billionPresidentmortgage

There is $75 billion waiting for struggling homeowners who need a more affordable mortgage payment so they can stay in their home. The problem is that the average homeowner does not have a clue about what they qualify for or even how to begin the Obama mortgage loan modification process. If you have questions about loan workout options and what you may be eligible for, here is some information that could help you.

Fact: President Obama has now helped to restructure over 4 million homeowner loans in the US this year. This will help many Americans become debt free faster and hang onto their real estate without having to worry about losing their home and being homeless.

How does a loan modification work to stop foreclosure? The idea is to arrive at new affordable payments so that you don’t have to lose your home and you can continue to make payments. The lender does not want to own a bunch of houses-that costs them alot of time and money. Each foreclosure costs about $50,000 and add that to the loss the bank may take on a short sale-loan modification can start to look like a more attractive option for all concerned.

If you need to lower your mortgage payment, take the first step and learn what it takes to apply and qualify for a loan modification. There is a process that you will have to go through to determine if you are eligible. You can greatly increase your chances of get the help you need if you take a couple of hours to learn how to prepare your application correctly and know exactly what you bank is looking for to approve your loan workout.

You should work on your paperwork before contacting your lender-that way you will be able to make any necessary adjustments so you have the best chance of qualifying. You can avoid any mistakes by being prepared-you do not want to say or do the wrong thing and miss this opportunity for a lower payment.
You may have many more loan modification questions, but help is available to those who know how to get it. The secret to success to to learn just a little bit about how to complete your application correctly so that you have the best chance of meeting the guidelines for approval. Over 100,000 homeowners have already been helped using this federal plan-you can do it too!

Learn more about Obama Mortgage Relief Plan Qualifications.

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There are some things that you may want to take into consideration when it comes to loan modification and mortgage modifications scams. One of the things to look out for to avoid becoming a victim of these scams would be if the company contacts you with an automated message by phone. The manner in which these companies operate their loan modification and Mortgage Modifications scams would be to target people who are on fixed level incomes and also those belonging to low income groups.

Usually, fraudulent firms approach their victims first by phone and or by email, bearing the promise that they will help their customers speak with their lenders and eventually attempt to get their loans or mortgages modified. Also, they will mention to their customers (victims) the need for an upfront fee to shoulder the services that they will initially be providing you.

The company will use this scheme and make you believe they can stop foreclosures to lure people to avail the said services of their company. However, there is actually no company out there that can really stop your homes from being foreclosed just because of their ‘crafty’ services. Moreover, the emails coming from these companies usually show up as spam in your email. The section where it tells you who the email is from also shows up with an email address that you do not recognize at all.

When you actually speak to someone at the company, they will almost always influence you to sign over the title to your home or property.

A mortgage modification could be the answer that you need so that you can afford to keep your family’s home. HAMP is a government funded program and it will expire-don’t miss out on your fair share of the bailout billions. Your tax dollars are funding this program, so make sure you are prepared to take advantage of this federal home rescue plan.
Get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs.

Learn more about Obama Mortgage Relief Plan Qualifications.

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AssistancepredictedFederalfulfill

Mortgage Assistance Available in 2011
By Angie Andrews

It has been predicted that millions of homeowners will lose their homes in the year 2011, due to foreclosure. This number will reduce, since foreclosure prevention has been made available, through multiple mortgage assistance programs. The Federal government has set up several bailout programs to help the homeowner save their homes from foreclosure. Many banks and lending institutions are also trying to provide help for the homeowner as well. There is a great need to keep American families in their homes. Congress recognized the problem and enacted the Federal Loan Modification program.

Companies

The Federal government has experts in the housing market to assist them in finding means to find help for the homeowner. The banks and lending institutions recognize that foreclosing on so many homes is not the solution to the economic problems. Lenders have joined forces, with the government, to help make home loan programs. Many major banks and lending institution are now taking part in the programs. There are banks and lending institutions that have joined forces to help the homeowner, such as The Freddie Mac/Fannie Mae groups, Chase Banks, and many other prominent lenders.

Process

In order to fulfill the requirements for a home loan modification the consumer needs to follow meet specific criteria, established by the lenders. Most lenders follow the basic standards, but a few may have some independent requirements. The home owner needs to make sure that they hire the assistance of an attorney. The expert can make sure that they are meeting all the requirements of the program. The attorney will be able to give you mortgage assistance, when it comes to the modification of your mortgage agreement. The consumer needs to make sure that they have all documents that are required to provide during the process.

In order to meet the standard requirements the property must be the primary resident of the consumer, this program is available to homeowners with their primary residence, not investment properties. The consumer must not have filed for bankruptcy nor purposely defaulted on a mortgage payment then you would be denied the right to obtain a loan modification. You must comply with the lender, so they are able to find the best modification assistance, to help you save your home.

Angie Andrews assists homeowners in trouble on her blog that specifically addresses loan modification. Take control of your own finances, discover options to modify your loan and save your home. There are government sponsored options available and you can get all the information you badly need in AllmandandLee Loan Modification Blog.

The blog is Angela’s way of providing free information about the many unknown programs available to homeowners in trouble. Her years of experience an insight help those in trouble to fully understand the loan modification process. For more specific details about mortgage assistance, federal loan modification and loan modification attorneys see Angela’s blog and find out the Secrets About Loan Mods today.

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http://realestatemarketingthisweek.com/real-estate/the-old-rules-of-real-estate-financing-no-longer-apply-and-suze-ormond-should-know-that/ – The old rules no longer apply and Suze Ormond should know that. –

Part 7 – We have Dan Havey the author of Real Estates Future in the studio today.

Michael, I was just curious, back when I got into the industry many, many years ago there used to be a rule of thumb that if you were going to refinance you had to lower your interest rate by at least two percent and I know as time went along and products changed that really became unnecessary, but I am just curious in todays mortgage market its a lot different than we were dealing with even two years ago. Is that still true that there is a 2% rule? Whats going on now?

I happened to catch Suze Orman on television and she was talking about mortgages, the caller who called in to the program, the question became I believe similar to what Dan just asked, her comment was that basically if you’re in 6% interest rate or above now is the time to re-fi. That is what she said, a blanket recommendation. I know a lot of people put a lot of credence into what she says, maybe you could speak to that, the lowest interest rates you’ve seen in your career, you have been doing this for a while.

I have, and they are. You know there was a lot of speak the last couple weeks about the Fed, the Fed funds rate by the way is the lowest it’s ever been in history. As of this week the discount rate is to the point that banks are lending money to each other at nothing, the Fed funds rate for intrabank lending is at zero, the problem is the banks don’t have any money.

To be serious about the refinancing, because its a serious topic, I think people are starting to see their mail boxes filled with lots of advertising crap about refinance. I believe that doing the refinance is no different from doing a loan modification or buying a house, you need to sit down with the human being that’s local, that you can know is a legitimate source. You’re going to give all this personal information about you, your family, your kids, your Social Security number, you want to make sure you have somebody there that you know whos legit.

In regard to the old rule of thumb 2%, nothing could be further from the truth, and I will expand, but to the point of Ms Ormond that if youre at 6% or higher, that is a blanket statement and blanket statements never work. We just did a refinance for a guy who was at 5 1/2%, and it makes sense. Every situation is different, as far as how much do I have to lower my interest rate to make it work? It depends on the type of mortgage that you get.

The only type of loan to get today in December of 2008 is a 30 year fixed. I know that one of the things that was really interesting to me, and that you and I have referred clients to one another for several years, so we share a number of clients, were familiar with those families and those households, and this is Wednesday, on Monday and Tuesday of this week I’ve had seven phone calls from clients who you’ve already done loans for, refinances for, asking if this is the time to refinance a loan that is only a couple years old.

And I know in several of those cases the answer is yes you’re actually helping families right now with that process. I am and we do. To answer the question, you need to determine what the payback term is, in other words when your refinance is done it’s a new loan, there’s the title insurance, appraisals, lots of different things may need to be done, not in every case, but in most cases there are costs associated with that. The cost has to be offset by the amount of savings. Its a breakeven analysis

Absolutely it is, the shorter the breakeven the better the loan. I am working on a case right now which is going to be done in the next couple of days where the guy lowered his interest rate by an1/8 of a percent and it made sense for him. It’s not for everybody, 2 percent or lower, 2% is significant, now you’re talking about really significant savings in terms of cash flow… http://realestatemarketingthisweek.com

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