According to First American CoreLogic, an American financial services company and leading provider of settlement and title insurance to the mortgage industries, nearly one in four borrowers in America is underwater with their loans, which is getting bigger than their houses’ worth. To stop this housing crisis and prevent more homeowners from foreclosing, the Obama administration has introduced the Home Affordable Modification Program (HAMP)...more
It would be wise for one to understand the term mortgage rates well and the few other components that come along with it. Mortgage rates need not be an overwhelming subject matter for you if you have a certain amount of knowledge on it. One can try to understand and learn the concept well, as it is his or her money that is coming out of the pocket every month to make the necessary mortgage payments....more
If you are a homeowner and are facing retirement, you may wish to take advantage of the available equity in your home by going in for a reverse mortgage. A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a relatively new product. If you are at least 62 years or older and have at least 50% equity in your home, you may be able to qualify for a reverse mortgage. By going in for this option, you may be able to borrow money against the equity in your home and receive cash in tax-free payments. This type of mortgage is different from other types of loans because repayment, including accrued interest, is not required until the homeowner passes away or decides to sell the home. Reverse mortgages may seem attractive to you due to the fact that the lenders would consider neither your income nor your credit history in order to determine whether you qualify. The criteria for qualification that would most likely be considered by the lenders is your age, the value of your home and the amount of available equity in your home (generally you can expect that the lenders would insist that you have at least 50% equity in your home which means that any existing mortgage...more
A very low-cost means of funding your needs, business or personal, is with second mortgage loans. You can have a second mortgage loan for varied reasons like, carrying out home renovations, improving your property, raise finances, start a business, or to buy a new property among many others. If , you take a repayment mortgage and each year, for...more
The recent economic downturn has left many of us financially quite vulnerable and many of us are still feeling the pinch of difficult finances. If you have also found yourself in such a situation where you now have a lot of debt and yet need additional funds, second mortgages might be of help. Second mortgages are additional mortgages on properties...more
Are you facing some financial problem and are In search of some small external source? Even after spending all your monthly salary in clearing all your debts but still there are some pending bills which are to be cleared, do not worry. Here is a solution for all your worries. You can now apply for payday loans today where you can get funds more easily than through any other way. You get access to the funds just within a few hours of application for the loan. The borrower can fulfill all his fiscal needs by getting these funds.The funds available in payday loans range between 80-1500. The repayment period for the borrowed funds extends from 1-30 days. It is a short term loan. The borrower has to repay the loan amount on maturity date. And in case if he fails to do so he may ask the borrower to extend the repayment period but with a prior notice and a reasonable reason for late repayment.In order to get payday loans the applicant needs to satisfy some eligibility criteria. They may be that the applicant must be a UK citizen. The borrower must also be a working person with a stable organization and earning a fixed source of monthly income. The applicant must be above 18 years of age...more
Even the short term requirements of day to day life become headache for some people. These people lack sufficient amount of cash and therefore, get into such problems. In case they do not find any reliable source to get cash, they beg their relatives...more
Sometimes you require more cash to overcome your expenses but you find it difficult to avail such credit. Any purpose loans are secured and unsecured in nature. You place some kind of collateral for the secured credit because of which you can borrow...more
Yes,you know this,in a dire financial situation when there is hardly any other option left other than seeking Bankruptcy Advice,when nothing seems to work much then applying for loan modification or seeking loan modification help is certainly an...more
Money is something most people run short of when they need it the most. This statement is very true especially when one is dealing with those month end blues. Toward the end of the month one may not have a lot of money at his or her disposal....more
Short of money could be very dishearten phase of life especially for salaried people in the mid of the month. Financial stability is very important as far as expenses are concerned and people try really hard to achieve such stability. But, unexpected...more
There are a number of different types of things that should be listed in a loan modification application. One of the most important parts of this application involves the expenses that one would have to deal with. These are things that a person would...more