Upside Down Mortgage

Archive for July, 2009

Loan Modification Affidavit

Question: What is an "affidavit of financial hardship"...this is required to qualify for mortgage help?

"The administration, launching what it calls the "Making Home Affordable" initiative, said that borrowers will have to provide their most recent tax return and two pay stubs, as well as an "affidavit of financial hardship" to qualify for the $75 billion loan modification program, which runs through 2012."

http://news.yahoo.com/s/ap/20090304/ap_on_go_pr_wh/obama_housing

Answer: Why are people getting nasty about this? Not everyone is looking for a hand out. I myself had no problems making my mortgage payments until my salary was cut by 8% when the economy tanked out.Now, I'm struggling to pay all of my bills in a timely fashion. The government allowed for this to happen by not regulating certain industries and not looking out for the everyday person, the government SHOULD step up and help people out of this crisis! I'm not one of those stupid people who went out and got an ARM loan. I have a fixed rate, 30 yr mortgage that I'm struggling with. The people getting nasty about this question need to realize that not everyone is as lucky as they may be and they need to accept that right now the average person is struggling to support their families and survive!

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Mortgage Relief Qualifications

Home owners are sometimes confronted with mortgage loan repayment problems. It is not uncommon to find  repayment plans failing to materialize, forcing one to look for alternatives to meet obligation. Fortunately, there are so many debt relief programs that have been put up by various lenders to help you meet those financial obligations towards creditors.

To determine whether you qualify for mortgage debt consolidation, you can make use of the consolidation calculator which can help you make approximate calculations. The procedure that you will require to follow is available online. Once you know your qualification status, you then approach lending firms, who will top up on the mortgage balance that you have not cleared.

It is with this money that one clears the remaining mortgage balance and is left to repay the second loan at lower interest rates. Some of the loans that qualify as home mortgage debt consolidation loans include home equity loans and refinance loans. In most cases, they are offered to borrowers who are seen to be consistent in their repayment schedules.

Most of the consolidation loans are calculated based on the value of your home. It also largely depends on your income. Many lenders want to avoid the situation where a borrower may be forced to default payment due to some let down in financial flows. The lender also has to keep a good track record of the borrower and borrowers who have a good financial history with them are better placed to borrow. This tells you that as you look for consolidation loans, it is best to consult your regular creditor.

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Peter Gitundu Creates Interesting And Thought Provoking Content on Finance. For More Information On How To Manage Loans, Read More Of His Articles Here MORTGAGE DEBT CONSOLIDATION If You Enjoyed This Article, Make Sure You SUBSCRIBE TO MY RSS FEED!

Source - Home Mortgage Debt Consolidation

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Barclays Subprime

Question: How was Barclays capital affected by the subprime fall out?

Be good if i could get spesific and detailed information about Barclays capital.
Or a link to a detailed source on the issue.

Answer: The truth of it is that no one knows.

It is this fact that is causing the problem.

None of the large finance houses are prepared to say how much they invested in the US sub-prime market.
As a consequence, other institutions are loath to deal or invest in each other as everyone is suspicious of just how much, the other has to lose.

I assume that if each finance house divulged just how much they had at stake in the sub-prime, then their shares would fall like a stone. The only way they can combat this, is to not disclose and hope the general feeling of uncerainty passes with time.

If any of the finance houses have disclosed, then it will be obvious that they do not see it as a great amount. However, those that remain undisclosed are obviously well into the sub-prime.

RealGlobalNews.com Investigates Britain's Richest Banks - I