Monday, December 13, 2010
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
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