By doing a quick search of most major web search engines it seems the overall feeling is that there isn't many loan modification success stories out there. So, this leads one away from the notion of getting help from this avenue when dealing with a foreclosure crisis. This is sad because there really has been some great success with loan modification if people just look. People as a rule think that everything should just be handed...more
MBA nuggets (courtesy of MND.com)—9/2/10For the fifth consecutive week, mortgage applications rose in the U.S. and record-low costs carried refinancing yet again.The MBA index rose 2.7 percent last week and refinance apps continue to climb – this time at 2.8 percent, the highest level since May 2009. Purchases gained 1.8 percent.Refinance apps continue to rise as Americans' desire to reduce monthly mortgage payments...more
For countless families across the country loan modifications is becoming a popular alternative to losing their houses due to foreclosure from the bank. Even still, many people may ask what is the loan modification definition? It is a good idea to fully understand what the definition is before considering applying for a loan modification.Let's take it straight from Investopedia:"A loan modification agreement is different from a forbearance agreement. A forbearance agreement provides short-term relief for borrowers who have temporary financial problems, while a loan modification agreement is a long-term solution for borrowers who will never be able to repay an existing loan."So in short, loan modifications are changes to your loan agreement. Your monthly payments get more affordable, and you don't have to default on your loan, thus making you able to keep your house instead of foreclosure. Banks offer these types of programs because often times it's easier to work with you than to go after you. Also it is far less costly for them in the long run. Remember, foreclosures really hurt the banks as well, not just your credit.When a borrower comes to the conclusion they...more
Headlines are now popping up with news about a loan modification process that is now available for homeowners facing foreclosure. Getting a loan modified is time consuming and involves many rules and regulations which vary greatly between banks and lenders.Foreclosure is not the desired end for either the homeowner or the bank. This is good news....more
Owning a home is a dream that most families would want to achieve. A home provides you with a feeling of contentment because you finally have acquired a property which you can call your own. Buying a home is more convenient and practical than renting one. Settling monthly payments for your rent is just like buying a house when the...more
Have you heard the Federal Trade Commission has issued a "Consumer Alert" with a big headline that says, Payday Loans = Costly Cash. Just as there are many ways to look at the situation, the same is true with payday or cash advance loans.In simple terms, a payday loan is advance on your next paycheck. There are many companies throughout the country that offer these very short-term small loans. The term, or length of time you have to pay back the money typically runs from 2 to 4 weeks. The fees or costs of this short-term loan can be anywhere from 25 to 50%. And this is where the FTC comes in with their complaint.The government agency spends a lot of time acting like they help consumers. The government has the authority to make changes in how these loans are offered if they were really interested in helping or protecting consumers. Instead however, they state that the APR or annual percentage rate of the small loans is in the hundreds of percent in the are right, but that's not the whole story.Everyone knows that when you buy a product in a small package it costs more. Larger or bulk packaging usually costs less. Now consider how this fact as it relates to the payday...more
In this age of the Internet, there has been a transformation in the way people bank. Most transactions can be conducted online, and one can access cash fast from innumerable ATMs strewn all over cities and towns. What is more, with...more
Most of us can't afford to buy our new home outright, so we save up a down payment and then work out an arrangement to finance the balance. This arrangement is called a mortgage. You agree to pay a set amount and use the house as...more
There are often times when we could all do with some extra money when we want to make a large purchase for example or to go on a nice but expensive holiday to celebrate our twenty fifth wedding anniversary, to fund home improvements and so on.The...more
One of the crucial factors to consider when getting a loan is the length of the repayment period that you will apply for. This will affect how much you pay each month as well as the total amount you will pay back. As well as getting the...more
In the course of living of the population, there exist significant elements needed for basic sustenance in their survival interest namely the necessities of food, clothing, and shelter. These elements are significant elements necessary for w healthy...more
Emergency financial crisis are capable enough to give you a jolted blow. So, at best, it is better to resolve the crisis, otherwise, it might create more trouble for you. But, to overcome the crisis, it becomes equally important that you must have...more