Loan Modification - Stop Foreclosure

Foreclosures are at an all time high and the feds who helped create the problem still have no solution. Private enterprise has a solution in the form of Loan Modifications. I work with a company who has been successful in convincing lenders to drop interest rates, decrease principals, and change terms for home owners.
Are your mortgage payments too high?
Any of these sound like your situation?
• Has your mortgage payment adjusted with no end in sight?
• Has the value of your house dropped?
• Are you depleting your 401k or your retirement account in order to make ends meet?
• Are you living off of credit?
• Have you experienced a job-loss?
• Are you in a negative amortization mortgage with your balance increasing to no end?
• Have you experienced a change in job or income?
• Are you worried about losing your home?
LoMo Means Financial Control LoMo is short for Loan Modification. It's is a process whereby a homeowner's mortgage is modified and both lender and homeowner are bound by new, negotiated terms. The most common loan modifications are:
• Lowered Interest Rate
• Reduced Principal Balance
• 'Fixing' Adjustable Interest Rates
• Increased Length of Loan Term
• Forgiveness of Payment Defaults & Fees OR any combination of these!
A loan modification is NOT a refinance. With a loan modification you do not need go through the costly steps that are required for a refinance. You do NOT need an appraisal, title or a credit check.
LoMo qualifications
If you are a homeowner who has experienced financial difficulties, you can qualify for a home loan modification.
• Decrease in home value
• Divorce/Separation
• Loss/Reduction of Income
• Illness
• Job Relocation
• Failed Business
• Military Service
• Other hardships
The bottom line: You will save money!
We may be able to help you reduce your house payments, just by negotiating your loan terms with your lender. Keep your house and reduce your payments!
Clem has a business background of 40 years. He now offers financial services such as mortgages, life insurance, financial needs analysis, long term health care plans, loan modifications, and investments for area clients. He also completed tax preparer training with H&R Block and is doing taxes for East Tennessee residents. More information is available at his website http://www.mtnfinancialservices.com/
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Countrywide Loan Modification Program Approval Guidelines - What You Don't Know Could Hurt You!

What you don't know could hurt you when you apply for a Countrywide loan modification to lower your monthly payment. Many deserving homeowners are denied the help they need simply because they did not know how to prepare their loan modification paperwork properly so that they meet the lenders guidelines for approval. Ever heard the saying "You don't know what you don't know"? Well, make sure you learn more about what you need to know before you apply.
Do you know about approval guidelines? A qualified homeowner for a Countrywide loan modification will be able to successfully prove that they meet the lenders guidelines. Do you know what those guidelines are? How can you expect to meet the approval criteria if you do not even know what it is? It's just common sense-you must take some time and make the effort to learn about what is required to meet the Countrywide loan modification guidelines.
Do you know how to prepare your loan modification forms correctly? Your approval for a Countrywide loan modification will rely mainly on how you complete your application paperwork. This is your opportunity to explain your circumstances to the bank, and prove to them in black and white that you are a deserving and qualified candidate. It's not that hard once you know what they are looking for to approve your proposal. Thousands of borrowers have already been approved for a loan workout that saved their home-you can do it too-simply make the commitment to learn and prepare your paperwork properly.
Do you know how to successfully complete a do it yourself loan modification? Should you rely on someone else to prepare and submit your Countrywide loan modification application for you? Many firms are offering a processing service-but you still must provide them with all of your information and documentation. Once you understand what is required and you complete the forms, you will be able to decide what is best for you and your family-a do it yourself Countrywide loan modification or pay a third party to represent you. The plain fact is that you will work harder and be more motivated to work through the loan modification process with Countrywide than any company-why? Simple, you have the most to lose! It's easy to think that you may not have any experience with this type of thing-but who really does? This is a new aspect of the mortgage business, and the more knowledge you have the better your chances of success will be-whether you do it yourself or hire someone else. Remember the goal is to save your home-invest your time and effort to learn and prepare before you make any decisions affecting your family.
You can get the help you need to understand and apply for a Countrywide loan modification by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook that will provide you with everything you need to prepare a professional and acceptable loan modification application-lender guidelines, program options and much more. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide.
For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com/
Article Source: http://EzineArticles.com/?expert=Susan_V._Gregory

A Secret About Mortgage Refinancing Exposed!

The reason why consumers search for several home loan rates before committing, only boils down to one thing: They do not want to get ripped and only want the best deal that they are able to get for themselves.
One of the best ways for getting the best rate at the fastest possible time without much hassle is using the service of a mortgage broker. However, I would like to caution you about an industry secret that mortgage brokers or even bankers do not want you to know!
What is this industry secret that can impact me negatively?
Many home owners and investors are being ripped off on a daily basis, without them even knowing about it. How can it be? These people are being ripped off by paying for a higher closing cost, compared to other people who are getting the same mortgage loan product.
What contributes to this higher closing cost?
Certain financial professionals actually teams up with their lawyers to charge higher closing fees for their clients. The "extra" closing fees are then passed on to your financial advisors! This becomes even more alarming when your financial advisor promised you that his or her service is free. He or she is actually earning your fees indirectly. Sure, there are many who are willing to pay a fee for advice and service rendered. However, if your financial professional tries to entice you to use his or her service because it is free and then proceed to charge you secretly, that does not seem very ethical. Some mortgage brokers even offer you cash incentives if you use their service. That is because they work with their lawyers to charge you higher closing fees, after which they will pass on a bit of that money to you. Everything is nicely calculated to ensure they win and you lose!
Who else can use such a method on me?
It is not only your mortgage broker or banker who can use this kind of "underhand" methods on you. Even your real estate agent does that. It is very important to know who you are dealing with, especially if that person plays a part in your finance. It is always a good idea to work with someone who was referred to you by a close friend, if that is not possible, try to look for one with a good reputation. An advisor with good reputation definitely has lots of incoming businesses, resulting in a very packed schedule but is definitely worth the wait. Definitely better than using one who has wants to earn a quick buck and disappears.
Zeng Han Jun is the Business Financial Manager of Chan & Partners Consulting Group. He actively contributes articles about business and finance on a weekly basis, so as to share his knowledge with the financial consumers. He specializes in mortgage advisory and business brokering services in Singapore. He has been directly involved and plays a crucial role in marketing and sales of businesses in CPCG. He also provides advice on various kinds of mortgages and construction financing for private individuals.
This article from CPCG is currently being protected by Singapore and International Copyright Laws. However please feel free to republish this article, provided that you include working links to our website: http://www.cpcgonline.com/ and http://www.cpcgonline.blogspot.com/ We appreciate your kind gesture. For any inquiries, please email us at enquiries@cpcgonline.com.
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Bad Credit Mortgage Loans Making the Dream of Homeownership Come True

Bad credit mortgage loans make the American dream of home ownership a possibility even for people with less than perfect credit scores. Subprime loans (also called second chance lending) are usually granted to people with credit scores of less than 680.
Subprime loans are generally required by people who have missed more than two payments in the last 12 months; have a judgment, foreclosure, or eviction against them; declared bankruptcy in the last 5 years; or have a generally defined high risk of default.
Back in the 1930s, the 30 year fixed rate mortgage was introduced as a financial instrument. Since then, the rate of home ownership has doubled and two-thirds of Americans own their own homes today. To expand the reality of homeownership to as many people as possible, sub prime or bad credit mortgage loans came into being.
When you take out bad credit mortgage loans, be prepared to pay higher interest rates and fees. You may also have to take out extra insurance to ensure that the bank gets paid back. Be prepared for bad credit mortgage loans to be more difficult to get in 2009 than they were before the housing bubble burst. This is because there is less liquidity in the markets and the capital will flow first to those with better credit.
But that does not mean that bad credit mortgage loans do not exist. You just have to work a little bit harder to find them.
First off, you should clear up your own credit history to the extent possible. Get a copy of your credit report and dispute any inaccuracies. Pay off any bad debt and get the creditor to mark the bill satisfied in full on your credit report.
Then, start shopping for lenders. You are looking for a bad credit mortgage loans lender who will give you the best loan at the best rate with the fewest fees.
Be prepared to get into a loan for the short term as your chances of refinancing after 24 months are good. There are two reasons for this. The first reason is that after 24 months of regular payments, your credit will improve making regular loans more accessible.
But, the other reason is that by 2012, the credit markets are bound to have improved. You will have built equity in your home so the loan will be a secure investment for the bank. At that point, you can refinance into a more manageable loan.
Bad credit mortgage loans exist to allow people like you the benefits and security of owning your own home. These subprime loans are lifesavers for people who want to work their way back into normal credit. Generally within 2 to 3 years, a responsible borrower will get into a regular loan rather than the bad credit mortgage loans they started with.
....for great FREE mortgage information visithttp://allaboutforeclosures.blogspot.com/
Article Source: http://EzineArticles.com/?expert=Richard_A_Cox

How Can I Get a Hassle Free Home Mortgage Loan?

Getting a hassle-free home mortgage loan can be easier than you ever imagined. All it takes is a little preparation and legwork on your end to prepare the lender to say yes to your loan so that you can turn the key on your new home sooner!
The decision to purchase your own home is one of the biggest ones you will make in your financial life. Homeownership can be very rewarding - and is much more appealing than throwing your money down the drain to rent from stuffy landlords. But before applying for the most important loan of your life, you should make some preparations to ensure the process goes as smoothly as possible - and in your favor, of course.
Know If Your Credit Report Is Error Free
About six months before deciding to purchase a home, you should pull your own credit report. If you are married, your spouse should pull their credit report as well. Up to eighty percent of all credit reports are filled with erroneous information. By checking your credit report, you can eliminate the what-if factor of having mistakes on your report that could either cost you the approval of your home mortgage loan, or make your loan cost more in the way of interest rates.
You can obtain, by law, one free copy of your credit report each year from all three major credit reporting bureaus. Should you check all three? Yes! Each agency that holds your report has different ways of reporting information, so there could be errors on all three. Besides, all lenders do not use the same agency to obtain credit reports on potential borrowers. Be certain to note any discrepancies right away to the agency holding your report so that errors can be corrected in time for you to apply for your home mortgage loan.
Know How Much Money You Can Afford To Spend
Although your dream house might sit on a tropical beach somewhere, you may not be able to afford such luxury. Know in advance how much you can reasonably afford to spend on a home before you apply for your home mortgage loan. By making up a simple budget, you should be able to roughly estimate the amount of income that you can designate to make a home mortgage payment. With some lenders, you can become prequalified for a home mortgage, but they will want to know how much you can afford to spend. In general, you should plan to spend no more than thirty percent of your total income before taxes on housing - so this can be a jumping off point for you to figure your home buying budget.
Know The Rates And Terms Of Common Mortgages
Familiarize yourself with common rates and terms of mortgages, and know which you would prefer to have. Ask yourself a few questions. How many years do I want to spend paying off my home? Do I want a fixed rate or an adjustable rate mortgage loan? Do I want to or can I afford to make a down payment? Will my lender add homeowner insurance to my loan, or do I want to get coverage independently? It is important that you understand the complexities of home mortgages before entering into yours.
Know Where To Save Money On Your Mortgage Loan
Saving money is very important when you are looking at buying a new home. You can save tons of cash by using an online lender for your home mortgage loan, not just in reduced costs and fees, but also in interest. Online lenders usually offer reduced interest on home mortgage loans because of the huge amount of competition between lenders. An interest rate reduction of just one-half point can save you thousands of dollars over the life of your mortgage loan.
Mary Wise is a personal loan consultant who has been associated with Bad Credit Loans and has more than thirty years of experience in finances. She has helped a lot of people to obtain Fast Unsecured Loans, home loans, car loans, unsecured credit cards and many other products regardless of their credit situation. If you want to learn more about Personal Loans you can visit her at http://www.badcreditloanservices.com/
Article Source: http://EzineArticles.com/?expert=Mary_Wise

Home Loan Modifications Explained

Continuous declines in United States' housing values after the mid-2000s caused an increasing number of borrowers to explore the loan modification process in an attempt to avoid losing their homes to foreclosure. Unfortunately, a large number of homeowners who sought to have their loans modified were thwarted by lengthy and impersonal negotiation processes imposed by lenders, the borrowers' inability to qualify for modified loans, and the unwillingness of banks to modify loans to affordable levels. In addition, too many of the borrowers who were able to successfully navigate through the loan modification waters later learned that their diligent efforts were ultimately in vain as the United States Comptroller of the Currency reported that over half of the loans modified in the first quarter of 2008 went into default within six months. In order to prevent the loan modification process from beginning to resemble a futile quest for the Holy Grail, it is essential to examine some of the key issues surrounding loan modifications.
Loan Modification Goals
Generally speaking, the primary reason that borrowers seek to have their home loans modified is to reduce the amount of their monthly payments. This result can be achieved by reducing the interest rate of the loan, extending the repayment period of the loan, preventing an interest rate from adjusting upward, reducing the principal balance owed, eliminating a negative amortization term, adding delinquent payments to the balance, or any combination of the aforementioned. It is not surprising that the modification goal most sought by borrowers also happens to be the request lenders have been most unwilling to grant: principal balance reductions. Although reductions in balances create significant losses for banks, it should also be noted that homeowners have been generally unwilling to continue to make mortgage payments when they believe that their home's value will not exceed the amount that they owe against the property.
Therefore, the failure to reduce balances via the loan modification process, coupled with declining housing values, may account for the U.S. Comptroller of the Currency's finding that the majority of loans become delinquent shortly after being modified.
The Process
Although loan modification procedures and requirements vary from bank to bank, the typical process begins with a borrower contacting the bank's loss mitigation department to request a loan modification. The lender will then send a loan modification application and forms to the borrower to be completed and returned to the lender. The bank will also require other documentation to be provided by the borrower in support of the application. This documentation may include bank statements, tax returns, pay stubs, a hardship letter and an appraisal or broker's price opinion to show the current value of the property. After all of the requested documentation has been received by the lender, a bank representative or negotiator will eventually contact the borrower to make a proposal of the new loan terms or simply reject the initial modification application altogether. The borrower then either accepts the bank's proposal or negotiates new terms until an agreement is reached and new loan documents are formally executed. It is also advisable for the borrower to regularly contact the loss mitigation department throughout the process to ensure that all documentation is being received and that the modification request is proceeding in a timely fashion.
Obstacles to Modification
The most obvious obstacle to successfully modifying a home loan is the borrower's inability to qualify for the new modified loan. Once again, lender eligibility requirements for modification can differ greatly. However, Fannie Mae and Freddie Mae have implemented a Streamlined Modification Plan to more effectively respond to the increasing number of loan modification requests. Under this plan, the borrower must satisfy the following criteria: 1) the borrower has not filed bankruptcy; 2) the borrower's existing loan was originated prior to January 1, 2008; 3) the property securing the loan is owner-occupied and a single family residence; 4) the borrower is at least 90 days delinquent on the existing loan; 5) a 90% or higher loan-to-value ratio is present with the existing loan; 6) the payments after modification do not exceed 38% of the borrower's gross monthly income; and 7) the borrower must successfully make 3 consecutive monthly payments after modification to demonstrate an ability to pay before the modification is formalized.
Also, lenders are generally under no legal obligation to modify loans for borrowers. Consequently, if a modification request becomes too cost prohibitive, banks will often take their chances with the foreclosure process instead. Lenders may also have inadequate staffing to handle the increasing number of modification requests without frequent borrower follow-up. A borrower's property might also serve as security for more than one loan, and it can often be challenging to coordinate modification terms between multiple banks. Further, if the loan has been sold by the bank on the secondary loan market to any number of potential investors, the original loan will often be split into different fragments before pooling them with other portions of loans as mortgage-backed securities. In this case, it can be very difficult to coordinate with the many investors to obtain approval for the modification.
Finally, borrowers should be weary of a large number of fraudulent companies attempting to assist homeowners with the loan modification process. The mere fact that these companies are using seemingly reputable television commercials or websites as advertising mediums should not alleviate a borrower's concerns. The rapidly increasing number of loan modification scam-artists has temporarily caught law enforcement off guard and it may take some time before these culprits are apprehended and their brazen actions are quelled. In the meantime, borrowers should be especially cautious when dealing with companies that demand fees in advance of any services to be provided as this practice in and of itself is prohibited by most state laws.
For further assistance with the loan modification process, it is advisable to contact an attorney or your local REALTOR®. In addition, the U.S. Department of Housing and Urban Development has a list of approved housing counseling agencies at www.hud.gov. When a borrower attempts to personally modify a home loan, it is essential to identify modification goals, understand the particular lender's modification requirements, frequently check on the status of the application's processing, and by very patient.
About the Author:Brian S. Icenhower, Esq., BS, JD, CRB, CRS, ABR, a California Association of Realtors Director, practicing real estate attorney, a real estate expert witness and litigation consultant, a prosecution consultant of Tulare County District Attorney Real Estate Fraud. He may be contacted at bicenhower@icenhowerrealestate.com or http://www.icenhowerrealestate.com/
Article Source: http://EzineArticles.com/?expert=Brian_Icenhower

How Can I Get a Hassle Free Home Mortgage Loan?

Getting a hassle-free home mortgage loan can be easier than you ever imagined. All it takes is a little preparation and legwork on your end to prepare the lender to say yes to your loan so that you can turn the key on your new home sooner!
The decision to purchase your own home is one of the biggest ones you will make in your financial life. Homeownership can be very rewarding - and is much more appealing than throwing your money down the drain to rent from stuffy landlords. But before applying for the most important loan of your life, you should make some preparations to ensure the process goes as smoothly as possible - and in your favor, of course.
Know If Your Credit Report Is Error Free
About six months before deciding to purchase a home, you should pull your own credit report. If you are married, your spouse should pull their credit report as well. Up to eighty percent of all credit reports are filled with erroneous information. By checking your credit report, you can eliminate the what-if factor of having mistakes on your report that could either cost you the approval of your home mortgage loan, or make your loan cost more in the way of interest rates.
You can obtain, by law, one free copy of your credit report each year from all three major credit reporting bureaus. Should you check all three? Yes! Each agency that holds your report has different ways of reporting information, so there could be errors on all three. Besides, all lenders do not use the same agency to obtain credit reports on potential borrowers. Be certain to note any discrepancies right away to the agency holding your report so that errors can be corrected in time for you to apply for your home mortgage loan.
Know How Much Money You Can Afford To Spend
Although your dream house might sit on a tropical beach somewhere, you may not be able to afford such luxury. Know in advance how much you can reasonably afford to spend on a home before you apply for your home mortgage loan. By making up a simple budget, you should be able to roughly estimate the amount of income that you can designate to make a home mortgage payment. With some lenders, you can become prequalified for a home mortgage, but they will want to know how much you can afford to spend. In general, you should plan to spend no more than thirty percent of your total income before taxes on housing - so this can be a jumping off point for you to figure your home buying budget.
Know The Rates And Terms Of Common Mortgages
Familiarize yourself with common rates and terms of mortgages, and know which you would prefer to have. Ask yourself a few questions. How many years do I want to spend paying off my home? Do I want a fixed rate or an adjustable rate mortgage loan? Do I want to or can I afford to make a down payment? Will my lender add homeowner insurance to my loan, or do I want to get coverage independently? It is important that you understand the complexities of home mortgages before entering into yours.
Know Where To Save Money On Your Mortgage Loan
Saving money is very important when you are looking at buying a new home. You can save tons of cash by using an online lender for your home mortgage loan, not just in reduced costs and fees, but also in interest. Online lenders usually offer reduced interest on home mortgage loans because of the huge amount of competition between lenders. An interest rate reduction of just one-half point can save you thousands of dollars over the life of your mortgage loan.
Mary Wise is a personal loan consultant who has been associated with Bad Credit Loans and has more than thirty years of experience in finances. She has helped a lot of people to obtain Fast Unsecured Loans, home loans, car loans, unsecured credit cards and many other products regardless of their credit situation. If you want to learn more about Personal Loans you can visit her at http://www.badcreditloanservices.com/
Article Source: http://EzineArticles.com/?expert=Mary_Wise