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Archive for November, 2009
Nov
30
How Bad Is A Foreclosure On Your Credit And How Can I Best Avoid It?
Posted by: | CommentsI am not in foreclosure yet, but I recently lost my position and we have very little savings so I don’t know that I will be able to save my house. We just got into our home in July and then my company lost a major account and I was out of work. I am doing sales now, but that is commission based and slow to pay. I have no equity in my home per se, and i live in California. I guess I’m wondering with the market the way it is, it might be better to walk away and try again in a few years.
Nov
29
my 1st mortgage wants $7000 to modify my loan. This will drain my savings and I will probably be right back where I started. I have and 2nd mortgage as well. Is there any way of refinancing with this on my credit report?
Nov
29
5 Options to Avoid Foreclosure
Posted by: | CommentsWhen you have fallen behind on your mortgage payments, this does not mean that all is lost. You have options to avoid foreclosure, but you must take the initiative and act quickly. Communication with the lender is critical during difficult financial times. Your lender doesn’t know why you have stopped paying; they only know that you have not paid. Avoiding letters doesn’t make matters any better. In fact, this gives the lender the impression that you choose not to cooperate with them. The banks don’t want to take your home, and this is a last resort when a homeowner chooses to ignore their mailings to you. If you are facing a tough financial situation, and even if you have ignored a few letters, this doesn’t mean that you will lose your home. You still have time to seek help, and here are a few options. 1. Reinstatement – A reinstatement can occur when you make a large lump sum payment by a date as agreed upon by the lender to bring your account current. You will need to call your lender to discuss this and you must be certain that you are able to pay the specified amount by the date you agree.2. Forbearance – This is a temporary agreement that will delay your mortgage payments for a short period of time. Lenders will usually only allow forbearance if you can prove to them that you will be able to acquire the funds, such as starting a new job or receiving a large tax refund. You must be able to show that you will have the funds to bring your account current. Lenders normally combine reinstatement with forbearance — if you can prove that you will have the funds, they will delay your mortgage payments and reinstatement your mortgage upon receipt of payment.3. Loan Modification – In some cases, your lender will modify the terms of your loan, i.e., lowering your interest rate to reduce your monthly mortgage payment, so it is affordable for you. 4. Repayment Plan – Sometimes your lender may give you a specific amount of time to catch up on your payment by taking a portion of your delinquent payments and adding them to your current payment.
Nov
28
Refinance against what equity?
TA-
Nov
28
Should You Consider Mortgage Loan Modification Services to Avoid Foreclosure?
Posted by: | CommentsMost people have no idea what loan modification is or what a mortgage loan modification agreement can do to help save your home from foreclosure. If you are getting calls and letters from your bank about mortgage payments you may want to consider help. Dealing with banks when you are going through a financial hardship can be a very scary and stressful ordeal, especially with forclosure and the possible loss of your home looming.
Going through a mortgage loan modification process and developing a workable modification agreement can be a time consuming and stressful process, that you should not have to deal with alone. Most people do not have an attorney they can turn to, but it is critical that you want an advocate working for you that speaks the banks’ language, but represents your best interests.
If you are late on your mortgage payments, enduring a financial hardship or just lost your job, a mortgage loan modification may be an option that you. CLICK HERE to check out mortgage loan modification services in your area.
Many loan modification specialists offer a variety of modification services as well as other credit related options. A loan modification specialist can also help you with a forensic loan audit, refinance or short sale if it’s determined that a mortgage loan modification agreement is not the way to go for you. A loan modification company can offer you options beyond loan modification services that may be what you need to overcome your financial hardship.
Loan modification allows homeowners and lenders to change the terms of a loan in order to help the borrower stay in the home and avoid foreclosure. It is important to note that a loan modification is not a new mortgage. A loan modification is the renegotiation of an existing loan.With a loan modification, it’s possible that a homeowner’s: * interest rate may be decreased * interest rate may be changed from an adjustable to a fixed rate * time the borrower has to pay the loan back can be lengthened * loan principal may be decreased * late fees may be waived * second mortgage could be waived or wiped off of the books
The first step to see if a Mortgage Loan Modification Agreement is the right course of action for you is to have your financial situation evaluated by a loan modification specialist. This is going to require sharing your financial situation and information with them so they can evaluate if a modification agreement is the best course of action.
To see if mortgage loan modification is a viable option for you then just CLICK HERE to get more information about your options and talk talk to a loan modification specialist to evaluate your situation, before it is to late.