, contact a Mortgage expert at Canadian Mortgages Inc."
Mortgage Calculators – Before Going For Mortgage Use Mortgage Calculator to Get First Hand Knowledge on All the Aspects of Your Mortgage
Despite the fact that seeking advice from a finance expert is an excellent option while looking for a loan for to buy a home, using a mortgage calculator can provide a homebuyer valuable insight on quite a few different issues regarding getting financing. A mortgage calculator can work as an important tool for loan seekers at the very beginning of the course. A lot of different kinds are to be had; a few offering quite precise figures.
There are several kinds of mortgage calculations available that are needed by a homebuyer in search of a loan derived from information entered by him. There are several different kinds of calculations that offer buyers with a number of information. These include, Budget Calculation that uses in depth personal information submitted to find a monthly budget a buyer can use to submit to an Affordability Calculation that will decide how big a loan a buyer can afford to take out with concern to monthly payments. Debt Consolidation Calculation will use submitted information to current results on the feasibility for a buyer to utilize a mortgage for debt consolidation. Cost Calculation will generate results that update buyers on what the costs are for borrowing a particular amount for a mortgage. Other mortgage calculations will help demonstrate balloon payments, results from making additional or bigger payments, lump sum payment alternatives and for several other uses.
One of the best familiarity needs any potential borrower wants to get is details on just how much money will be available from a lender. Even if a lot of buyers can more than likely find out a precise figure that can be afforded for monthly payments, there are elements of this monthly commitment that will go to other parts in addition to the loan principal. A mortgage calculator presents a potential borrower with figures that take account of the amount of interest paid on a loan, the results of preferring different tenures for repayment and other issues that have an effect on either entire sums repaid or what parts of the loan make up these repayments like other finance charges in addition to fees.
A major benefit to utilizing a mortgage calculator is that a potential borrower can make several inputs to reach different outcomes. A mortgage calculator can be used to decide the required repayment amount derived from 30-year tenure, or maybe 20, or 15, for instance. In addition, a mortgage calculator can generate results from a different viewpoint, such as, how much money could be borrowed if a monthly repayment was $750? A mortgage calculator helps buyer look at several alternatives that might be available ahead of contacting any lender.
On occasion potential home buyers decide on a house earlier than finding out the entire costs are beyond their means, or their monetary ability. By using a mortgage calculator and a range of other calculating tools, those on the lookout for a mortgage can decide what can be afforded, hence directing a house search accordingly. In addition, mortgage calculator as well helps a loan seeker find the entire information required planned earlier than contacting a lender. Above all you need not buy one just log on to the internet and search for free online mortgage calculator and you will be offered a plethora of it.
Published At: Isnare Free Articles Directory http://www.isnare.com
There are several kinds of mortgage calculations available that are needed by a homebuyer in search of a loan derived from information entered by him. There are several different kinds of calculations that offer buyers with a number of information. These include, Budget Calculation that uses in depth personal information submitted to find a monthly budget a buyer can use to submit to an Affordability Calculation that will decide how big a loan a buyer can afford to take out with concern to monthly payments. Debt Consolidation Calculation will use submitted information to current results on the feasibility for a buyer to utilize a mortgage for debt consolidation. Cost Calculation will generate results that update buyers on what the costs are for borrowing a particular amount for a mortgage. Other mortgage calculations will help demonstrate balloon payments, results from making additional or bigger payments, lump sum payment alternatives and for several other uses.
One of the best familiarity needs any potential borrower wants to get is details on just how much money will be available from a lender. Even if a lot of buyers can more than likely find out a precise figure that can be afforded for monthly payments, there are elements of this monthly commitment that will go to other parts in addition to the loan principal. A mortgage calculator presents a potential borrower with figures that take account of the amount of interest paid on a loan, the results of preferring different tenures for repayment and other issues that have an effect on either entire sums repaid or what parts of the loan make up these repayments like other finance charges in addition to fees.
A major benefit to utilizing a mortgage calculator is that a potential borrower can make several inputs to reach different outcomes. A mortgage calculator can be used to decide the required repayment amount derived from 30-year tenure, or maybe 20, or 15, for instance. In addition, a mortgage calculator can generate results from a different viewpoint, such as, how much money could be borrowed if a monthly repayment was $750? A mortgage calculator helps buyer look at several alternatives that might be available ahead of contacting any lender.
On occasion potential home buyers decide on a house earlier than finding out the entire costs are beyond their means, or their monetary ability. By using a mortgage calculator and a range of other calculating tools, those on the lookout for a mortgage can decide what can be afforded, hence directing a house search accordingly. In addition, mortgage calculator as well helps a loan seeker find the entire information required planned earlier than contacting a lender. Above all you need not buy one just log on to the internet and search for free online mortgage calculator and you will be offered a plethora of it.
Published At: Isnare Free Articles Directory http://www.isnare.com
Subscribe to:
Posts (Atom)
