Myths and Facts
There are a lot of myths surrounding lenders and servicers as to what they will and will not do during the loan modification process.
The confusion and inaccurate data that is on the internet and news is based on uninformed people who really have no idea what is going on in the loss mitigation arena. How can these same people be relied on by the media as “experts” and solve the issue when "they" created the problem?
It takes a person with thick skin and an iron will to do this. It’s not unusual for it to take 3-6 months of calls, faxes, emails, letters etc. to get help before you get relief.
We have found that the person that is willing to be the greasy wheel and never give up is usually the first person that gets the attention they deserve, that what we do for you.
Monday, January 25, 2010
Tuesday, January 12, 2010
"Helping Homeowners Help Themselves" ~ What is a Streamline Modification?
The Federal Housing Finance Agency (FHFA) has released a simplified and streamlined loan modification program to help struggling homeowners afford and keep their homes, thus reducing the number of foreclosures. First you need to know a few simple things about modifications:
Q: What is a loan modification?
A: By definition, a loan modification is a change, revision or adjustment to your loan. The most commonly modified terms of a mortgage are:
Conversion of an Adjustable-Rate-Mortgage (ARM) to a fixed-rate mortgage.
A change of interest rate.
Amortization term
Loan's Maturity date
Unpaid principal balance
The mortgage modifications are designed to enable borrowers to manage their monthly payment obligations.
Q: What is a Streamlined Loan Modification Plan?
A: A streamlined loan modification is a kind of loan reorganization or restructuring that requires less paperwork, and a simple and easy procedure. It aims to help struggling homeowners afford their mortgage payments by setting a benchmark ratio, calculated by their monthly gross income.
Q: What is the mortgage payment benchmark ratio?
A: Due to its essentiality, an industry standard has been agreed upon to help homeowners keep their homes. The benchmark ratio for the calculation of an affordable payment is 38% of the homeowner's monthly gross income. The servicer will move to the next steps once this is determined, such as: extending the loan's term, reducing the interest rate and forbearing interest - until an affordable payment is reached. Otherwise, the situation will be taken into a case-by-case basis using the borrower's cash flow budget.
These are just a few questions of the many that homeowers have. Let us help you, help yourself to get all the answers you need to "Lower your house payment"!
Article Source: http://EzineArticles.com/?expert=Bobby_Tucker
Q: What is a loan modification?
A: By definition, a loan modification is a change, revision or adjustment to your loan. The most commonly modified terms of a mortgage are:
Conversion of an Adjustable-Rate-Mortgage (ARM) to a fixed-rate mortgage.
A change of interest rate.
Amortization term
Loan's Maturity date
Unpaid principal balance
The mortgage modifications are designed to enable borrowers to manage their monthly payment obligations.
Q: What is a Streamlined Loan Modification Plan?
A: A streamlined loan modification is a kind of loan reorganization or restructuring that requires less paperwork, and a simple and easy procedure. It aims to help struggling homeowners afford their mortgage payments by setting a benchmark ratio, calculated by their monthly gross income.
Q: What is the mortgage payment benchmark ratio?
A: Due to its essentiality, an industry standard has been agreed upon to help homeowners keep their homes. The benchmark ratio for the calculation of an affordable payment is 38% of the homeowner's monthly gross income. The servicer will move to the next steps once this is determined, such as: extending the loan's term, reducing the interest rate and forbearing interest - until an affordable payment is reached. Otherwise, the situation will be taken into a case-by-case basis using the borrower's cash flow budget.
These are just a few questions of the many that homeowers have. Let us help you, help yourself to get all the answers you need to "Lower your house payment"!
Article Source: http://EzineArticles.com/?expert=Bobby_Tucker
Friday, January 8, 2010
Key to help you lower you house payments!
Did you know....
If you have your a hardship recently, such as ..
Lost your job, reduce business, life style changes, health issues, devalued property values...
There are guidelines that regulate how your lender is requried to respond to you when you request help, it's true!
There is a way to make sure that you are not just faxes on the floor, but a file in a drawer that legally must be attended to.
Take the first step and let us help your lower your house payment.
If you have your a hardship recently, such as ..
Lost your job, reduce business, life style changes, health issues, devalued property values...
There are guidelines that regulate how your lender is requried to respond to you when you request help, it's true!
There is a way to make sure that you are not just faxes on the floor, but a file in a drawer that legally must be attended to.
Take the first step and let us help your lower your house payment.
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