Believe it or not, you actually hold the upper hand when it comes to Mortgage Loan Modification in this situation. Your lender will have to pay a very high price to foreclose on your home. Added to this, is the mounting pressure from other companies and organizations for your lender to be more lenient with you in these hard times.
Think of all the memories your home holds for you. Do you recall the lazy days lying around or watching the children play. Maybe you have experienced countless emotions. Whether you have been happy, sad or angry, your home is something that you don't want to lose!
Your lender is not in the business of selling homes. The additional costs and fees associated with foreclosure will leave your mortgage provider looking for other suitable solutions.
With a Mortgage Loan Modification plan, you can reduce your payments for a period of 5 years to something far more affordable. The government can even reduce your mortgage principle in that time. This is a win-win situation for both parties. You get to keep your home, lower your repayments and have your mortgage balance reduced. Your lender doesn't have to go through the effort of trying to foreclose and sell your home and still receives some form of payment from you.
However, with a solution, there is usually always another problem right around the corner. Many people in your circumstances, resort to contacting attorneys, companies and specialists in mortgage foreclosure and loan modification. The fees that you can expect to pay can be astronomical and maybe even push you into further debt.
Some Loan Modification Companies have been reported to charge anywhere between $1500 - $5000 to perform this service. So this, of course, has led the way for certain individuals to fight back and complete the Mortgage Loan Modification process on their own.
If you need a step-by-step system and don't have up to $5000 to spend on Mortgage Loan Modification fees and charges then Click Here to see what other people who have "done it themselves" have to say.
Showing posts with label Modification Of Mortgage. Show all posts
Showing posts with label Modification Of Mortgage. Show all posts
Monday
Discover What the Obama Loan Modification Programs and the 31 Percent Rule Can Do For You
Loan Modification Programs aren't something new, but many will argue the old system wasn't structured properly to work. A recent example of this is - over half of the loans modified in the US from January to March 2008 defaulted on their modified loan before the end of the year.
What Exactly is Loan Modification?
As you are well aware the economy has taken a huge downturn over the last couple of years. This has had an undesired effect for many homeowners. People find their loans are at risk and the possible threat of foreclosure. This is where lenders will offer lower monthly repayments and set terms and conditions on your home loan for a specified period of time. However, with no real structure in place, this was doomed to fail.
The Obama administration unveiled their new program on Wednesday 4th March 2009. This program planned to restructure home loans and save millions of Americans from foreclosure.
So What is the 31% Rule?
The program requires lenders to reduce your monthly mortgage repayments to no more than 38% of your gross monthly income. The government will then fund the remainder, to bring your payments down by a further 7%. This would mean that your monthly mortgage repayments would be no more than 31% of your total gross monthly income.
In order for your lender to achieve this, they would first need to lower the interest rate on your loan and possibly extend the term of your mortgage. They have the ability to lower the interest rate to 2% and extend your term up to 40 years. However, even after all these alterations, if you are still paying above 31% threshold, the lender can merely claim payments for your principle balance and will charge no interest.
For you to secure help to join one of these Programs, you will usually need to approach a Loan Modification Company. Although, many people have reported savings in excess of $500 per month on their mortgage payments, others have told horror stories of the fees that some of these companies charge.
What Exactly is Loan Modification?
As you are well aware the economy has taken a huge downturn over the last couple of years. This has had an undesired effect for many homeowners. People find their loans are at risk and the possible threat of foreclosure. This is where lenders will offer lower monthly repayments and set terms and conditions on your home loan for a specified period of time. However, with no real structure in place, this was doomed to fail.
The Obama administration unveiled their new program on Wednesday 4th March 2009. This program planned to restructure home loans and save millions of Americans from foreclosure.
So What is the 31% Rule?
The program requires lenders to reduce your monthly mortgage repayments to no more than 38% of your gross monthly income. The government will then fund the remainder, to bring your payments down by a further 7%. This would mean that your monthly mortgage repayments would be no more than 31% of your total gross monthly income.
In order for your lender to achieve this, they would first need to lower the interest rate on your loan and possibly extend the term of your mortgage. They have the ability to lower the interest rate to 2% and extend your term up to 40 years. However, even after all these alterations, if you are still paying above 31% threshold, the lender can merely claim payments for your principle balance and will charge no interest.
For you to secure help to join one of these Programs, you will usually need to approach a Loan Modification Company. Although, many people have reported savings in excess of $500 per month on their mortgage payments, others have told horror stories of the fees that some of these companies charge.
How Barack Obama's Modification of Your Mortgage Can Really Help Those Suffering Financially
The New Mortgage Loan Modification Programs were introduced by the Obama administration in March 2009. For those of you struggling to meet your monthly repayments and with the threat of possible foreclosure hanging over you, this could be just the thing you are looking for.
With the agonizing recent recession and slump in housing prices, this has had a huge effect on millions of Americans. The Obama Loan Modification process has been introduced to help you through these hard times.
So what help is the government offering exactly?
Should you own and live in your mortgaged property and have a loan balance of below $729,750 you may be eligible. The government are looking to streamline your payments for up to five years. This may involve lowering the interest rate or extending the term of your mortgage.
For those of you suffering financial hardship and wishing to participate in this plan, you will be required to write and sign a letter stating such and if your overall debts are above 55% of your income, you will have to agree to take part in credit counseling. The final criteria to be eligible is that you must haven taken your loan out prior to January 1st 2009.
The process is a very rigorous form of verification, involving proof of ownership, proof of income and expenditure, through supplying relevant documents. Many industry experts believe that if these plans had been brought in a few years ago, then perhaps the current housing crisis could have been avoided altogether.
There are many companies who can help you through the legal and financial aspects for the Modification of your mortgage.
However, some Loan Modification Companies have been reported to charge anywhere between $1500 - $5000 to perform this service. So this, of course, has led the way for certain individuals to fight back and complete the procedures on their own. To learn how you can complete this process yourself Click Here.
With the agonizing recent recession and slump in housing prices, this has had a huge effect on millions of Americans. The Obama Loan Modification process has been introduced to help you through these hard times.
So what help is the government offering exactly?
Should you own and live in your mortgaged property and have a loan balance of below $729,750 you may be eligible. The government are looking to streamline your payments for up to five years. This may involve lowering the interest rate or extending the term of your mortgage.
For those of you suffering financial hardship and wishing to participate in this plan, you will be required to write and sign a letter stating such and if your overall debts are above 55% of your income, you will have to agree to take part in credit counseling. The final criteria to be eligible is that you must haven taken your loan out prior to January 1st 2009.
The process is a very rigorous form of verification, involving proof of ownership, proof of income and expenditure, through supplying relevant documents. Many industry experts believe that if these plans had been brought in a few years ago, then perhaps the current housing crisis could have been avoided altogether.
There are many companies who can help you through the legal and financial aspects for the Modification of your mortgage.
However, some Loan Modification Companies have been reported to charge anywhere between $1500 - $5000 to perform this service. So this, of course, has led the way for certain individuals to fight back and complete the procedures on their own. To learn how you can complete this process yourself Click Here.
Friday
Thanks For The Help Obama But Are You Willing To Pay $5000 For The Modification Of Your Mortgage?
Since the Obama Administration introduced the new Loan Modification Plans on Wednesday 4th March 2009, many people have gone about planning the changes to their mortgages.
However, one stumbling block seems to get in everyone's way! The process of approaching your lender for the Modification of Your Mortgage usually requires a middleman. This is when the help of specialized attorneys, Loan Modification companies and professionals is required.
How much do these services cost you?
Well, you could be looking at anywhere from $1500 to $5000. Now, the way i see things, if you had that kind of money freely available you probably wouldn't need to approach your lender.
The actual plan of the Obama administration is to help out the 4 million plus Americans, who have either fallen behind with their monthly mortgage repayments or to those unfortunate enough to be facing foreclosure.
The help you will be offered is over a five year period. You mortgage principle can be reduced by up to $5000. Your interest rate can be dropped to as low as 2% and the term of your home loan can be extended up to a maximum of 40 years.
This certainly is a fantastic helping hand to those suffering financial hardship and looking to modify their mortgage repayments, but once again, you are faced with the fees and charges to get the ball rolling.
I knew it wouldn't be long before someone had to go through this whole process and then worked out a way of doing it for themselves! You are undoubtedly looking for no huge fees, no additional charges, just some guidance on how to approach the Loan Modification process. Hence the birth of the DIY Loan Modification Kit!
With the help of this kit, you can learn to:-
- Lower your interest rate and your payment
- Reduce the principal balance
- Convert to a fixed rate for peace of mind
- Have all late fees and charges removed from your record
- Stop the Foreclosure process
Click Here For More Info On The Do-It-Yourself Loan Modification Kit
What have some of the people who have used the DIY Loan Modification Kit got to say:-
"Thanks to the Do-It-Yourself Loan Modification Kit I was able to save my home! I had to stick to it for 3 months and really put my head down, but it was well worth it in the long run. I will be the first one to say it wasn't easy, but if you are struggling to make ends meet, it is definitely worth it. I ended up with a 40yr term at 4.5% reducing my mortgage over $1000 per month! I talked to a loan modification company before I chose the kit, but they wanted $3,500 upfront. I weighed my options and for only $29.95 I knew exactly what I was going to receive! And If I couldn't get the loan modification done myself at least I had peace of mind that I didn't waste $3,500."
Ted Basil, Syracuse, NY
"We have been in our home for 3 years and I think we were given the wrong mortgage. We got behind, but your kit showed us how to make our lender listen! We are now in a mortgage that we can afford. Our entire family appreciates you and the information that you provide."
Paul and Brenda Keen, Danbury, CT
"I was over $10,000 behind on my mortgage. My rate had just adjusted to 13.25%! Using your kit, I was able to negotiate the following: 13.25% adjustable rate was taken to an 8% fixed!And, get this... the lender allowed me to have the $10,000 I was behind, rolled onto the back of my loan!My new payment including taxes and insurance, is $300 less than what my previous payment was, and that's not including the taxes and insurance!!!
Thank you, Thank you, Thank you!"
Vivian Stephens , Dallas, TX
Click Here For More Info On The Do-It-Yourself Loan Modification Kit
However, one stumbling block seems to get in everyone's way! The process of approaching your lender for the Modification of Your Mortgage usually requires a middleman. This is when the help of specialized attorneys, Loan Modification companies and professionals is required.
How much do these services cost you?
Well, you could be looking at anywhere from $1500 to $5000. Now, the way i see things, if you had that kind of money freely available you probably wouldn't need to approach your lender.
The actual plan of the Obama administration is to help out the 4 million plus Americans, who have either fallen behind with their monthly mortgage repayments or to those unfortunate enough to be facing foreclosure.
The help you will be offered is over a five year period. You mortgage principle can be reduced by up to $5000. Your interest rate can be dropped to as low as 2% and the term of your home loan can be extended up to a maximum of 40 years.
This certainly is a fantastic helping hand to those suffering financial hardship and looking to modify their mortgage repayments, but once again, you are faced with the fees and charges to get the ball rolling.
I knew it wouldn't be long before someone had to go through this whole process and then worked out a way of doing it for themselves! You are undoubtedly looking for no huge fees, no additional charges, just some guidance on how to approach the Loan Modification process. Hence the birth of the DIY Loan Modification Kit!
With the help of this kit, you can learn to:-
- Lower your interest rate and your payment
- Reduce the principal balance
- Convert to a fixed rate for peace of mind
- Have all late fees and charges removed from your record
- Stop the Foreclosure process
Click Here For More Info On The Do-It-Yourself Loan Modification Kit
What have some of the people who have used the DIY Loan Modification Kit got to say:-
"Thanks to the Do-It-Yourself Loan Modification Kit I was able to save my home! I had to stick to it for 3 months and really put my head down, but it was well worth it in the long run. I will be the first one to say it wasn't easy, but if you are struggling to make ends meet, it is definitely worth it. I ended up with a 40yr term at 4.5% reducing my mortgage over $1000 per month! I talked to a loan modification company before I chose the kit, but they wanted $3,500 upfront. I weighed my options and for only $29.95 I knew exactly what I was going to receive! And If I couldn't get the loan modification done myself at least I had peace of mind that I didn't waste $3,500."
Ted Basil, Syracuse, NY
"We have been in our home for 3 years and I think we were given the wrong mortgage. We got behind, but your kit showed us how to make our lender listen! We are now in a mortgage that we can afford. Our entire family appreciates you and the information that you provide."
Paul and Brenda Keen, Danbury, CT
"I was over $10,000 behind on my mortgage. My rate had just adjusted to 13.25%! Using your kit, I was able to negotiate the following: 13.25% adjustable rate was taken to an 8% fixed!And, get this... the lender allowed me to have the $10,000 I was behind, rolled onto the back of my loan!My new payment including taxes and insurance, is $300 less than what my previous payment was, and that's not including the taxes and insurance!!!
Thank you, Thank you, Thank you!"
Vivian Stephens , Dallas, TX
Click Here For More Info On The Do-It-Yourself Loan Modification Kit
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