If you have fallen behind on your mortgage payments, you might have heard about loan modification options that are available. These modifications can be offered by the mortgage company on their own, or through one of several government programs designed to help keep people in their homes when going through financial difficulties. Mortgage companies tend to try to work with you directly on these types of things, Read More
5 Tips on How to Get Your Mortgage Loan Modified
When facing a difficult financial situation, and you are finding it hard to make your monthly mortgage payments, you need to make sure you consider all your options. For many people, a mortgage loan modification is an excellent option that can help to avoid foreclosure, reduce monthly payments, and put you in a stronger financial position for the future. When seeking a mortgage modification, it is important to get Read More
A Brief Introduction to the Truth in Lending Act
The Truth in Lending Act, or TILA, was first enacted by the Federal Government back in 1968. It was written to help provide protections to consumers when they are dealing with lenders and creditors. Unlike most other laws, the TILA was implemented through a series of regulations made by the Federal Reserve Board. The regulations apply to a wide range of different types of credit including loans, credit cards, lines Read More
Don’t Lose Your Home! Fannie Mae & Freddie Mac Introduce Flex Loan Modification Program
The Home Affordable Modification Program (HAMP) has helped thousands of people who were having trouble making their mortgage payments avoid foreclosure, and get back on track. This program, however, has recently come to a conclusion, leaving many people at risk of foreclosure, even if they just needed a little help getting back on track. As of March 1st, 2017, however, a new program has been rolled out by both Read More
Refinancing With HARP Before Its Expiration
Many of Americans have what’s known as an “underwater” mortgage, which means they owe more on their mortgage than what their home is worth. If that’s the situation you’re in, the Home Affordable Refinance Program (HARP) can help. This program was created in March 2009 by the Federal Housing Finance Agency as a response to the collapse of the housing bubble and the subprime mortgage crisis that led to the Great Read More
Financing Your Home: Understanding The Various Types of Mortgages
These days, it’s just about impossible for most people to afford a house without a mortgage. Of course, you can’t just walk into a bank and say “I’d like a mortgage, please” – there are a lot of different types of mortgages to choose from, each with their own set of pros and cons. Let’s take a look: Fixed Rate A fixed rate mortgage is just what it sounds like. The interest rate remains the same—fixed, that is—for Read More
Mortgage Math: How Your Debt-to-Income Ratio Affects Your Financing
Mortgage Math: How Your Debt-to-Income Ratio Affects Your Financing There are many factors a lender will consider when they are determining whether you qualify for a mortgage or not. They’ll look at your credit score, how stable your income is, and how often you pay your bills on time. Another key factor which you should be aware of is your debt-to-income (DTI) ratio. DTI Ratio Defined Your DTI ratio is how much Read More
Four Tips for a Successful Loan Modification
For homeowners that are facing financial trouble and worried about foreclosure, loan modification (like the HAMP program) may represent the way out. In a loan modification, the lender and the homeowner agree to new terms, providing the homeowner with lowered monthly payments. This typically benefits both parties and the homeowners is able to keep the home while the lender is able to avoid the foreclosure process. But Read More
Can A Loan Modification Help Me?
If you’re in danger of losing your home to foreclosure, a loan modification may be your last hope of saving it. Can you get a loan modification? Loan modifications aren’t always easy to get, but they’re certainly possible. If you need a loan modification, the sooner you contact a lawyer to guide you through the process, the better. To qualify for a loan modification, you need to show that a financial hardship has Read More
Busting the Myths: Five Short Sale Myths Exposed
Short sales aren’t simple, but with proper guidance they offer an alternative to foreclosure that provides significant benefits. There is a lot of misinformation out there regarding short sales, and today we are going to correct five of them. 1) Banks want to avoid short sales Short sales are generally a good deal for banks compared to foreclosures. A short sale is usually much less expensive for banks as well as Read More
