Personal Finance guide

Shortly after the government urged them to step up their loan modifications, mortgage loan modification servicers are finding it hard to keep up with requests and inquiries from thousands of struggling borrowers. Borrowers, on the other hand, are beginning to get frustrated at the long waits.

A performance report by the Treasury Department showed that response times varied widely from one Mortgage Company to another. Many borrowers who try to get loan modifications either have to wait several months, get evasive excuses, or get no response at all.

The report also showed that only a small fraction of troubled homeowners have benefited from the government’s loan modification program. Only 9% of borrowers who meet the loan modification requirements had been given lower monthly payments as of July. Continue reading ‘Loan Modifications Slow Down as Servicers Get Swamped’ »

Struggling home owners are scrambling to get modification loans. In order to increase your chances of approval, you need to know how to fill out the loan modification form correctly! This could mean the difference between saving your home and foreclosure!

The first step is to make sure you have everything the lender will require. You will need to contact your lender to make sure you have every loan modification form required by your bank. Here is a list of the most commonly required loan modification forms:

1. Borrower Statement: This is an information sheet that includes your name, address, social security number, and job history and dependent information. Basic facts will be required by all lenders.

2. Financial Statements: This is where you show the lender your current financial situation, including an itemization of your income and expenses. It is important to indicate the reason your current mortgage payment is not affordable and how a new modified (lower) payment would be affordable for you now.

3. Hardship Letter: This is where you will write an essay explaining your situation. You must tell the lender why you are currently or soon will be suffering a financial hardship. (Job loss, death in the family etc.) This is your chance to explain specifically why your current mortgage terms are out of your range and how changing the terms or lowering the payment will be within your new budget. This is SO important, take your time and make sure to stay on topic!

4. Cover Letter: This is your submission cover letter which should state the new terms or payment amount that you are requesting. It’s important to determine what you can afford ahead of time; this shows the lender that you are serious and have done your homework, adjusted your budget and will be able to meet the new obligation. Continue reading ‘Loan Modification Form – How to Get Approved’ »

If you are a struggling homeowner looking for relief? The mortgage loan modification plan could be just what you need! The government has allocated 75 Billion dollars to help save your home! You need to act now even if you have been turned down by your bank already! You could still qualify under the federal mortgage loan modification program.

Simple qualifying question:

1. Is the home your primary residence?

2. Did your mortgage start before January 1, 2009?

3. Is your total loan amount less than $729.500?

4. Are your current mortgage payments more than 31% of your gross monthly income?

5. Would your situation be considered a financial hardship?

If you can answer yes to those questions, you meet the guidelines under the federal mortgage loan modification program. Continue reading ‘You Can Get a Mortgage Loan Modification’ »

If you are a struggling homeowner looking for relief? The mortgage loan modification plan could be just what you need! The government has allocated 75 Billion dollars to help save your home! You need to act now even if you have been turned down by your bank already! You could still qualify under the federal mortgage loan modification program.

Simple qualifying question:

1. Is the home your primary residence?

2. Did your mortgage start before January 1, 2009?

3. Is your total loan amount less than $729.500?

4. Are your current mortgage payments more than 31% of your gross monthly income?

5. Would your situation be considered a financial hardship?

If you can answer yes to those questions, you meet the guidelines under the federal mortgage loan modification program. Continue reading ‘You Can Get a Mortgage Loan Modification’ »

Struggling home owners are scrambling to get modification loans. In order to increase your chances of approval, you need to know how to fill out the loan modification form correctly! This could mean the difference between saving your home and foreclosure!

The first step is to make sure you have everything the lender will require. You will need to contact your lender to make sure you have every loan modification form required by your bank. Here is a list of the most commonly required loan modification forms:

1. Borrower Statement: This is an information sheet that includes your name, address, social security number, and job history and dependent information. Basic facts will be required by all lenders. Continue reading ‘Loan Modification Form – How to Get Approved’ »

Millions of American homeowners are finding themselves facing the real possibility of foreclosure. They are in high interest loans or facing a financial crisis that makes paying their mortgage every month impossible. President Obama’s home stimulus plan includes $75 million dollars, including monetary incentives for lenders to modify your mortgage loan. The federal mortgage modification program will stop foreclosures and lower monthly payments so that you can stay in your home!

Americans are struggling because of the economy but also because of bad loans. For instance, the negative amortization loan, did anyone really understand this loan? Couple the bad loans with the values of homes decreasing almost daily and homeowners are desperate to find relief. Lenders realize that the plummeting home values and increased unemployment rates will and have produced an epidemic of foreclosures. They too are eager to clear the books and start over! The Federal loan modification may be the answer. Continue reading ‘Federal Mortgage Loan Modification – What is It?’ »

If you are a struggling homeowner looking for relief? The mortgage loan modification plan could be just what you need! The government has allocated 75 Billion dollars to help save your home! You need to act now even if you have been turned down by your bank already! You could still qualify under the federal mortgage loan modification program.

Simple qualifying question:

1. Is the home your primary residence?

2. Did your mortgage start before January 1, 2009?

3. Is your total loan amount less than $729.500?

4. Are your current mortgage payments more than 31% of your gross monthly income?

5. Would your situation be considered a financial hardship?

If you can answer yes to those questions, you meet the guidelines under the federal mortgage loan modification program. Continue reading ‘You Can Get a Mortgage Loan Modification’ »

Homeowners that have applied for a home loan modification program will be quite relieved to know how to fill loan modification form. This is an important part of the application and if you hire a professional for that you will have to pay quite a handsome amount of money for the purpose. Because of the financial problem that has trapped all the homeowners in America, they want to save their house. This is because they are finding it very difficult to cope up with the heavy interest rate of the home loan, which might result in home foreclosure.

Initially it will look like there is nothing so crucial about filling up a form because a form needs only the concerned details to be filled. But once you will go through the loan modification form, you will understand how complicated this can be. This is mainly because there are legal terms used mostly throughout the form and it becomes difficult to understand them properly for a layman. You can ask your mortgage broker to assist you and as soon as you know what the legal terms mean, you can fill in the required details. Continue reading ‘Obama's Federal Loan Modification – The Government Pulls Out All the Stops to Stop Foreclosures’ »

The 2009 Home Stimulus Package contains 75 billion dollars worth of funding to revive the gasping housing market in the United States. Millions of people will take advantage of this assistance; will you benefit?

First, let’s look at what this program entails:

· A totally reworked mortgage.

· Avoiding foreclosure.

· Lower monthly payments, less than 31% of your gross monthly income.

· Reduced interest rate, possibly as low as 2 % for five years.

· $1,000 incentives for each year you are current with your payment, up to $5,000. Continue reading ‘The Home Stimulus Package – What's in it For You?’ »

Loan modifications have been in news for quite a long time but still there are some myths related to this topic among the lenders, service providers and the borrowers too. This confusion and inaccurate information on loan modification process is due to the bloggers and journalist who don’t have complete idea about the exact process and the involvements in it. The fact is that loan modification programs are being worked out in huge numbers these days but reality is that only the learned homeowners are able to take the advantage of this so far.

The first thing that is in the borrowers’ mind is that those who are late in the payment of their monthly installments are only eligible for this program. This is not true because if you foresee or if you are facing difficulty and somehow manage to pay back your home mortgage loan installments, then you can talk to your lender and apply to one of these loan modification programs. Even if you are facing legal violations on your home mortgage loan and you contact your lender, he will workout a loan modification program for you and if he refuses to do so you can consult with an attorney regarding this. Continue reading ‘Myths and Facts Related to Loan Modifications’ »