Lindsy B. Emery asked:




Homeowners are facing very difficult circumstances in these tough economic times. Property values have dropped and people are experiencing financial setbacks in their own lives. What has not changed is their monthly mortgage payments. Naturally homeowners are finding it hard to keep making these payments. Fortunately mortgage loan modifications can help.

Losing your home is not an inevitable conclusion if you are having trouble making your monthly mortgage payment. Consult with a HUD financial counselor that you can find through a non-profit group. They will give you advice about what your options are. You need to know what your options are for refinancing even if you think you are not qualified. The requirements for refinancing have been lowered thanks to programs like FHA HOPE for Homeowners or President Obama’s Making Home Affordable Plan.

If you cannot refinance your loan, there are other things you can do if your mortgage loan is not in line with your finances anymore. The Making Home Affordable plan has designated $75 billion in incentives to help up to 5 million people get a loan modification so their will not lose their homes to foreclosure. Getting your lender to modify your loan so your monthly payment is in line with your income is an affordable and realistic option.

If you are interested in loan modifications you need to consult a financial consultant who will help you get the modification you need. HUD will direct you to a financial consultant who will not charge you for his/her services. They are in great demand today so it might be difficult to get a meeting with one right now. There are also for for-profit companies that will assist you as well. Both those you pay and those who work for free have their own good and bad points.

If you decide to work with a professional company to secure your modification, read the contract carefully and insist that all fees and charges be fully explained. Ask about a 100% money back guarantee if the modification application is rejected. Check with the Better Business Bureau before you agree to work with any company to make sure they are reputable and legitimate.

To prevent becoming a victim of a fraudulent loan modification company, don’t work with a company that does not guarantee acceptance or you get all your money back, a company that does not have a real office (as opposed to an online site alone) or charges fees upfront without a complete explanation. A company that contacts you through email or one that comes knocking at your door is one that needs to be investigated.

There are many options to foreclosure for you today. Get mortgage loan modification advice from a financial counselor and keep your home.

Brian

Michael Petrone asked:




Getting approved for a mortgage refinancing with bad credit is not impossible, in fact, it is easier than most people believe. With the advice provided here, getting approved for a home loan refinance will be easier for you than you may have thought. Here is some mortgage refinancing advice which will help you get an approval regardless of your financial situation.

Do everything you can to prepare to approach a mortgage lender about mortgage refinancing. This can include things such as:

- Getting and thoroughly reviewing your credit report.

- Knowing why you want to refinance. (To get lower rates, change your home loan terms, lower the monthly payments, or get cash back from your homes equity)

- Get all necessary pay stubs, bank statements, tax returns, and expense reports together so they are quickly available to you or the potential mortgage lender or bank when needed.

While these things may seem basic, when you are refinancing and have bad credit, your application will be much more likely to be denied if these tips are not followed. Errors on your application and things which can not be verified with the right paperwork, will quickly get a homeowner with bad credit denied when attempting to refinance a home loan. Also, things like errors on your credit report, or small errors on your applications can cost you money, or even an approval.

Bad credit mortgage refinance can be a tricky thing to find. However, following this basic advice will help the chances of your application getting a thorough review, and your overall chances of getting approved. This will also prevent a lot of homeowners from getting their application back and marked as incomplete or unverifiable. Follow this simple advice when refinancing your mortgage.

Clifford

Richard Pettinger asked:




Rising house prices in the UK (and other countries) have made it very difficult for first time buyers in the UK. The ratio of house price to earnings has risen significantly. With average house prices rising to over

Yinka L asked:


I am trying to refinance my house with Chase Bank, and today I received this good faith estimate in the mail, and with all this number I am not sure if this is what I want to do cost the closing cost is getting high more than what I thought it will be. Also what I currently my debt on this mortgage is 207,000 but with refinancing my debt jump to 215,000 so that I will not have to pay any closing cost out of pocket.

Can someone that no about this help me to check if this estimate is right and clear.

Also I am planning to buy a bigger house for me and my family, do you think it’s worth it to refinance this house or I should put it on sale instead of refinancing. Please any advice is welcome.

Also if I decide to refinance is there any way I can negotiate this estimate, and please kindly outline which one to negotiate. Thanks.

GOOD FAITH SETTLEMENT (Description of Settlement charges)

Loan origination fee $1050.00
Application fee $395.00
Processing fee $300.00
Underwriting fee $295.00
Courier fee $30.00
Flood cert $14
FHA MIP $3,675.00
Hazard Insurance reserve $165.00
County property taxes $918.00
Settlement or closing cost $350.00
Title insurance binder fee $150.00
Recording/filing fee $79.00
City/ county tax stamps $178.21
State Tax Stamps $534.19
9 or 90 (not too clear) days of interim interest $298.80
The current house value is 220,000

Alexander

sondrassssssss asked:


I fell behind in my mortgage payments and am now facing forclosure. I was advised to contact my mortgage company, they are required to work with me under some new laws. They are continuing with forclosure. Is there anything I can do? I am currently paying 11 % interest as I got suckered into one of those idiot loans. My house was appraised at $225,000.00 last November, and I refinanced at that same time for $140,000.00. I am currently working.

Agnes

Hutch777 asked:


My loan didn’t orginally include the property tax which was not disclosed to me. I was late on the property tax and my bank (IndyMac) now includes this into my mortgage which is now 3,300 from 2,400: which I can’t afford. Do I forclose? Not pay until evicted? Or keep trying to pay (I’m not late…yet) Indymac isn’t apart of the Making homes affordable program yet and who knows when. OR become deliquent then will qualify for a loan modification (must be 60days past due).
I live in California pay $5,000 in property tax. My monthly mortgage payment is $3,300 and I make a monthly income of $4,500 support three people and am a single mother.
I have been in contact with Indymac bank. I don’t have equity in the house, don’t qualify for a loan modification since I’m current on my payments and they have yet to participate in the ‘making homes affordable program”.

Norma

Walter Sigmore asked:


ne of the million who’s missed a few payments on a mortgage and want to avoid your loan going into default? The new federal mortgage loan modification plan can help those out who are in desperate need of a little assistance and get some necessary modifications on their mortgage loan so that it’s affordable again.

To have the ability to qualify for this modification plan you will need to have a first mortgage that is worth less than $729,500 that was completed and signed before the beginning of 2009.

When you are applying for a loan modification most people forget that they must live in the home at the time of application to have the chance of approval. If you do not live in the home the lenders will not see the point in giving you a loan modification as you are not currently residing there. Most people don’t realize this until they are applying for the loan modification and get turned down.

Alongside these two things you will also have to take the time to write out a hardship letter. They advise that you handwrite this piece as it’s more personalized and has a legal signature on the bottom. With this document you are explaining the entire situation as to why you are unable to make the necessary payments and how you plan on getting back on track.

This document could either make or break you when it comes to getting approved and if you don’t take the time to answer all the personal questions the lender may not consider you for a loan modification.

You don’t want to find yourself struggling drastically financially when there are many companies out there willing to help you. Your mortgage broker may have the opportunity for you to get a loan modification yet you’ve never inquired about it. All you need to do is ask your mortgage broker if they are offering such a thing and they may be able to assist you.

With the new federal mortgage modification plan you could find yourself getting out of the red zone in no time. When you are approved for this modification plan you can finally get your life back on track and finally have yourself stabilized financially. A mortgage loan modification can be quite useful for anyone needing to get out of a financial struggle.

Nicholas