Upside Down Mortgage

Archive for June, 2007

Loan Modification Forums

About two years ago or more, the housing market in the United States crashed. It was all routed to the bad loans and mortgages banks issued. A house worth $500k 2-4 years ago is not worth $300k today. If that were your house, you’d be paying $200k over the current price of the house.

Here are some quick tips to make sure you are doing the right things towards a possible loan modification:

1) Have an attorney look at your mortgage contract to look for any Truth in Lending Violations Act violations, also known as RESPA. This is used in case there was any fraud involved in the loan.

2) If there is a violation, let the attorney take care of your home loan modification. If not, you should contact your lender and explain to them your situation.

3) Gather all your finances and documents showing you can pay the life of the loan including income, etc.

4) You can always ask the lender for a forbearance, which is a special agreement between the lender and the borrower to delay a foreclosure.

5) If you have an adjustable rate mortgage, the lenders usually also do request a complete financial history from income to expenses.

6)  A great place to get your questions answered for tips and experience from many people in the same situation is user forums such as safeloan.org.

From experience, home loan modifications is not an easy process to get to go through. It can be a long process and longer if you don’t know what you’re doing. If some where along the way you feel overwhelmed or not comfortable, let a professional handle your case. At the same time, it’s something that can be done without any help from an attorney if you can be dedicated to it.

About the Author:

Gerard T. is in the workforce of PD, Advertising LLC, a Loan Modification Leads company out of Boca Raton, Florida.

Article Source: ArticlesBase.com - 6 Quick Steps to Modifying Your Home Mortgage Loan

UMMAA Trains people in Loan Modification

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Subprime Car Loans

Question: How difficult is it to get a mortgage these days, post-subprime collapse? Am I qualified to get one?

I live in the Philadelphia area. I have two jobs(one full-time job that I've been at for over 1 yr, and one part-time job for extra money) and an annual income of about $32,000.

Overall my credit is good. My TransUnion + Equifax scores are in the 720-730 range. My Experian score is in the 690-710 range due to a long-ago public judgment from 2002 that's been paid in full since 2003(the judgment only appears on my Experian report). I have a good mix of credit and it's all paid current/on time. I have several credit cards(all cards paid off in full to ZERO), a paid-off personal loan, a car loan(I owe only $7K of the original $26K; it's a 6yr loan that I've had for 2.5yrs now), and a student loan(I owe a little under $10K; my payments are $105/mo).

Could I "handle" a mortgage or would I get rejected? Right now I'm paying over $900/mo for a 1 bedroom apartment, which I think is downright b.s. I'm hoping to get a house that costs between $140-180K. What do you think?

Answer: Your main issue will be the part time income, lenders will not count part time jobs unless you've been at the same job for over 2 years. Other than that I think you'd qualify, most lenders use the middle of your credit scores to qualify so you'd be entitled to the best interest rates with a score above 720. The last thing though is depending on how much your other liabities are you may not qualify for such a high loan amount with your income. Lenders want a debt to income ratio of about 41% or less including all credit liabilities, the mortgage, taxes , insurance and PMI, so I'd say you'd more likely qualify for about a loan of $120-140 depending on your other monthly liabilities. Good luck and contact a few mortgage brokers to find the best deal for you.

Sub Prime Car Loans (Use This One)

Federal Mortgage Help Programs

Question: Can anyone point me to where to find a govt mortgage help program?

I have a high interest second, and arm on my 1st that will recast soon. Please don't respond with your brokerage information.. not looking for that. There is supposedly a new Federal program where they will drop the value of your home to market values and allow you to refi in a lower rate and home value if you stay vs foreclosing? anyone have any direction here? Thanks!

Answer: What you are looking for is an FHA Secure Mortgage.
just becareful when you search alot of Mortgage Companies come up.

FHA.gov
or
HUD.gov
might help.

JUDGE Blasts Banks, Cancels $525k Mortgage