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mortgage loan modification: Loan Modification 101- Writing an Effective Hardship Letter - 03/22/10 01:23 PM
A hardship letter is an important part of your loan modification request package. The purpose of the hardship letter is two-fold. In it you briefly explain the financial hardship that triggered your mortgage payment difficulty. That’s followed up by an explanation of how you intend to make future mortgage payments once your loan is modified.
The hardship letter plays a key role in determining whether or not your lender approves your loan modification request. Your lender won’t give you a second chance to submit an improved version of this letter. That’s why it’s crucial to write it correctly the first time. … (2 comments)
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mortgage loan modification: Why Prequalify For a Mortgage Loan? - 05/28/09 07:08 PM
In the past it was easy to apply for and receive a mortgage loan. Lenders were open to entertaining loan applications that showed no verifiable income and that could have been rather risky investments. As the loan market tightened significantly over the last few years, prequalifying for a mortgage has become a necessity. The process itself is rather easy. Applicants contact a lender of their choice and discuss the various mortgage loans available. The applicant then gives very basic information with respect to debts, income, liabilities, and also offers permission for the lender to pull a credit report. Once all the … (0 comments)
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mortgage loan modification: Important Facts on Mortgage Prequalification - 05/28/09 07:05 PM
Obtaining a mortgage prequalification is the single most important step to ensuring that you are seen as a serious contender for a piece of real property. Moreover, it provides you, the consumer, with the amount of money that a bank is willing to lend for the sake of obtaining a home. Going above and beyond this figure requires the consumer to make up the difference between the amounts arrived at during the prequalification period and the more expensive home the consumer has chosen. Real estate sellers look for bids from those who have gone through the trouble of becoming prequalified, in … (0 comments)
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mortgage loan modification: Have Mortgage Delinquencies Hit Rock Bottom? - 05/18/09 06:56 PM
It is baffling just how many homeowners are going belly-up in their loans, especially considering that there are copious mechanisms in place to save those who are facing foreclosure or even see themselves nearing the road to foreclosure. The foregoing not withstanding, there is a school of thought that suggest that mortgage delinquencies have not yet hit rock bottom. Economists state that seven out of 100 homeowners are currently delinquent on their mortgage loans.
What makes matters is the number of those who are barely hanging on to their homes and who are being laid off, overtaken by consumer debt, and … (0 comments)
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mortgage loan modification: First Time Homebuyers Profit from Falling Market - 05/14/09 06:20 PM
Has the housing market bottomed out? Is it possible that home prices are going to continue falling? Will mortgage rates continue to go down? Will they go up? Aspiring homeowners most likely wonder what the market future holds and whether or not they should buy now or wait a month or longer. It is tempting to jump right in and make a bid on that beautiful – foreclosed – home down the block, but is this really the best time or will the time get even better in a short period of time?
At the heart of this question is of … (0 comments)
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mortgage loan modification: Will Home Equity Make a Comeback? - 05/12/09 05:56 PM
Whether it was the artificial inflation of home values or the sudden drop in the market, home prices fell so severely that years of built up equity virtually disappeared overnight. What used to be considered a failsafe investment, for many homeowners has now become a huge albatross around their necks. Those who are upside down in their mortgages and barely hanging on are wondering how long it will take for home equity to make a comeback. Sadly, the news for those banking on home equity for their financial security is not good.
Market insiders suggest that at this point, across the … (0 comments)
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mortgage loan modification: Is the Second Shoe About to Drop in the Mortgage Meltdown? - 05/07/09 01:17 PM
The original mortgage meltdown was laid squarely at the door of the subprime mortgage market. Heavily marketed to anyone and everyone who could not qualify for a home loan with their current credit record and income to debt ratios, these subprime loans took risks that banks and investors would normally stay away from. Fast forwarding to today, banks and investors are either bankrupt or in desperate need as the mortgage meltdown sent all those who applied for and received no money down, interest only adjustable rate mortgages into foreclosures.
There is now talk that a second shoe is about to drop … (0 comments)
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mortgage loan modification: Corralling Home Appraisal Fraud - 05/05/09 05:58 PM
Who has not had that moment of nail biting when trying to refinance a property with cash out option, hoping that the appraisal will come in high enough to persuade the bank to part with the much needed equity? Have you ever wondered how it is that the appraisal came in just exactly what you needed it to be to qualify? The odds are good that you will not be surprised to learn that professional appraisers have been complaining for a good many years about mortgage brokers.
They claim that these brokers were strong-arming them into manipulating their value assessments of … (0 comments)
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mortgage loan modification: Can a Bankruptcy Law Adjustment Stop the Mortgage Meltdown? - 04/28/09 06:22 PM
With the number of home foreclosures spiraling out of control, Congress is desperate for a means to stop the hemorrhaging of the losses banks and investors undergo. At the same time, the taxpayer underwritten cash infusions are doing precious little to counteract the financial disaster and while it may seem like grasping for straws, lawmakers are now taking a good hard look at current bankruptcy codes. The problem that market watchers and opposed lawmakers see, however, is the law of unintended consequences.
For example, if Congress were to change the rules of the bankruptcy game now, could they actually be borrowing … (0 comments)
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mortgage loan modification: Is Affordable Homeownership Falling by the Wayside? - 04/22/09 05:35 PM
It is an open secret that the current mortgage meltdown finds its roots in the creation of subprime mortgages that were marketed heavily to those who would not ordinarily qualify for a home loan. This has sent minorities and the fiscally somewhat unstable in droves to eager loan brokers who would set them up with loan products that initially looked very affordable, but over the course of their existence would have the power to make the home virtually impossible to retain. Interest only loans, adjustable rate mortgages, and sometimes also a combination of the two have made it possible for homes … (0 comments)
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mortgage loan modification: Have You Heard About the Mortgage Holiday Proposal? - 04/15/09 07:15 PM
Imagine the impact a year long mortgage holiday could have on the American economy. 12 long months without the need to make even one mortgage payment; the money consumers could keep in their pockets could be used for much needed purchases and also bill payments to help consumers get back on their feet. Who would pay for such a mortgage holiday? The federal government, of course – or, to be more correct and get right back to the source, you and I.
Sure, at this point the mortgage holiday proposal is still a bit of a pipe dream and there is … (0 comments)
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mortgage loan modification: Mortgage Driven Bankruptcy Filings against the Backdrop of an Amended Bankruptcy Code - 04/14/09 07:14 PM
Bankruptcy used to be the stigma laden option for consumers who were simply too deep in debt to find a way out. In the past Chapter 7 filings could lighten the debt load for filers by simply doing away with credit card bills and other unsecured loans. In some cases, homeowners could even keep their homes and cars, depending on their ability to repay the loans and of course also the amount of equity contained within the asset.
When changes to the bankruptcy code were submitted – making it much more favorable for unsecured creditors like credit companies – and kept … (0 comments)
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mortgage loan modification: What The Obama Administration Offes to Do for Homeowners - 04/08/09 04:16 PM
Bailouts are in the news every single day, but more and more homeowners and those hoping to qualify for a mortgage loan any time soon are wondering what is in it for them. When Treasury Secretary Geithner finally came out with a mortgage plan and bank bailout scheme, it seemed like it might have held the answers needed, but unfortunately the wording did not help those not well versed in legalese. This keeps those with an eye on mortgage rates wonder what the Obama Administration truly offers to do for homeowners.
In an effort to explain the plans the Obama Administration … (1 comments)
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mortgage loan modification: Top Three Reasons Banks Accept Short Sales - 03/16/09 10:50 AM
A short sale refers to the sale of a piece of real estate at a price that is insufficient to meet the current mortgage obligations recorded against the property. In other words, if the house is mortgaged for $450,000 but it is sold for only 400,000, the fact that the payoff is short by $50,000 makes this a short sale.
Lately the short sale is a practice mortgage lenders are accepting from homeowners who prove that they are unable to stop foreclosure proceedings on their homes from going forward. Although the bank stands to lose money in the short sale, … (0 comments)
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Shannon Arnold
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CA
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