Gustavo's Blog

What is a Loan Modification?

Gustavo Casarrubias — Thu, 13 Nov 2008 16:47:12 -0600

A loan modification is the reductions of interest and monthly payments to make everything short and not too long.

Banks are supposed to help you out with your mortgage because they lose a lot of money on a foreclosure but they still refuse to do that and instead of educating all their CSR they just let them do what ever they want, when ever they want ( yes people when you call your bank and try to do a loan modification that is who your talking to to, just a CSR. no offense to anybody that is in that field) or they just don't monitered their employees. As of the servicers go, don't even think about giving them a call because they think they are above everyone and they choose not to help you at all and they are gonna be rude as one of the major CSR's major cell phone company.

This goes to all the homeowners, if someone tells you that you can't modify your own loan is because you have a very little chance to do it, they either won't talk to to you or they just make you waist a lot of your time and by the time they want to or decide to help you, you are already deep in the hole and you can't climb back up so if I was you and instead of thinking that I'm waist a lot of money paying somebody else to do the loan modification for me...I honestaly want to think that I'm spend a lot of money to save my house, the roof for my family, my future.

Honestely what is it that you prefer to do? lose your house which it means losing thousands and thousands of dollars or invest couple of thousands to keep your house and take a lot of weight of your shoulders.

I think this is a no brainer so do your home work, read everything, think about it and make a decision of what you want to do.

WILL THE MARKET RETURN?

Gustavo Casarrubias — Wed, 16 Jul 2008 19:03:03 -0500

We would love to make a prediction on when the market is going to return but not even well-respected anylist can predict when or how long is going to take, some respected anylist say that is just around the corner some other say that is not possible to say when, some other say that is just around the corner.

Lawrence Yun, chief economist for the National Association of Realtors, expects a "soft" first half of this year for housing and the economy and then "notable improvement" in the second half of the year. But U.S. Treasury Secretary Henry M. Paulson Jr. notes in a recent speech that "most forecasters expect a prolonged period of adjustment" in housing.

"The number of unsold homes on the market today is at or near a record high. Reducing inventories will require that housing prices drop much further, and that builders refrain from putting up new homes," said Global Insight economists Brian Bethune and Nigel Gault in a research note. "Our view is that housing starts will drop more than 15% from current levels, before turning around late this year."

Although housing starts are still falling, they are doing so at a slower rate than in recent months. This is why construction spending on single-family homes fell just 3.4% in May, the second-smallest drop in 10 months," they added. "Going forward, the declines will continue to shrink, and housing will become a progressively smaller drag on real GDP growth.

5 REASONS TO REFINANCE

Gustavo Casarrubias — Mon, 07 Jul 2008 20:28:59 -0500

Lower Your Payment We are specialized in finding solutions to your specific financial needs. Below are just some examples of ways you can lower your payment: * If rates have fallen since you acquired your original mortgage, refinancing could allow you to get a lower rate. Beyond the conventional fixed-rate mortgage, there are many other options such as an interest-only mortgage that can allow you to lower your payment and save money. * Your property may be within a special census-tract area, you may be eligible for special programs that, in many cases, can cut your monthly mortgage payment by up to 30%. * By lowering your mortgage payment you can keep more money in your pocket. Use that money for savings, invest towards retirement, pay off high interest debt…or whatever else you need.

Consolidate Your Debt There are many options for refinancing to consolidate your debt. We offer expert guidance to provide solutions quickly. Take control of your financial situation and start building the foundation towards financial freedom. Consider the following: * By refinancing you can get cash out to pay off your high-interest debts. Have the ease of one payment instead of several every month. * Pay off debts that have non-deductable interest (like credit cards and car loans) and convert it to a home loan that, in most cases, is tax-deductable. Use the equity in your home to pay these off and your combined debts are now tax-deductible.

Get Cash Out of Your Home If you have built equity in your home, this equity can correspond to a substantial part of your savings. You may be eligible to refinance for the following benefits: * Free up some of this money for purposes like urgent home repairs, a college tuition fund, investment of a second home, etc. Your equity equals your money, and the ability to take care of the things you need without an independent loan that typically has higher interest rates. * Create a Safety-Net Account to be used in case of an emergency. In many cases, you can take the cash and reinvest it into a high interest savings account and set it aside in case you need it for life’s unexpected situations.

Stop Your Payment from Rising Many people have used an adjustable-rate mortgage (ARM) to get lower monthly mortgage payments. However, the periodic rate adjustments and possibility of rates rising can be distressing. Below are just some reasons how to stop your payment from rising: * If you are in an ARM and it is close to reaching the end of its fixed period, or it already has, your payment could increase significantly. Refinancing would enable you to secure your loan and stop your payment from rising. * By refinancing to the security of a fixed rate loan, you are no longer going to have to worry about your payments or rate rising over time. * There are many loan terms that We can discuss with you, whether you are planning on staying in your home for a short period or for a very long time.

Eliminate Your Mortgage Insurance If you have mortgage insurance, it is probably because you purchased a home with less than 20% down. In some cases homeowners buy mortgage insurance later thinking it is required as well.

* Refinancing can allow you to eliminate your mortgage insurance therefore saving you money off your monthly payments.

* You may also be eligible to eliminate your mortgage insurance and lower your payment simultaneously allowing even more savings.

* When you speak with one of us We will be able to provide you with accurate information to determine what benefits would apply to you.