If you have missed a mortgage payment or if you are more than 60 days past due, you may be heading for troublesome waters and even a possible foreclosure. The delay in making the payment will reflect badly on your credit score rendering you ineligible for refinancing. In such a situation home loan modification may be the only way to save your house.Today most lending institutions are not keen on foreclosure simply because they have to spend on...more
If you are one of the thousands of homeowners facing the risk of foreclosure there are several recourses in front of you. You could short sell your home, accept foreclosure as an imminent fate, consider refinancing or opt for home loan modification. Of these mortgage modification is by far the most feasible solution that can not only help you to save your house but will also bring down the amount of your monthly mortgage payment.When you approach...more
With unemployment rates rising to unprecedented levels and the number of foreclosed homes skyrocketing, mortgage modification seems to be the only reprieve in sight for home owner's trying to save their homes. Even though refinancing is also an option, in this day and age of uncertainty weary lending institutions are demanding nothing less than the prefect credit score. However, even if you have missed one mortgage payment you will not be eligible for refinancing in which case modifying your home loan will be your only optionWhat is home loan modification?It essentially implies renegotiating the terms of a loan which may even involve a rate modification in such a way that the monthly mortgage payment is brought down or the borrower may also expect some amount of the loan and/ or penalty to be written off.Are you Eligible?To determine your eligibility, you will be asked to submit certain documents that will help the lending institution verify your claims of financial hardship. Any situation that has caused a dramatic reduction in your income may act as the reason to seek mortgage modification. So if you have been through a divorce or if a family member has passed away, these...more
Most lending institutions like Citigroup, Country Wide and Wells Fargo are now offering their customers the chance to save their homes by availing the benefits of home loan modification. Mortgage modification is a very potent and realistic solution that can not only help to save the homes of thousands of home owners across the country but it is...more
If you are faced with the prospect of a foreclosure there are only two options in front of you to prevent the situation: refinancing or modifying your mortgage. Of the two, mortgage modification is a simpler and cheaper way of avoiding foreclosure. But people often wonder about the efficacy of mortgage modification in stopping foreclosure. So if...more
The query that the general public ask is for ways which will help in making them rich.They frequently dream about becoming the following Donald Trump, the following Robert Kiyosaki or maybe the subsequent Warren Buffet. In spite of our dreams, the query remains. How precisely are you able to become rich? There's one classic answer to this and that's to noticeably earn more money than the cash you are spending. This brings us to the subsequent question which is way harder to respond. How can we manage to make more cash while limiting our spending? This question is a little harder to answer so I can break it down to steps. Step 1 to you becoming rich is to generate wealth first. To do that, you can't depend on your wage alone. You should find some way to earn money that doesn't always come from your own difficult work. You want to find passive revenue. Your passive revenue may come from firms, investments or maybe grants. What matters is that you get good return for your money and your returns are relative to the danger you are putting into it. Investments offer a method to generate returns with just the money doing the work for you.Firms need plenty of effort and...more
How to determine whether to refinance can seem big and confusing, but in reality when broken down into simple facts it is all just simple math. Take the time to write down all the math you do and it will be easy to see in front of you whether it will...more
When you are looking at how to successfully refinance things may seem very complicated and confusing, but it really is a lot simpler when broken down. To make this work well you just need some planning with a calculator, pencil, and paper.The first...more
A well written mortgage modification hardship letter will brighten your chances of securing a home loan modification. And in the absence of refinancing options a mortgage modification may be the only thing that can save you from imminent foreclosure....more
The economy is getting worse day by day and there is more bad news with more jobs cut off. Every time you turn on the television you will hear same news everywhere making unbearable for anyone to watch news fearing what will happen next. Major...more
A lender can get the difference of amount on the foreclosed property from the borrower by receiving a deficiency judgment order issued by the court. By issuing this order, the court empowers the lender to pull in the money due on the property from...more
The great benefit of the reverse equity mortgage is, that you get cash money and you do not have to pay back anything before the loan will be closed. This happens, when you or the last home owner will move away or you will pass away and the home will...more