|Mortgage & Refinancing Information|
If you fall behind in your mortgage payments, you face the threat of foreclosure.
Foreclosure means your lender can take over your home, and you must move out. If your house is worth less than the amount you owe on your mortgage loan, your lender may even seek a deficiency judgment. If this happens, you not only lose your home, you may owe the mortgage holder an additional amount of money. For example, if your house is worth, say, $180,000 and you owe $190,000, you could be hit with a judgment for $10,000 that you would have to pay out of your pocket. Both foreclosures and deficiency judgments will have a very negative effect on your credit record, which makes it harder for you to get credit in the future.
Do not ignore any letters you receive from your mortgage company. Contact the company immediately. Explain why you are having trouble meeting your payments. Be prepared to provide financial information showing your monthly income and expenses. If you can show your mortgage company that the problem is short term and that you have a plan for resolving it, the company may be more willing to work with you.
If you have a FHA-insured loan, contact a HUD-approved housing counseling agency. Call 800-569-4287 to get the address and phone number of the counseling agency nearest you. A housing counseling agency is a valuable resource as it will have information on services and programs offered by the U.S. Government, and by private and community organizations that may be able to help you. The agency may even offer credit counseling. And its services are usually free.
What are your alternatives?
If you are honest with your lender and have legitimate reasons for having missed mortgage payments, your lender may be willing to arrange a repayment plan based on your financial situation. The company may even offer a temporary reduction or suspension of your payments. This is especially true of you have recently experienced a reduction in your income, the loss of a job or an increase in living expenses. In this case, you must be able to furnish your lender with financial information showing that you can meet the requirements of the new payment plan.
A second alternative is to refinance your debt or extend the term (length) of your mortgage loan. This can help you catch up by reducing your monthly payments to a more affordable level. You may qualify for a refinance or an extension. if you can show that you have recovered from your financial problems and can afford the new payment amount.
A third alternative is a pre-foreclosure sale. This allows you to avoid foreclosure by selling your house for an amount less than the amount you need to pay off your mortgage loan. To qualify for a pre-foreclosure sale, you must be at least two months delinquent in your payments, you are able to sell your house in three to five months, and a new appraisal of your home's value shows that it is worth less than the amount owed on the mortgage loan.
As a last resort, you maybe be able to voluntarily "give back" the house to your lender. Obviously, this won't save your house but is not as damaging to your credit rating as foreclosure. This is called deed-in-lieu of foreclosure. To qualify:
1. You are in default and do not qualify for any of the other options;
2. You tried to sell the house before foreclosure but were unsuccessful; and
3. You don't have another FHA mortgage in default.
How do you know if you qualify for any of these alternatives? Your lender will help you determine this. If you have an FHA loan and use a housing counseling agency, the agency can help you determine which, if any, of these options might meet your needs, and will also help you with your lender.
Foreclosure is always bad news. The good news is that you can avoid foreclosure. All it takes it honesty and a lender who will work with you.
For FREE help with debt and credit, subscribe today to Douglas Hanna's free email newsletter "8 Simple Steps to Debt Relief" at http://www.all-in-one-info.com
Current Mortgage Rates, July 7, 2020 | Rates ease Bankrate.com
You might have a tough time getting a 'jumbo mortgage' during pandemic. Here's what to expect - CNBC
Compare Today's Mortgage Refinance Rates: Jul 13 Credible News
What is the average refinance closing costs? The fees add up Business Insider
Successfully Refinancing Your Mortgage Isn’t Just About Getting A Great Interest Rate. Here’s What Else You Need To Look For - Forbes
Successfully Refinancing Your Mortgage Isn’t Just About Getting A Great Interest Rate. Here’s What Else You Need To Look For Forbes
Wells Fargo tells new clients they need $1 million in balances for certain mortgage refinancings - CNBC
Wells Fargo tells new clients they need $1 million in balances for certain mortgage refinancings CNBC
2% mortgage rates: Real or marketing gimmick? | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
2% mortgage rates: Real or marketing gimmick? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Lenders More Likely To Deny Black Home Buyers A Mortgage: LendingTree Financial Advisor Magazine
YOUR MONEY: When mortgage rates are low, should you refinance? Part 2: Additional considerations - Inside NoVA
YOUR MONEY: When mortgage rates are low, should you refinance? Part 2: Additional considerations Inside NoVA
Refi Rates Today, July 8, 2020 | Rates slide Bankrate.com
How Often Can You Refinance Your Mortgage? Credible News
4 tips for refinancing your mortgage during the pandemic, from homeowners who just did it - Business Insider
4 tips for refinancing your mortgage during the pandemic, from homeowners who just did it Business Insider
Refi Rates Today, June 22, 2020 | Rates rise Bankrate.com
Is Your Mortgage Forbearance Ending Soon? What To Do Next Realtor.com News
COVID-19 Mortgage Help for Vets: The VA IRRRL | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
COVID-19 Mortgage Help for Vets: The VA IRRRL | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Stressed homeowners find cash-out mortgage refinances harder to get Daily Journal Online
The questions to ask of the Quicken Loans IPO Financial Times
Record mortgage applications as Americans rethink importance of home: Quicken Loans CEO - Fox Business
Record mortgage applications as Americans rethink importance of home: Quicken Loans CEO Fox Business
Mortgage refinance: Everything you need to know Fox Business
Getting a mortgage after bankruptcy: What to know Bankrate.com
THA Mortgage welcomes loan officer Thomas Blunk | Business News | richlandsource.com - Richland Source
THA Mortgage welcomes loan officer Thomas Blunk | Business News | richlandsource.com Richland Source
How to refinance your mortgage Fox Business
Is now the best time to refinance your mortgage? Fox Business
When should you refinance your mortgage? Fox Business
How to get the best mortgage refinance rates Fox Business
Using Data to Identify Members Ready for a Mortgage Refinance Credit Union Times
Stock Market Has Great Week – Market Update Zing! Blog by Quicken Loans
Mortgages: Forbearance Rates Drop While Applications Increase, But Lending Requirements Tightening - RisMedia.com
Mortgages: Forbearance Rates Drop While Applications Increase, But Lending Requirements Tightening RisMedia.com
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears CNBC
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world - MarketWatch
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world MarketWatch
How does mortgage refinancing work? Bankrate.com
Rushing to Refinance Your Mortgage: 6 Tips and What to Avoid The New York Times
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 - Business Insider
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider
Jumbo Loans: Requirements, Limits, and Rates Credible News
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years - CNBC
Weekly mortgage refinance applications spike 15% as interest rates plunge to lowest in nearly 4 years CNBC
Should you refinance federal student loans? Bankrate.com
The basics of no-closing cost mortgage refinancing Fox Business
The impact of the coronavirus on mortgage refinancings Brookings Institution
Should you join the rush and refinance your mortgage now? Washington Post
Right now would be a good time to refinance your mortgage Tampa Bay Times
Best mortgage refinance lenders of 2020 Loop North News
The 8 Best Mortgage Refinance Companies of July 2020 | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
The 8 Best Mortgage Refinance Companies of July 2020 | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
The Mortgage Rates 'Sweet Spot' is Finally Here. Should You Refinance? | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
The Mortgage Rates 'Sweet Spot' is Finally Here. Should You Refinance? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
2.5% mortgage rates are here. What's next — 2? Or even 1%? | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
2.5% mortgage rates are here. What's next — 2? Or even 1%? | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
5 Questions to Ask Before You Refinance Your Mortgage HowStuffWorks
Mortgage refinance applications fall to lowest level in over a month National Mortgage News
How To Choose Your Mortgage Loan
Are you excited about purchasing your first home? Or maybe this isn't the first, but you should be excited anyway! It's a big step and a big decision. Finding the right mortgage loan is key.
Student Home Purchase Plan
Tuition costs are climbing, housing costs are climbing, it seems like all the costs for students are climbing these days. Students can afford cost increases less than any other demographic in Canada.
What is a Remortgage?
A remortgage is changing your mortgage without moving your home. Remortgaging is the process of switching your mortgage to another lender that is offering a better deal than your current lender thereby saving money.
Types of Home Equity Loans
There are at least two types of home equity loans.The first is a term or closed end loan and the second is basically a line of credit.
10 Questions To Ask Your Mortgage Rep or Banke
This post is a must read for anyone considering purchasing a home be it today, tomorrow or next year. It is sound advice.
Remortgage Serves To Rewind The Reimbursements Of Mortgage
It takes a mighty big effort to secure a home and even mightier to convert it into an earning member. Can a home be converted into an earning member? In contemporary configuration anything is possible! You must be aware of the advantages of mortgage, for you certainly have opted for that before going for a remortgage.
Outlined below is a useful remortgages guide. Remortgaging has become increasingly popular due to the relatively simple and flexible process.
Buying A Home With No Money Down or Bad Credit - PMI Can Make It Easier
Private mortgage insurance is an excellent method for homebuyers who have trouble saving money, are short on money, or have bad credit, to get into a home now. Private mortgage insurance is provided by a third party to protect the lender in the mortgage contract.
Mortgage Cycling - Brilliant or Risky
With mortgage rates near 20-year lows, competition in the mortgage industry is fierce. It seems like every day a new mortgage loan strategy comes out that is suppose to be the best thing since sliced bread.
What is a Self-Certification Mortgage?
A Self-Certification mortgage is a mortgage designed for people who are unable to provide proof of income. This type of mortgage was originally designed for the self employed who historically experienced difficulty obtaining a loan with 'high street' lenders due to not having audited accounts available.
How do I know what is the best Second Mortgage Home Loan for me?
The information in your credit history helps mortgage lenders decide how much credit and what interest rate you are eligible for, and then match it to a bad credit home loan. The better your credit history, the more likely you are to qualify for the best credit deals.
Free Home Equity Loan Information
Home equity loan information can sometimes be confusing and misleading. I have written this article to properly explain home equity loans.
Home Loans and Mortgages - Beware of Deed Theft Scam
The average home in the United States has a value of $206,000, a record amount. Real estate prices have been rising throughout the country during the last five years, and homeowners have seen the value of their property skyrocket.
The Zero Down 80/20 Mortgage
This is an excellent loan for those that are lacking the down payment required for other types of mortgages.The 80 20 mortgage is simply two loans for 100% of the purchase price.
Understanding a UK Commercial Mortgage
In many ways a commercial mortgage is just like a residential mortgage in that you pledge real property as collateral against a loan to either buy or refinance that property. You can also receive a commercial re-mortgage and use it as a line of credit for any business purpose.
Uk House Price Increases Take A Summer Holiday
Property website Rightmove has released its latest house price index announcing a "Summer sale" for house buyers. The report shows that on average, house prices fell by 1% over the four weeks leading up to 9th July, indicating that the "affordability gap" between house prices and buyers ability to purchase, is at last starting to close.
7 Credit Improving Steps You Must Take Before Applying For A Mortgage
If you think you have good credit, think again. Chances are there is something on your credit report that can effect your credit rating; this type of news is particularly alarming if you are shopping for a loan or applying for credit.
If you as an investor understand the process, you will be able to help more people!Foreclosure is tuff on folks it's all about losing!Your customer loses their home and the lender loses money!If you can get your focus going in the right direction, you can create a Win - Win scenario for all involved.Writer and philosopher Johann Wolfgang von Goethe said, "Kindness is the golden chain by which society is bound together.
Subprime Mortgage Loans Online - What To Expect
Applying for a subprime mortgage loan online can seem intimidating at first. With so many lenders to choose from, it can appear difficult to find the best mortgage loan.
Mortgage-Refinance Treachery: Avoid Mortgage Bankers and Brokers Biggest Trick -- The Sales Pitch
What the average homeowner or home buyer fails to realize is that bankers, loan officers, mortgage brokers, or whatever your lenders call themselves, are salesmen. Certainly, if you purchased your home from a realtor and used her lender, you most likely got a feeling of trust in that person, because the realtor referred him.
|home | site map|
|© 2006 TIGER MEDIA|