According to a recent article in the Los Angeles Times, mortgage interest rates are at their lowest levels in five weeks, and not surprisingly more people are seeking home loans.  This is can be seen as a positive sign that the value in homes are increasing slightly instead of homeowners being upside down on their mortgages.

This is both a positive and a negative for some homeowners.  On the positive side, this means they are able to refinance their homes at a lower rate and take advantage of equity in their homes.  But on the negative side, this assumes that the borrowers who are purchasing new homes still have good credit, can make at least a 20% down payment on residences with value of no more than $417,000.

Two important keys to this type of program:

• Loan amount available up to the maximum JUMBO FHA limit in your area
• FHA financing is for Everyone and not limited to first time homebuyers

FHA loans are guaranteed by the government and offer more flexible guidelines than traditional mortgages.  Some of these features are:

·         Down payment of 3.5%

·         Allows for lower credit scores

·         Cash out refinance transactions up to 85% of loan to value

·         No minimum or maximum income limits

When considering to refinance or purchase, a new property, the consumer must be prepared to present a complete financial package to their lender.  By having all the financial information available, this will allow your loan expert to find the correct loan program to fit your financial requirements.

As a consumer if you are considering a refinance or a new purchase, you need to have all of your financial information available.  By having all the information available, the lender will be able to assist you and explain to you all your various options whether under a FHA financing program or another loan program.

It is important for the consumer to present the following items which visiting with a lender:

• Complete copy of last 2 years personal tax returns for all borrowers
• Copy of most recent paystub for all borrowers
• Complete copy of last 2 months bank statement on all types of accounts

Some programs may not require this type of financial information.  However, the more information provided to the lender allows for a smoother the transaction for the consumer.  In addition, it allows the lender to have a frank discuss with the borrower on the types of programs that will meet their financial requirements.

Asking your lender to produce the note could be the difference between keeping your home or losing it to foreclosure.  The strategy entails asking your lender to produce the note for your mortgage.  In order for a lender to proceed with a foreclosure, they must be able to produce mortgage note for the property.  The strategy can be effective since producing mortgage documents by the lender can be difficult if not impossible for them.  At the least it will give you time to get your finances together so you can get caught up or work something out with your mortgage lender. Continue Reading »

If you have a loan with CitiMortgage and are having trouble keeping up on your mortgage payment, you may be eligible for a loan modification with Citi.  The first step is to call the loss mitigation department at Citi Mortgage and see what you need to do to get the mortgage loan modification process started.

Citimortgage Loan Modification Requirements Continue Reading »

H4H stands for Hope for Homeowners.  This program was created by Congress to help those at risk of foreclosure and losing their homes.  It makes refinance options available that would not be available under conventional loan guidelines.  The program is effective until September 30, 2011.

How Does H4H work?

If you are having problems meeting your monthly mortgage obligation, Hope for Homeowners may be able to assist you by refinancing your current mortgage into 30 or 40 year options to lower your monthly mortgage payment.

IndyMac Federal Bank will start a new program to systematically modify bad mortgages with a loan modification.

What Loans Are Eligible For Mortgage Modification With IndyMac?

The streamline loan mods will be available for borrowers who have a first mortgage that is owned or serviced by IndyMac that are seriously in default and are facing foreclosure.  IndyMac will work with owners show are unable to make their mortgage payment because of a reset or change due to an arm mortgage reseting. Continue Reading »

What would be the first step to modify your mortgage with Bank of America?  I just spoke with a client who originally got an option arm with Countrywide.  Countrywide was purchase by Bank of America.  If you originally had a Countrywide mortgage you will need to speak with someone at Bank of America now for a loan modification.

Call Customer Service First To Try And Get A Loan Modification

If you are trying to get your mortgage modified, your first call should be to your lender.  Most lenders have loan work or loss mitigation departments to deal with the pre foreclosure homes.  You will most likely need to provide information on your financial wherewithal.  If you do not have any income, you will probably not be able to get your loan modified.  You have to be abel to demonstrate that you will be even able to handle the new payment that can be worked out for you.  You may have to give your lender your tax returns, pay stubs and financial statements to be even considered for a loan modificaiton.

Should I Hire A Loan Modification Attorney?

I have seen law firms starting to advertising for loan modifications.  The truth is that you can probably do a loan mod yourself without an attorney.  If you feel more comfortable using an attorney to handle the modification , I would not try to talk you out of it.  You have nothing to loose to try and do it yourself first however.

I saw a law firm call Phillips and Associates advertising loan modification services.  Do you need to hire a law firm like Phillips & Associates to do a loan modification or can you do it yourself?  The truth is that you do can do a loan modification yourself and save yourself a retainer fee.  I would hire an attorney or someone else to handle your mortgage loan modification only if you are paralyzed by fear and know that you would be taking ineffective actions in getting it done.

Do I Need Loan Modification Services? Continue Reading »

Who do you call if you are behind on your mortgage and need to modify your existing mortgage?  If you are behind on your mortgage and are facing foreclosure you should call your existing mortgage company at once.  Look for the number on your most recent statement.  Here is a list of the larger banks and the phone numbers of their loan modification departments.

GMAC Mortgage 800-799-9750

Wells Fargo  800-678-7986

Citigroup, Citibank and Wachovia  866-272-4749

JP Morgan Chase, Chase, Wamu, Washington Mutual  866-550-5705

Countrywide  800-669-0102

M&I  877-473-4333 or 877-849-6160

If you are behind or know that you are going to get behind on your mortgage, don’t wait until it is too late.  The sooner you start the more likely you will end up with a favorable result.  Save your home from foreclosure and make the call today.  You home is worth saving and loan modifications do work.  You do not need to pay someone to do a loan modification, you can do it yourself.  Use this information to save your home.

Will My Mortgage Company Modify My Loan Even If I Am Not Late On My Mortgage Payments?  Most mortgage companies and banks will not want to speak with you until you are behind on your mortgage payments.  I know a person that is going late on their mortgage on purpose just because they will not talk to him.  I do not advise just stopping payment to your mortgage company.  In the instance I was speaking about earlier is in regards to a gentleman who has a $6000 a month mortgage payment that they can see that they will not be able to make in the future due to a job loss.  He can see the future coming straight at them.

Contact Your Bank Before You Are Late On Your Mortgage

It is wise to contact your bank before you are late on your mortgage payment.  Some banks and lenders do have policies that allow for a loan modification to be completed even before a late payment has occurred.  If you are in an arm or have an option arm you may be eligible for an automatic loan modification.  You would just need to contact your lender about this.  I would not make any assumptions about loan modification until you have all of the information.

How To Negotiate With Your Bank For A Better Mortgage Rate.  If you are having a hard time making your mortgage payment, your bank may be willing to renegotiate new loan terms with you.  Through the loan modification process you can actually get a new interest rate, lower principal amount or even a forbearance agreement.  Most lenders including Bank of America, Chase, IndyMac, Wamu, Washington Mutual and Wells Fargo have dedicated departments set up just to help borrowers and homeowners work out new mortgage terms so they can stay in their home.  You can either go online or call your bank to ask for the loan modification or loss mitigation department to get started.

How Do I Get Started On A Loan Modification? Continue Reading »

What Happens If I Walk Away From My Home If I Can’t Pay The Mortgage?  If you are unable to pay your mortgage and are facing foreclosure, you don’t have too many options.  You could try to do a short sale or a loan modification.

How Does A Short Sale Work? Continue Reading »

Is an FHA Streamline Refinance The Same Thing As A Loan Modification?  An FHA streamline refi is not the same thing as a loan modification.  However doing an FHA streamline refinance is a very easy loan to get done.  Even if your home is upside down you can do the FHA Refi.  You do not even order an appraisal on the FHA refinance program.  In fact another benefit of the FHA Refi is that you do not even need to have good credit.  You credit score can be lousy and you can still qualify for the streamline refinance.  Effectively the FHA Steamline Refinance is like a no documentation loan.  If you want to save money on your FHA loan call toll free 1-888-368-6668.

How do I apply for a loan modification with my bank? Do I really need to use a loan modification company to negotiate new terms for my mortgage?

Who Can Do A Loan Modification And Get Paid? Continue Reading »

What is Obama’s mortgage bailout plan?  Incoming president Barack Obama has taken the position that he will change the direction that has been taken by the treasury and Henry Paulson.  He has talked about doing national foreclosure moratoriums and about the kind of asset purchase program that the FDIC is encouraging.  It is also likely that Obama will replace the current Secretary of the Treasury has fallen under criticism for using bailout monies to bail out the large banks rather than help the average guy on main street.  The trickle down theory starting by giving money to big bank-ers does not appear to be working.  Obama has been outspoken about having a trickle up plan and helping struggling home owners avoid f foreclosure.-

If you need assistance with a loan modification please call toll free 1-888-368-6668 for a no hassle mortgage review.

How will the streamlined loan modification program for Fannie Mae and Freddie Mac work?  This new mortgage bailout program will be set to begin on December 15, 2008.  It will apply only to mortgages that are owned or guaranteed by Freddie Mac or Fannie Mae.  A borrower who is 90 days delinquent will be eligible for a new mortgage with a monthly payment that does not exceed 38% of their gross monthly income.  Proof of a hardship will need to be justified, jobless or illness etc.  If you are not experiencing a loan default you will not be eligible for this mortgage bailout program.  You do not need to be in a bankruptcy proceeding.  This program is only available to primary residences.  Second homes and investment property will not qualify for this program.

For more information you can call Hope Now at 888-995-4673.

If you are interested in a loan modification please call toll free 1-888-368-6668 for a new hassle loan modification review.

How does the governments hope for homeowners program work?  If you are having a hard time paying your mortgage there are not many great options.  You could do a short sell, let the house go into foreclosure or loan modification.  If you do not fit into any of these categories, you have one last option.  This would be the Hope For Homeowners Program.  It is also known as H4H.  This program began on October 1, 2008 and will run until the end of September in 2011.  This program is the last hope for homeowners by bringing in the federal government who voluntarily will allow a homeowner to refinance under the H4H guidelines.  The H4H program will reduce the size of the mortgage to a max of 90% of the properties current appraised value.  The other condition is that you can only have a 30 year fixed rate mortgage.  FHA will be insuring up to $300 billion of these types of loans.  The only kicker is that you will have to split 50% of the appreciated value for as long as you own the home or pay off the mortgage.  You will not be able to take out a second mortgage under this program unless the money will be used to maintain the property.  For more information please call 888-995-4673 or 800-225-5342.  You can also visit the Hope For Homeowners website at http://www.hopeforhomeownersprogram.org.