A retiring Chicago city employee had her home loan with CitiMortgage modified to 2 percent on a 40 year amortization and granted a two month payment holiday to rebuild reserves. Her husband has social security and a small pension but She was facing a large drop in pay as her retirement date of June 30, 2009 was fast approaching. She would be receiving a pension at only 40% of her prior pay and she didn’t have enough social security quarters to draw her own benefit. They had never been late on their mortgage so making a case for not being able to afford it might look opportunistic. I was very reluctant to take on this client because 31% of their future combined income was so low that I just couldn’t imagine CitiMortgage coming through for them so I advised that they try to sell the property while I made their plea for Making Home Affordable (MHA) with CitiMortgage. They had listed their home with a local realtor and weren’t able to get any bites even at what they owed so this was a scary situation all the way around. I have only the highest regards for CitiMortgage loss mitigation department because they were willing to work on preventing a train wreck rather than watch idly by. This was a fairly aggressive loan mod application because our client maintained her perfect credit and headed off future problems by contacting us in advance of her drop in pay. See www.illinoismortgagemods.com to read more typical results. Continue reading ‘Verified loan modification results’ »
Archive for the ‘mortgage’ Category
This type of mortgage is ideal for seniors. This is used to free the home equity of the real estate as either one lump sum payment or stream payments. The homeowner can make his house as collateral for a loan, which he is free from paying anything in the agreement. The mortgage is delayed when the property owners die, leave the property to go to home for the elderly and when the property is sold.
There are a lot of homeowners who are eligible for a reverse mortgage that see such program is only for credit restructuring purposes only. But they do not have any idea that they can use this to buy a new house. They can make it possible by getting a lump sum payment that has similar amount to the remaining balance of forward mortgage. If they have more financial resources, they can even pay the house in full. After that, they can use the reverse mortgage to aid them compensate the expenses they incurred when they purchase the property in cash. Lending institutions like Live Well Financial can provide you a better explanation regarding this program. Such company focuses on this kind of financial assistance to aspiring homeowners. Continue reading ‘Live Well Financial: Buying a Home with Reverse Mortgage’ »
Did you know that there is something known as borrowing power? Many people have heard of it, but are not sure what it is. This is basically how much power you have to be able to borrow money for buying a home or getting a loan for a car or something. It is important to know that a Borrowing”>http://www.thefreemortgagecalculator.com/mortgage_borrowing_power.html””>Borrowing Power Calculator can help you figure out how much money you can borrow. There are also some tips that can help anyone determine if a loan would be the best idea for them or not.
In order to do this with the calculator, you need to first enter in your income after taxes, if married, then enter the incomes combined. It is always a good idea to have extra money figured into this so that there is not a chance of having to live month to month once the loan has been given to you. Continue reading ‘How To Figure Your Borrowing Power And Tips To Help Make An Informed Decision’ »
FHA insured mortgages offer many benefits and protections that only come with FHA:
Easier to Qualify: Because FHA insures your Florida mortgage, lenders are more willing to give you loan terms that make it easier for you to qualify.
Less than Perfect Credit: You don’t have to have a perfect credit score to get an FHA mortgage. In fact, FHA has No Minimum credit score Requirement even if you have had credit problems, such as a bankruptcy, it’s easier for you to qualify for an Florida FHA loan than a conventional loan.
Low Down Payment: FHA loans have a low 3.5% downpayment and that money can come from a family member, employer or charitable organization as a gift. Other loan programs don’t allow this.
Costs Less: FHA loans have competitive interest rates because the Federal government insures the loans. Always compare an FHA loan with other loan types.
Helps You Keep Your Home: The FHA has been around since 1934 and will continue to be here to protect you. Should you encounter hard times after buying your home, FHA has many options to help you keep you in your Florida home and avoid foreclosure. Continue reading ‘Florida FHA imortgages offer many benefits, ((97% w/No MIn FICO))’ »
Anyone who’s even remotely interested in shopping for a Loan modification has probably paid attention to all those commercials on TV touting the ease of using any of a variety of Internet services to compare Loan Modification offers from the comfort of your home. You may even have tried a couple of them yourself. But you need to watch out when trying to use the Internet to do the heavy lifting for you.
Sometimes, these Internet services might work fairly well for certain people. But the one-size-fits-all approach they offer is going to leave a lot of people with loans that aren’t the best for them, or even worse, they may be shut out of the process altogether. Continue reading ‘What You Need to Know About Shopping for a Loan Modification Company Online’ »
The FHA/HUD Section 234(c) of the National Housing Act provides authority to insure any Florida mortgage covering a one-family unit in a project coupled with an undivided interest in the common areas and facilities which serve the project. The project may include Florida condo units in detached, semidetached, row, garden-type, low- or high-rise structures. Generally these types of Florida homes are referred to as Condominiums.
Florida Condominium buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase home ownership. For the Florida Condo buyer the FHA program can simplify the purchase of a Florida Condominium, making the p financing easier and less expensive than a conventional mortgage loan product. Continue reading ‘Florida Condominium Mortgage, ((97% Financing w 580 FICO))’ »
When you bought your dream home several years ago, you may have taken out an adjustable rate mortgage, thinking you were doing the smart thing to get the best rate. You were probably right at the time; market conditions in the past were more favorable and those with an adjustable rate mortgage often saw their payments decrease in certain years. Unfortunately, the credit crunch is here, and the adjustable rate mortgage is causing more and more homeowners to lose their homes and destroy their credit rating.
Fluctuating Rates Means Instability For You
An adjustable rate mortgage has a rate that is adjusted at the beginning of each fiscal year (July). Using a formula that takes into consideration the fluctuations in the economy and in the housing sector, your lender will give you a rate that they have adjusted for these conditions, and that rate will apply until the following fiscal year, at which time it will be readjusted to suit current trends. A lot of folks are finding that the past few years have seen their payments of around $600 a month balloon up to $1100 or more. That is nearly double the amount that they had planned to pay when they signed on. Continue reading ‘Adjustable Rate Mortgage – Refinance And Save’ »
Refinancing your home mortgage is a very important decision in a person’s life. It is a very big amount of money and the choices when coming to choosing certain mortgage product should be taken seriously. There are many different types of mortgages that can be chosen, and not every one of them is for every person. One person might want to refinance their home on an interest only loan because they want to have control of cash flow. Another person might want to refinance their home with a fixed rate loan so they lock in an interest rate and know the payment for the next 20 or 30 years. Another mortgage is an adjustable rate loan where a person will have a low interest rate anywhere from 1 to 5 years, and it is liable to be adjusted. Usually people will refinance their home after the time for a mortgage to adjust is coming. The reason they do that is because the interest rate is set to increase.
The reason some loans are not for everyone is because certain unseen events can happen. Say for example one person refinances their home on an interest only loan. He is not refinancing into that loan because he wants more control of his monthly cash flow, but because he is low on money and that type of loan will cut his monthly bills. Even though his goal is to eventually earn more money and refinance back into a fixed loan, he should not do this loan if he is strapped on cash. Say for an example, this same person ends up getting a bad credit score and cannot refinance the houses mortgage back to a fixed rate loan. Unless he pays extra money each month on his interest only loan, his principal will not be paid down. The Principal of a loan is the amount of money that is still owed on the loan. A lot of unseen misfortunes can happen when dealing with huge loans, especially when they are set to be paid in 30 years. 30 years is a long time and a lot of things can happen. If you are tight on money it is smart to not mess with tricky mortgage loans. Continue reading ‘How to Refinance Your Home Mortgage’ »
As the popularity of Home Equity Conversion Mortgages (HECM) or reverse mortgages grow so does the potential for scams against mature Americans over the age of 62. The reverse mortgage program was designed to give mature Americans the ability to sustain their current way of life by using the equity in their current homes for additional or supplemental income. Reverse mortgages are backed by the U.S. Department of Housing and Urban Development (HUD) but scams are reported by the Federal Bureau of Investigation (FBI) and the Government Accountability Office (GAO). Continue reading ‘GAO Warns on Reverse Mortgages’ »
There are times when we feel that the whole world is falling apart, when nothing goes right. For instance, the recent example of homeowners in America is a prominent one. Due to the far-reaching effects of the recession, lots of homeowners in USA have been down in the dumps. They are unable to pay off their mortgage loan which is bringing them closer and closer to foreclosure. Getting a mortgage modification loan is one of the best options available to homeowners right now since it affords them the luxury of stalling the foreclosure for some time.
Before making a decision about the mortgage modification loan, the important thing to bear in mind is to keep an open mind while taking decisions. Do not get rushed into making decisions which will only hamper your decision-making abilities. There is lots of time to make the right choice and getting a loan modification involves a lot of research and thought. Continue reading ‘How To Get A Mortgage Modification Loan Done’ »