Debt Negotiation Zone » help with my mortgage http://debtnegotiationzone.com Debt Negotiation Fri, 19 Aug 2011 22:59:35 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 Understanding Mortgage Loan Applications http://debtnegotiationzone.com/understanding-mortgage-loan-applications/ http://debtnegotiationzone.com/understanding-mortgage-loan-applications/#comments Wed, 11 Nov 2009 05:27:19 +0000 admin http://debtnegotiationzone.com/?p=753 As a consumer, you must have a clear understanding of the program you are selecting.  Do not let any lender give you answers to questions that are not clear or you do not understand.  It is the consumer’s responsibility to understand exactly what their monthly mortgage payment will be and if this payment includes property taxes.  The consumer needs to select a program what meets their financial requirements.

When meeting with the lender, the consumer must be do the following:

 

  • Always be truthful to the lender
  • Have complete copies of last two (2) federal tax returns including all W-2’s on all borrowers
  • Have copy of most recent paystub for all borrowers on the transaction
  • Have a copy of last two (2) months bank statements on all accounts and any stock/investment accounts
  • If refinancing, have a copy of most recent mortgage statement
  • If refinancing, bring copies of original documents in regard to mortgage
  • Prepare a list of all assets, including names of banks, average balances along with a list of all liabilities, i.e., auto loans, credit cards, 2nd home mortgages.  Note the lender can receive this information via a copy of your credit report.  But having the information available at the meeting is important.

 

At this meeting, the lender will be able to approximate, what your debt to income ratio. The final ratio is determined by credit underwriting. 

 

By having this information available, the lender should be able to discuss with the consumer various types of loan programs, which will meet the consumer’s financial position.  If you are a new home buyer, it is important that you have money available for a down payment. 

 

]]> http://debtnegotiationzone.com/understanding-mortgage-loan-applications/feed/ 0 How Does The Hope For Homeowners Program Work? http://debtnegotiationzone.com/how-does-the-hope-for-homeowners-program-work/ http://debtnegotiationzone.com/how-does-the-hope-for-homeowners-program-work/#comments Tue, 02 Dec 2008 00:41:29 +0000 admin http://debtnegotiationzone.com/?p=432 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.

]]> http://debtnegotiationzone.com/how-does-the-hope-for-homeowners-program-work/feed/ 0 What Do I Do If I Can’t Pay My Mortgage? – Loan Modification http://debtnegotiationzone.com/what-do-i-do-if-i-cant-pay-my-mortgage/ http://debtnegotiationzone.com/what-do-i-do-if-i-cant-pay-my-mortgage/#comments Tue, 07 Oct 2008 16:46:01 +0000 admin http://debtnegotiationzone.com/?p=337 Many Americans are facing foreclosure due to the credit crisis.  What should be your first step if you cannot make your mortgage payment?  Your first call should be to the bank.  You want to speak with someone in loss mitigation.  See if you can work out a forbearance agreement or perhaps even work out new loan terms.  Sometimes a bank will even lower your principal balance as well as interest rates.  At the least you can hope for a forbearance agreement.  This will allow you to pay back a smaller mortgage payment for awhile.  The portion of the payment not paid will be tacked on to the end of the mortgage.  At the least it will give you some relief in the present.

What Is Loan Modification?

In the banking world there is no such thing as loan modification.  This is a term that is advertised to the public as a service to buy.  The reality is that you do not need to pay someone to help you get new terms for your loan.  You can do it yourself.  Again if you ask the bank for a loan modification they may not know what you are talking about.  The correct term is loss mitagation.  Tell the bank your circumstances.  Banks do not want to take any more property back right now.  Most will want to work with you to help you out.

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