Showing posts with label mortgage. Show all posts
Showing posts with label mortgage. Show all posts
Tuesday, December 28, 2010
Monday, December 27, 2010
Thursday, December 23, 2010
Wednesday, December 22, 2010
Will Modifying Second Mortgage Help Prevent Foreclosure?
Click here to contact The Law Offices of Kramer and Kaslow for help with your home.
Some homeowners who have gained assistance from the Making Home Affordable modification program often have found that they are still in a situation where meeting their monthly mortgage payment is difficult due to various costs. There have been homeowners who stated that meeting monthly payments within a modification plan are still too expensive, and this has usually been traced to the fact that a second mortgage may be present on their home loan.
Yet, the Second Lien Modification Program was set in place as a way to address this issue which many homeowners are facing. Under the guidelines set forth by the Making Home Affordable Program, homeowners who have their first lien modified through the modification program will be offered, by their servicer, the opportunity to modify their second lien. Obviously, homeowners who are suffering from payments related to their second mortgage will benefit from this option similarly to a primary home loan modification, which when used together, can lower the overall home loan costs which a homeowner must meet month-to-month.
Also, homeowners who qualify for the Second Lien Modification Program may qualify for a principal reduction of up to $1,250, which equates to $250 per year for five years. These outlines, which again are set forth by the Making Home Affordable Program, are used by many of the major mortgage servicers who are working with homeowners to provide foreclosure prevention assistance during these difficult economic times which homeowners are facing, so finding a servicer who participates in the Second Modification Program has not been difficult for homeowners, as countless financial institutions are participating in the federal modification plan as well.
However, programs like the Second Lien Modification initiative are not guaranteed to prevent foreclosure for homeowners who are suffering from factors like unemployment or other financial troubles. While many of these foreclosure prevention efforts do offer lower monthly payments on home loans, there are still homeowners who are defaulting and facing foreclosure as a result. Yet, homeowners are still being encouraged to contact their mortgage servicer or consult resources like the Making Home Affordable website as a way to gain information about modification opportunities or simply begin the process of a home loan modification with their primary mortgage servicer.
Monday, December 20, 2010
Thursday, December 16, 2010
Mortgage modification spark lawsuits; Have Kramer Kaslow represent you loans re http://ping.fm/pKblC
Kramer Kaslow: What is a Loan Modification and Who Qualifies for One? re mortgage loans http://ping.fm/Fi3Yx
Wednesday, December 15, 2010
Tuesday, December 14, 2010
What Every Homeowner Needs To Know To Survive When Facing Foreclosure
Click here to contact The Law Offices of Kramer and Kaslow for help with your home.
How to Avoid Foreclosure -What Are Your Options?
FORECLOSURE!
It’s a harsh word that most people avoid thinking about…until they have to. If you are several months behind on your mortgage, without money for professional help, and at the end of your rope…foreclosure may be the ONLY thing you can think about.
It’s a harsh word that most people avoid thinking about…until they have to. If you are several months behind on your mortgage, without money for professional help, and at the end of your rope…foreclosure may be the ONLY thing you can think about.
You may be in a difficult situation, but it is not hopeless. Foreclosure is not your only option! I’ve got good news for you. You do have alternatives. You just can’t see them right now. But by the time you finish this short guide, your vision will have cleared and options for your future…good options…will be right before your eyes.
You are not alone! In the United States, foreclosure filings have increased consistently over the past few years, with more new foreclosures reported in every quarter, pushing the foreclosure market to record levels. So you are not alone. But if you’re like the many thousands of people facing foreclosure, you’re scared and confused. You’re overwhelmed by the legal mumbo-jumbo of foreclosure litigation. You don’t know who or what to trust. Or maybe you’ve worked with mortgage brokers. They promise the world – or world-class loans – and then they don’t deliver. And then there’s the holder of your mortgage who is unwilling (maybe after months of negotiating) to budge an inch when it comes to working out a more affordable payment plan.
After all you’ve probably been through, I’m not surprised that you’ve given up hope for a ‘good’ solution and may feel resigned to accepting foreclosure and the years of damage it will do to your credit rating. Once again, STOP! Don’t fall into despair. Things are not as bad as they seem. There are other options.
A helping hand when you need it. Contact Kramer and Kaslow.
This Survival Guide is exactly what the name says it is: a simple, no-nonsense approach to foreclosures. It was created to help you and other homeowners become better informed about the details of the foreclosure process. I believe that knowledge is power…and I hope that this guide will give you the power to avoid foreclosure entirely.
This Survival Guide is exactly what the name says it is: a simple, no-nonsense approach to foreclosures. It was created to help you and other homeowners become better informed about the details of the foreclosure process. I believe that knowledge is power…and I hope that this guide will give you the power to avoid foreclosure entirely.
Once you know the facts, you’ll be able to make a well-reasoned and thoughtful decision and then take action with the confidence that you’re doing what’s best for you.
On the next couple of pages, we are going to take a look at your different options and the pros and cons of each. You will be given the information you need to make a well-educated decision regarding your situation.
What Are Your Options?
Forbearance
Forbearance is a payment plan that a debtor enters into with a lender when they are unable to make timely payments, often due to illness or another temporary situation. In forbearance, the lender will allow you to delay payments for a short period. You agree that after missing payments for a few months you will bring the account current by making larger payments. The problem is, more than 85% of debtors default after the first payment. They cannot continue to make the inflated payments after the forbearance period ends, and they are right back where they started.
Forbearance is a payment plan that a debtor enters into with a lender when they are unable to make timely payments, often due to illness or another temporary situation. In forbearance, the lender will allow you to delay payments for a short period. You agree that after missing payments for a few months you will bring the account current by making larger payments. The problem is, more than 85% of debtors default after the first payment. They cannot continue to make the inflated payments after the forbearance period ends, and they are right back where they started.
Loan Modification
A loan modification is a permanent change in one or more of the terms of a mortgagor’s loan. This may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem and can afford the new payment amount. However, Loss Mitigation Departments are now undermanned, under experienced, and overworked. Nightmare stories abound on the subject of patrons having to hound and harass Loss Mitigation Departments to get their paperwork pushed through to escape foreclosure. After all the hassle, most homeowners are still denied any help and end up in foreclosure.
A loan modification is a permanent change in one or more of the terms of a mortgagor’s loan. This may help you catch up by reducing the monthly payments to a more affordable level. You may qualify if you have recovered from a financial problem and can afford the new payment amount. However, Loss Mitigation Departments are now undermanned, under experienced, and overworked. Nightmare stories abound on the subject of patrons having to hound and harass Loss Mitigation Departments to get their paperwork pushed through to escape foreclosure. After all the hassle, most homeowners are still denied any help and end up in foreclosure.
Partial Claim
Your lender may be able to work with you to obtain a one-time payment (loan to be paid at end of mortgage) from the FHA-Insurance fund to bring your mortgage current. You may qualify if your loan is 4-12 months delinquent and you are able to start making full mortgage payments.
Your lender may be able to work with you to obtain a one-time payment (loan to be paid at end of mortgage) from the FHA-Insurance fund to bring your mortgage current. You may qualify if your loan is 4-12 months delinquent and you are able to start making full mortgage payments.
Deed-In-Lieu (Voluntary Foreclosure)
As a last resort, you may be able to voluntarily “give back” your property to the lender. You may qualify if you are in default and don’t qualify for any of the other options, your attempts at selling the house before foreclosure were unsuccessful, and you don’t have another FHA mortgage in default. “Foreclosure” will most likely be reported on your credit report.
As a last resort, you may be able to voluntarily “give back” your property to the lender. You may qualify if you are in default and don’t qualify for any of the other options, your attempts at selling the house before foreclosure were unsuccessful, and you don’t have another FHA mortgage in default. “Foreclosure” will most likely be reported on your credit report.
Loan Assumption
This is where someone else takes over the payments of your loan, usually in exchange for your property. Loans made after 1988 are almost never assumable.
This is where someone else takes over the payments of your loan, usually in exchange for your property. Loans made after 1988 are almost never assumable.
Bankruptcy
Many debtors will spend a lot of money for an attorney to file a Chapter 13 bankruptcy – which is really a payment plan – only to lose the house. In essence you are paying the attorney instead of the lender. Before acting, know how much the process will cost and what your new increased monthly payment will be. Also know that if you miss one payment, your Chapter 13 will be dismissed and you will need to file Chapter 7. This will cost more attorney fees, assets, including your house will be liquidated and your credit report will still show a foreclosure.
Many debtors will spend a lot of money for an attorney to file a Chapter 13 bankruptcy – which is really a payment plan – only to lose the house. In essence you are paying the attorney instead of the lender. Before acting, know how much the process will cost and what your new increased monthly payment will be. Also know that if you miss one payment, your Chapter 13 will be dismissed and you will need to file Chapter 7. This will cost more attorney fees, assets, including your house will be liquidated and your credit report will still show a foreclosure.
Sale of Property
If the homeowner has equity in the property they can and should consider selling the property. The homeowner will receive a check at closing for equity over and above what is owed and closing costs paid. Most homeowners in foreclosure, however, have little or no equity. Be careful listing with a Realtor that can tie up your property for months.
If the homeowner has equity in the property they can and should consider selling the property. The homeowner will receive a check at closing for equity over and above what is owed and closing costs paid. Most homeowners in foreclosure, however, have little or no equity. Be careful listing with a Realtor that can tie up your property for months.
Do Nothing
When it comes to the threat of foreclosure, procrastination is a prescription for disaster. Doing nothing changes nothing. Unless you take action, you will end up in foreclosure and your credit will suffer for the next 5-7 years.
When it comes to the threat of foreclosure, procrastination is a prescription for disaster. Doing nothing changes nothing. Unless you take action, you will end up in foreclosure and your credit will suffer for the next 5-7 years.
Pre-Foreclosure Sale (Short Sale)
The pre-foreclosure sale program allows the lender in default to sell his/her home and use the net sale proceeds to satisfy the mortgage debt, even though these proceeds are less than the amount owed. It has two major advantages over a foreclosure: (1) You may be eligible for a new home loan after just 2 years instead of 5. (2) You should be able to avoid a deficiency judgment. When a house is sold at auction, the chances of the foreclosing lender filing a deficiency judgment increases dramatically. They will have years to come after you or to sell it to someone else who will.
The pre-foreclosure sale program allows the lender in default to sell his/her home and use the net sale proceeds to satisfy the mortgage debt, even though these proceeds are less than the amount owed. It has two major advantages over a foreclosure: (1) You may be eligible for a new home loan after just 2 years instead of 5. (2) You should be able to avoid a deficiency judgment. When a house is sold at auction, the chances of the foreclosing lender filing a deficiency judgment increases dramatically. They will have years to come after you or to sell it to someone else who will.
As you can see, there are several options to consider – but consider you must! You cannot afford to stick your head in the sand like an ostrich and do nothing. Being in the state of denial is a bad state to be in! And as we said earlier, procrastination is a prescription for disaster.
Monday, December 13, 2010
Kramer Kaslow: LoanModification replaced mortgage refinance as goal of homeowners re loans http://ping.fm/6JrvQ
Loan modification has replaced mortgage refinance as the goal of many mortgage holders
Click here to contact The Law Offices of Kramer and Kaslow for help with your home.
Right now, homeowners in all types of bad situations are desperately looking for and fortunately can get help refinancing their mortgage through a loan modification. These are new options that now exist that allow a mortgage modification to those mortgages where the mortgage value is often in excess of the home value. This is known as being “under water”. This is exactly what the Federal loan modification program is designed to do is to keep the homeowner from drowning. This is also called the Obama loan modification program. It’s the big chance to get the help needed with loan modification to lower monthly mortgage payments and save homes from being lost to foreclosure. Millions of homeowners are easily able to use this Federal loan modification plan for their most valuable personal asset… their homes.
More than $75 billion dollars is available to help homeowners get a loan modification. This money is available from the Federal loan modification plan which is President Obama’s “Making Home Affordable” plan. This Obama Loan Modification Program provides cash incentives to lenders and banks that follow the Government program. With this loan modification money, lenders are more likely to approve homeowners for refinancing.
The stimulus plan allows homeowners in all types of situations to get the help they need. Some things a homeowner can be facing and include:
* Financial and personal hardships like a loss of job, reduced income, or major expenses.
* A home that has declined in value up to 25% less than the amount owed on the mortgage can get refinancing approval.
* Homeowners with not so good credit who also often have other financial problems will be allowed to participate in the Federal loan modification program.
* A home that has declined in value up to 25% less than the amount owed on the mortgage can get refinancing approval.
* Homeowners with not so good credit who also often have other financial problems will be allowed to participate in the Federal loan modification program.
Get Best Loan Modification Deal If You’re Stressed Mortgage Holder.
Saturday, December 11, 2010
Kramer Kaslow: Why is My Loan Modification Not Getting Approved? loans mortgage re http://ping.fm/HQbEj
Why is My Loan Modification Not Getting Approved?
Probably because you don't have the proper legal representation. Click here to contact The Law Offices of Kramer and Kaslow for help with your home.
About 1/3 of short sale clients had attempted to modify their mortgage in the hopes to avoid foreclosure. Months later, they’re calling me to list their home for sale as their loan modification was not approved or did not go far enough - which is why they turn to a short sale. Here are the top 4 reasons why your loan modification may get declined.
About 1/3 of short sale clients had attempted to modify their mortgage in the hopes to avoid foreclosure. Months later, they’re calling me to list their home for sale as their loan modification was not approved or did not go far enough - which is why they turn to a short sale. Here are the top 4 reasons why your loan modification may get declined.
1. The Homeowner is Unemployed
Until 2007, if you had good enough credit, you could purchase and refinance your home without actually having a job. Today, they’re checking for employment to ensure you can pay back what’s owed. In you have enough unemployment benefits remaining, they can use that income as long as it fits the guidelines however that can be dangerous. If you are unemployed and the prospects for employment is dim, short sale may be the way to go.
2. The Home Is Not the Primary Residence
While it makes sense to prevent foreclosure to modify mortgages for investors, sadly most programs are designed only to help the homeowner with their primary residence. Therefore, when pre-qualifying for assistance, ensure they know the property is an investment or primary residence up front. (NOTE: while most would not consider themselves to be investors, when a property owner has another primary residence, the former property is considered an investment).
3. Modification Doesn’t Go Far Enough
When negotiating your payment terms, if the terms that they are offering does not work for your budget, attempt to negotiate more favorable terms that ensures you can make the payments. Many homeowners are late on a number of payments - not just the mortgage and find themselves back in the delinquency hole. As a result, the homeowners find themselves re-defaulting on their mortgage months after approval or while in their trial modification period.
4. Too Much Debt
So after you’ve found a job and maintained the home as your primary residence, your modification can get declined because the lender feels that you will not be able make the repayments. The most common tactic among lenders is to drop the interest rate to 2-4% and stretch out the term to 40 years. Some lenders will even reduce the principal balance of the loan but you will need to demand it. However, if at the end of it all, your debt to income ratio is still too high, the modification will be declined.
Friday, December 10, 2010
Faced w Foreclosure? Important Steps to Take w Kramer and Kaslow re loans mortgage http://ping.fm/WsoEu
Faced With Foreclosure? Important Steps to Take With Kramer and Kaslow
Get help to keep the bank from taking your home. Don't do it alone. Click here to contact The Law Offices of Kramer and Kaslow for help with your home.
Don't Let the Bank Take Your Home! Being faced with a foreclosure can be an extremely stressful and emotionally draining experience - to say the least...so if you find yourself in this situation, here are some steps for you to take to help save your home:
Step 1. Talk to Your Lender Immediately [Better to have Kramer and Kaslow do this for you] - Gather all of your Mortgage Documents and go through them. Write down your lender's phone number and your mortgage loan number. Take these and your coupon book or loan statement with you to the phone - it's important to have your loan number ready when you call...
Step 2. Ask for Your Lender's Loss Mitigation Department [Better to have Kramer and Kaslow do this for you]- After you are connected to Loss Mitigation, explain your financial situation and tell your lender why you are unable to make the monthly payment on your home.Most lenders are agreeable and want to work with you if you call promptly and explain to them what happened. For example: You may qualify for a "hardship" if you lost your job, are going through a divorce, have high medical bills, or have had a death in the family. Make sure you write down the person's name that you talked with, along with the date and time, for future reference.
Step 3. Inquire About a Loan Forbearance - Some lenders will consider this option, which means that you agree to pay part of the back payments you owe now, and the remaining balance is to be paid within a time period of the lenders choice, usually around six months. After this time period, you would again resume making your monthly mortgage payments. This option is used to buy yourself some time, so that hopefully you can get your financial situation straightened out.
Step 4. Ask About a Loan Modification - If a loan forbearance isn't an option, a loan modification might be a possibility. This means that your lender would be willing to change the terms of your mortgage permanently - such as your interest rate or monthly payment allowing you to be able to make payments that you can afford. The lender can even write off some of your balance in certain situations. This option is usually used with the "hardship" situation mentioned in Step 2.
Step 5. Consider a Loan Reinstatement - If it is possible for you to make up all of the back house payments you owe, including the mortgage company's fees, your loan can be reinstated and you continue to make your monthly mortgage payments. You may have to borrow money to do this, which would add another payment each month. If your financial situation is extremely strained already, this might not be an option.
Step 6. Ask About the FHA Secured Loan - If you had an Adjustable Rate Mortgage and you are in foreclosure because the loan amount adjusted so high that you can't afford to make your loan payments, consider the FHA Secured Loan. If you were current on your payments before the loan adjusted, you may qualify. You must have 3 percent equity in your home, or 3 percent in cash. You must also income qualify and the home will be appraised for value. Some lenders may forgive part of the loan to get the LTV (loan-to-value) needed if you meet the other qualifications that they require.
Click here to read more.
Don't Let the Bank Take Your Home! Being faced with a foreclosure can be an extremely stressful and emotionally draining experience - to say the least...so if you find yourself in this situation, here are some steps for you to take to help save your home:
Step 1. Talk to Your Lender Immediately [Better to have Kramer and Kaslow do this for you] - Gather all of your Mortgage Documents and go through them. Write down your lender's phone number and your mortgage loan number. Take these and your coupon book or loan statement with you to the phone - it's important to have your loan number ready when you call...
Step 2. Ask for Your Lender's Loss Mitigation Department [Better to have Kramer and Kaslow do this for you]- After you are connected to Loss Mitigation, explain your financial situation and tell your lender why you are unable to make the monthly payment on your home.Most lenders are agreeable and want to work with you if you call promptly and explain to them what happened. For example: You may qualify for a "hardship" if you lost your job, are going through a divorce, have high medical bills, or have had a death in the family. Make sure you write down the person's name that you talked with, along with the date and time, for future reference.
Step 3. Inquire About a Loan Forbearance - Some lenders will consider this option, which means that you agree to pay part of the back payments you owe now, and the remaining balance is to be paid within a time period of the lenders choice, usually around six months. After this time period, you would again resume making your monthly mortgage payments. This option is used to buy yourself some time, so that hopefully you can get your financial situation straightened out.
Step 4. Ask About a Loan Modification - If a loan forbearance isn't an option, a loan modification might be a possibility. This means that your lender would be willing to change the terms of your mortgage permanently - such as your interest rate or monthly payment allowing you to be able to make payments that you can afford. The lender can even write off some of your balance in certain situations. This option is usually used with the "hardship" situation mentioned in Step 2.
Step 5. Consider a Loan Reinstatement - If it is possible for you to make up all of the back house payments you owe, including the mortgage company's fees, your loan can be reinstated and you continue to make your monthly mortgage payments. You may have to borrow money to do this, which would add another payment each month. If your financial situation is extremely strained already, this might not be an option.
Step 6. Ask About the FHA Secured Loan - If you had an Adjustable Rate Mortgage and you are in foreclosure because the loan amount adjusted so high that you can't afford to make your loan payments, consider the FHA Secured Loan. If you were current on your payments before the loan adjusted, you may qualify. You must have 3 percent equity in your home, or 3 percent in cash. You must also income qualify and the home will be appraised for value. Some lenders may forgive part of the loan to get the LTV (loan-to-value) needed if you meet the other qualifications that they require.
Click here to read more.
Thursday, December 9, 2010
Wednesday, December 8, 2010
What is Loss Mitigation? Find out with Kramer and Kaslow loans loanmod mortgage re http://ping.fm/lRI6L
Get back on stable financial track w mortgage modification by Kramer and Kaslow loans re http://ping.fm/WS2sP
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