What is Bank Foreclosure?

Bank foreclosure is a process that happens quite often, when homeowners are not making their mortgage payments on time. The bank they got their mortgage through takes over the home to sell it, in order to receive the funds they are owed.

Obviously, then bank foreclosure is an awful thing that no homeowner ever wants to deal with. There are a few things that you are going to need to realize and a few important steps that you will need to take in order to avoid it.

Don't Ignore the Problem

If you do start getting bank foreclosure statements in the mail, it is important that you do not ignore them. If you do ignore the bank, it's going to think that you do not care and are probably going to move forward with the process as quickly as possible. This is actually the last thing that you want to happen.

On the other hand, if you want to stop the foreclosure before it happens, you will want to contact them and let them know what is going on. The sooner you do this the better, and you really want to keep them abreast of the situation. They will probably be more than willing to work with you and come to some sort of an agreement in terms of repayment.

Know Your Mortgage Rights

In order to make sure that you have the most success with the bank foreclosure issue, you must be aware of all your mortgage rights. Find your loan documents and read them so that you know what your options are. In particular know what your lender is able to do if you are not making your payments.

So never assume that just because a bank foreclosure for one of your friends went one way that it will go the same for you. This will vary from one situation to another.

Obviously, these are all helpful once you have started going into foreclosure and after you have not been making payments. The best thing of course is to make sure that you make all your mortgage payments in a timely manner so that the foreclosure issue is one you will never have to worry about to begin with.

Budgeting is one of the most crucial steps, something that all homeowners need to do if they want to ensure that they are bringing in enough money, not spending too much, and getting all of their bills paid on time.

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Author: JacobDiamond
What is Bank Foreclosure? It's happening often to today's homeowners. Head it off before it happens to you.


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Professional guidance on how to stop foreclosure St. Louis

It is the age of the specialist and when you look for professional guidance on how to stop foreclosure St. Louis, it is certainly not a departure from the rule. You glance through a list of materialistic possessions, and the one that is closest to your heart is probably your home. But when you work to acquire this prized possession, there are several obstacles to be overcome. You need to sort out your sources of finance, a lender or a financial institution, who/which would provide you with the money. At the same time you need to think over ways to avoid foreclosure. If you have a house in St. Louis, then you can rely on professional guidance on how to stop foreclosure St. Louis to save your home. It is necessary to seek professional guidance on how to stop foreclosure St. Louis and to ensure the fact that your home remains your own. All you need to do is to search for the right professional guidance on how to stop foreclosure St. Louis.

If you are pondering on How to stop foreclosure St Louis then without wasting much time immediately visit a professional for proper guidance. Their programs are designed to offer help to those people who are running the risk of foreclosure. The professionals are able to deliver you from this difficult situation.

At the time when your property is tilting towards foreclosure, you are constantly flooded with calls and mails from your lender. When you seek professional guidance on how to stop foreclosure St. Louis, they would negotiate with your lender and you would no longer be harassed by their constant reminders.

You must tell the professional about your current financial status and he will definitely chalk out a plan to postpone your due date. In this way you will be able to stop the seizure of your property. The professional would definitely find out a way to avoid foreclosure since you have relied on him regarding How to stop foreclosure St Louis.

Professional guidance on how to stop foreclosure St. Louis will also make you aware of the foreclosure laws. This way you would be careful in the future about not missing out on your repayments.

When you seek professional help on How to stop foreclosure St Louis you need to provide the details regarding the foreclosure. There is a form that you need to fill up providing the foreclosure details. Based on the details you have provided the professionals they will chalk out a plan to save you. You also need to provide information about the payments you have already made to the lender. Without this information you will not get the necessary help from the professionals.

If professional guidance on how to stop foreclosure St. Louis finds out that the designated amount due against your property is more than its resale value, then they will negotiate with your lender to accept a lesser amount than what is due.

So if you are struggling with your property and thinking about ways to avoid foreclosure then it is best to resort to professional guidance on how to stop foreclosure St. Louis to save your property from being confiscated. It is better to opt for professional guidance on how to stop foreclosure St. Louis in order to save your self and your family from being rendered homeless. Just follow the instructions of professional guidance on how to stop foreclosure St. Louis and secure your home.

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Author: T.MarkBradley
Discover how to: Avoid Foreclosure St Louis. We offer quick easy solutions If you are going toward foreclosure, or are already in foreclosure, you are required to do something now. Only then can you save your house, save your credit, or save your equity before its gone forever


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Stop Foreclosure & Save Your House

In 2008, over 3.1 million homeowners received a foreclosure notice. Most of these people simply did not take the actions necessary to stop a foreclosure and they lost their homes. It's projected that another 3 million late payment notices will go out this year in 2009.

Have you received a foreclosure notice due to a financial hardship? Do you owe more than your home is worth? Are you finding it next to impossible to afford your mortgage payments?

If so, the good thing to know is you may be able prevent a foreclosure and reduce your payments by filing a loan modification request.

What is a Loan Modification?

A mortgage loan modification is a restructured agreement between the borrower and bank with new terms and interest rates. Loan modifications are a long-term solution for borrowers who are considering a foreclosure or bankruptcy due to financial hardship.

Do You Qualify for a Mortgage Loan Modification?

Perhaps you lost a job, got slammed with an unexpected medical emergency, or your original adjustable rate loan skyrocketed so you can no longer afford the monthly bill. You've made every effort to pay the mortgage and save your home and stop foreclosure, but have tragically hit unfortunate economic times and now find yourself bordering on the brink of bankruptcy.

A mortgage loan modification may be the answer!

Every bank has their own mortgage loan modification standards. Here are the most common:

* The unit is your main residence

* You have experienced financial hardship or a change in circumstances

* You've missed two or three payments

* You have not filed bankruptcy
* You are missing payments only to qualify for a loan modification

* You are willing to be open, honest, and provide all necessary documentation

If you have not missed a monthly payment you may still qualify for a loan mortgage modification if you can prove you are on the edge of disaster. Meaning, due to the current circumstances, you will eventually default and miss payments if you don't get some type of immediate financial relief.

How to Save Your Home Now!

Article Source: the-Articles.com

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Author: EdWinstein
Yes, a Loan Modification can help you save your house. Find out if you qualify today.



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Mortgage loan modification and the law

The passage of legislation that affects the mortgage industry has taken a major upswing. The bankruptcy loan modification bill, Obama's housing bill, and the creation and distribution of the economic stimulus package are but a few of the changes in existing laws and ordinances that have been put into practice.


Even before all these new documents and writs came into being, there was already an increased interest in mortgage loan modification. Because of this, as well as the new legislation, every day sees the addition of more and more information.

Take mortgage loan modification, for example. The term itself implies change. Mortgages that seemed like the best deals two, five, or ten years ago now are proving to be a source of stress and, indeed, a burden on many homeowners. And, it doesn't help that the current economic situation has caused changes in employment situations.

So, where does the average homeowner, who most likely does not have law degree, nor studied real estate, go to find the answers to questions about the different pieces of legislation, and for an explanation of such terms as mortgage loan modification? And, once the information is found, how can one tell if it is current and accurate?

www.homeloanmodificationinfo.us is an obvious choice. The information on the website is timely, accurate, and readily available. The choices and options that homeowners have and can take advantage are clearly listed, and the explanations are written for the layperson.

Mortgage loan modification is explained more fully at www.homeloanmodificationinfo.us Homeowners can learn what is involved in mortgage loan modification (also called loan restructuring or mortgage rate reduction). They can see what is required in order to ascertain if mortgage loan modification is a viable option for them, and, if so, how the process works.

Should, for some reason, mortgage loan modification is not an option; the website also offers explanations of other services which can assist homeowners who are feeling the effects of the economy on the mortgage industry. However, mortgage loan modification can, and most likely will, be considered first, before any other steps are taken.

With changes in legislation comes a change in procedures. Methods that were once effective may now themselves require changing (or modification, if you will).

The average citizen is not expected to understand all aspects of each real estate transaction. This is true whether it deals with home buying or selling, or more intensive services such as mortgage loan modifications. No, it is up to the professionals who are available through the National Debt Solution Center to navigate the maze of forms, documents, and other paperwork that are required.
National Debt Solution Center prides itself on making mortgage loan modification the main focus of the website. This does not mean, however, that they deal solely in that area. Other services are available, and it is for sure that the expertise that is evident in the handling of mortgage loan modifications will also be seen in other areas well. One click is most likely all that will be needed for homeowners to find the answers to their questions.

Legal Disclaimer
The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan

Visit us at http://www.homeloanmodificationinfo.us

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What is a Loan Modification?

Whether it's called a loan modification, mortgage modification, restructuring, or workout plan, it's when a borrower who is facing great financial hardship, having difficulty making their mortgage payments and is facing foreclosure, works with their lender to change the terms of their mortgage loan to make it affordable. The workout plan varies by lender, but changes could include temporary or permanent changes to the mortgage rate, term and monthly payment of the loan, the past due amount could be rolled into the loan, and the new balance re-amortized.
What is a loan modification under Obama's plan?

Under the Homeowner Affordability and Stability Plan President Barack Obama announced on Feb. 18, 2009, the goal of Obama's "Make Home Affordable" loan modification plan is to reduce the amount struggling homeowners owe per month to sustainable levels. According to plan details:

* The lender would first be responsible for bringing down interest rates so that the borrowers monthly mortgage payment is no more than 38 percent of his or her income.
* Next, the initiative would match further reductions in interest payments dollar-for-dollar with the lender to bring that ratio down to 31 percent.
* Lenders will also be able to bring down monthly payments by reducing the principal owed on the mortgage, with Treasury sharing in the costs.
* Borrowers will be put on a trial modification at the new interest rate and payment for three months. If they make all their payments on time, the modification will be implemented at the new rate and be fixed for five years.

Under Obama's plan, loan modifications will be standardized, with uniform loan modification guidelines used by Fannie and Freddie Mac, and then they will be implemented throughout the entire mortgage industry.
Who is eligible for a loan modification?

To qualify, you must:

* Have originated your mortgage before Jan. 1, 2009.
* Be an owner-occupant.
* Have an unpaid balance that is equal to or less than $729,750 (for a single-family home).
* Have trouble paying your mortgage due to financial hardship. That could be because you have had an increase in your mortgage payments, or because your income was reduced or you suffered a hardship (like medical problems) that increased your bills, or, you can show that you soon will be unable to make your payments. You will be required to enter an affidavit of financial hardship.
* Your monthly mortgage payment must also be more than 31% of your gross (pre-tax) monthly income.

According to the Department of Treasury: Anyone with high combined mortgage debt compared to income or who is underwater (i.e., has a combined mortgage balance higher than the current market value of his house) may be eligible for a loan modification. This initiative will also include borrowers who show other indications of being at risk of default. New borrowers will be accepted until Dec. 31, 2012.
Who's not eligible for a loan modification?

Speculators or those who bought homes for investment purposes -- are not eligible. All homes must be owner/occupied. Also, if you cannot afford the home due to job loss or a complete inability to pay, you will not be eligible. Also, mortgages with amounts above the conforming loan limits would not be eligible.
How does someone get a loan modification?

First, gather this information:

* Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
* Your most recent income tax return.
* Information about your assets
* Information about any second mortgage on the house.
* Account balances and minimum monthly payments due on all of your credit cards.
* Account balances and monthly payments on all your other debts such as student loans and car loans.
* A letter describing the circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.).

Second, call your mortgage servicer and ask to be considered for a "Home Affordable Modification." The number is on your monthly mortgage bill or coupon book. Honestly state your situation. They will assess your financial state through phone calls and paperwork to determine whether you qualify for a loan modification. Keep copious, detailed notes on who you speak with and details of the conversations so you have documentation down the road if you are faced with foreclosure.

Third, depending on the direness of your financial difficulties, its always good to hire legal counsel. Get a referral from your local state bar association.

Fourth, call a local HUD-Approved Housing Counseling Agency for guidance.

Lastly, you can find loan modification reps through Zillow Professional Directory, but you must do your due diligence to make sure these people are legit.
How do loan modifications benefit lenders and borrowers?

A loan modification is usually a win-win situation: the lenders get their money in a reworked fashion and borrowers get a new chance to support their mortgage payments at a reduced cost.

Also, under the Obama plan, there are incentives for both lender and borrower. According to the Treasury:

* Pay for Success Incentives to Servicers: Servicers will receive an up-front fee of $1,000 for each eligible modification meeting guidelines established under this initiative. They will also receive pay for success fees awarded monthly as long as the borrower stays current on the loan of up to $1,000 each year for three years.
* Incentives to Help Borrowers Stay Current: To provide an extra incentive for borrowers to keep paying on time, the initiative will provide a monthly balance reduction payment that goes straight towards reducing the principal balance of the mortgage loan. As long as a borrower stays current on his or her loan, he or she can get up to $1,000 each year for five years.
* Reaching Borrowers Early: To keep lenders focused on reaching borrowers who are trying their best to stay current on their mortgages, an incentive payment of $500 will be paid to servicers, and an incentive payment of $1,500 will be paid to mortgage holders, if they modify at-risk loans before the borrower falls behind.
* Home Price Decline Reserve Payments: To encourage lenders to modify more mortgages and enable more families to keep their homes, the Administration -- together with the FDIC -- has developed an innovative partial guarantee initiative. The insurance fund to be created by the Treasury Department at a size of up to $10 billion will be designed to discourage lenders from opting to foreclose on mortgages that could be viable now out of fear that home prices will fall even further later on. Holders of mortgages modified under the program would be provided with an additional insurance payment on each modified loan, linked to declines in the home price index.

Also, banks would rather have you stay in your home than risk foreclosure since they stand to lose more money through foreclosure. Think about it: a bank would need to make any repairs to the home, pay real estate agents to list it, and then perhaps list it at a discounted price. And, if the real estate market is slow, the price could be further reduced.



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Loan Modification Advantages And Availing The Benefits

A loan modification program is a process or facility to negotiate your current mortgage, with an objective of reducing the existing mortgage's interest rate and monthly payments. In other words, the terms and conditions of your mortgage can be changed or restructured to your benefit, including the interest rate and the balance of principal.

A Loan Modification will change your existing mortgage refinance loan and give you a fresh new start in managing your home which is always better than home mortgage refinancing. Your account will be updated immediately, and you'll start availing the benefits of the facility. The most importantly point is loan modification activity is not reported to the credit agencies, and won't have any significant impact on your credit scores or history.

Loan Modification Companies employ experts who can help to work out a loan modification process and draft out new payment plans to avoid foreclosure. In these troubled times, many individuals are on the verge of losing their homes, due to foreclosures, while some have already lost their homes. Homeowner likely to face a certain foreclosure problem in the near future would be interested in lowering their mortgage payments. Even if it's possible to lower the monthly dues by $500 or more, it would be worthwhile. For this homeowners have two choices refinance home mortgage or loan modification. Many debtors have used the facility already, and the majority of them have provided a good feedback regarding the benefits that can be availed.

The success in negotiating for a mortgage loan modification depends upon many factors. One of the factors is the debtor's knowledge and expertise in mortgage matters and issues. The other factor can be your attitude towards loan modification and mortgage negotiation. The mortgage negotiation is best understood from a legal perspective. The secret of a successful modification depends on your willingness and your attitude towards availing a solution for your debt problems. If you're willing to work things out with your creditor, willing to pay your monthly dues regularly, and willing to undertake the required steps to ensure a successful modification, chances are you can successfully erase your debt problems & Bad Credit Refinance problems.

The most important factor in determining if your loan modification will be successful or not is to take immediate action. Many homeowners don't qualify for a loan modification because they might have waited just too long in deciding, and later become disqualified for the program you can also Get the Second Mortgage Loan from loansstore.
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Loan Modification – How to get Instant Loan Modification?

Today the loan modification is receiving increased attention because of the national foreclosure crisis. Cited as an action lenders are taking to enable borrowers to stay in their homes, a loan modification is a viable option for homeowners facing foreclosure, including those who have fallen behind, or are likely to fall behind on their payments due to adjustable rate mortgage resets, or due to job loss, divorce, unexpected medical expenses, or the death of a household contributor.


If you want to get your loan modification approved in a week or less, good luck! It is almost impossible…or is it?

If you know anything about loan modification companies , you know that it generally takes 2 to 3 months to get the modification approved. It is a stress full process if you are the homeowner desperately waiting for an answer. Some lucky people can get this done in about a month, but this is very rare. Getting it done in a week or less is almost unheard of!

There are a few companies out there that have such close relationships with lenders that they will actually allow them to take some of the unbearable workload off their backs. There are only a few companies that do this because it is very hard to come up with the necessary ratios to get this accomplished.

As the foreclosure crisis continues to make headlines across the country, many homeowners are wondering how they can avoid foreclosure and save their homes and credit ratings. One option offered by mortgage lenders and servicers is a loan modification A mortgage loan modification is a permanent change in the mortgage contract, agreed upon by both the lender and the borrower. A modification is often requested when monthly payments become a hardship for the homeowner.

Many homeowners have accumulated huge bad credit refinance card debts to survive from a temporary job loss, or an increase in Second Mortgage payments. Mostly, problems arise when the interest rates increase, or when the income of a homeowner decreases. There are also problems other than joblessness or a decrease in income, such as divorce, medical emergencies etc. But loan assistance programs consider each factor of your unique financial situation and tackle every related issue. So, go ahead apply today for a loan modification and breathe easy.

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Obama's Sound Byte on Loan Modifications

As Wall Street is well aware, when the President starts talking about you in rhyming sound bytes it's probably not going to be flattering. And while not quite at the level of Johnny Cochran's if the glove doesn't fit line, Barack Obama's made for evening news byte, If you have to pay, walk away is at least memorable, especially for those in the private loan modification business. It was his way of introducing the Homeowner Affordability and Stability Program�(HASP) which will initially be offered through FNMA and FHLMC. For the loan modification industry it's a tough way to be treated after saving hundreds of thousands of homes from foreclosure over the last couple of years while the government looked the other way.


So apparently there is a new sheriff in town named Government and he has a couple of deputies named Fannie Mae� and Freddie Mac riding along side. Sheriff Government hasn't been paying much attention to the whole foreclosure thing choosing instead to give away billions of dollars to inept financial institutions like Halloween candy at the end of the night. The $200 billion thrown at AIG is almost as much as the market cap of Wal-Mart, the second biggest company in the U.S. Meanwhile Deputies Fannie and Freddie are both penny stocks after losing 97% of their market value over the last year. With resumes like this, it's safe to say that not everybody believes that this posse is the end-all answer to this country's growing foreclosure problem.

Should homeowners follow the If you have to pay, walk away mantra and forsake loan modification companies completely? Here are some of the issues for homeowners to consider:

* Homeowners with a mortgage outside of the Fannie Mae/ Freddie Mac universe are not covered by the Homeowner Affordability and Stability Program� (HASP).
* Mortgage balances greater than $729,750 are not eligible. End of story.
* Participation by lenders outside of Fannie Mae/ Freddie Mac is optional unless they accepted funds under the Financial Stability Act, also known as the bank bailout. Participation is mandatory if funds were accepted.
* One indication of the lenders willingness to participate in HASP is that many lenders that initially accepted FSA funds returned them to avoid being forced to follow the government's marching orders.
* It is highly likely that any bank or lender that isn't going to be forced into the HASP program is not going to join voluntarily. The reasons for this reluctance are very easy to understand. Financial institutions loath having deal terms crammed down their throats, especially when those terms are as costly as the ones in HASP.
* Mandatory concessions on both refies and loan modifications are more costly than what lenders are currently willing to live with.
* The floor for interest rates under the new program is 2%. The only way an institution can make money (besides servicing the debt) in this situation is if they're paying lower rates than that to their depositors. This is a simplistic statement but historically banks made a living by lending at higher rates than they're paying.
* While it's true that HASP lenders are receiving government funds for modifications that work, that money is a pittance compared to the money they stand to lose by following the mandated formulas in the government's program.
* It is a certainty that this is going to be a tough, long struggle for financial institutions trying to navigate their way back to some sort of normalcy. It is also a certainty that pulling loan concessions out of them is going to get much harder. Homeowners trying to go it alone should be prepared not for a sprint, but for an uphill marathon.
* For those homeowners covered under the FNMA/FHLMC umbrella, flying solo is not going to be a picnic either. Publicity for HASP spoke of saving millions of homeowners from foreclosure. Picture those homeowners working through the complexities of their mortgage on the phone with newly hired helpers� who are as new to the loan modification process as the homeowner. Each phone call has the potential to last for hours. The experience could be very much like calling the IRS to ask about foreign tax withholding on April 14th. Now imagine 500,000 callers asking the same question that day. Can you say quagmire?

Whenever the issue of fees comes up regarding loan modifications, there is always a well-intentioned and sincere group stating that homeowners can and should do their loan modifications by themselves for free. The problem here is that an extremely high percentage of homeowners would be considered novices in that process. For many, terms like neg am might as well be Latin. Also left out of the equation is the time commitment to get a modification completed. The hours spent pursuing a loan modification have intrinsic value whether the sacrifice is time not spent with family, at work, or goofing off. Another issue is the assumption that a novice homeowner cum negotiator is going to cut as good a deal as an attorney with hundreds of successful loan modifications on his resume. And finally, as case study after case study shows, the fees paid to a professional to execute a loan modification usually turn out to be one of the best investments that homeowner will ever make. Consider that the cap for participating mortgages in HASP is $729,750. The bigger the mortgage balance, the bigger the monthly payment. It's exactly here where the savings on an attorney driven, successful loan modification can be huge over time, delivering a massive return on the fee/investment made by the homeowner.

So the Obama administration is the new sheriff in town and has joined the ranks of the nave but well-intentioned group of loan mod fee abolitionists. It all remains to be seen how HASP is going to play out but the program isn't for everybody, abstaining lenders included. Homeowners will still need attorneys to get their loan modifications done with optimal results. And It's still a game for the pro's whether the sincere, well-intentioned, and naive know it or not.

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Negotiation: A Process That Involves Interaction Of Influences

In business, win-win negotiation is often employed. This is characterized by attaining a certain arrangement where both parties can benefit. Win-win negotiation is also referred to as integrative negotiation.

Negotiation is oftentimes seen in marketing and sales where it is regarded as a prelude before any possible transaction takes place. Salesmen most likely experience negotiation in the price offer with prospects. Although it may be more advantageous on the part of the salesmen to distribute his products directly to their customers upon the latter’s willingness to buy without any adjustment on the price, there are customers that wanted to interact with the salesmen about different matters concerning the latter’s offers prior to making a purchase. The salesmen have to make thorough preparation before approaching prospects that are likely to make inquiries and certain moves before deciding to make the final transaction.

Preparation is an important component in negotiation. A haphazard dealing and interaction could probably lead to a compromise that both parties do not want to take. It is also likely for a negotiator less prepared to take the negotiation and just relying on instinct and stored knowledge to fail and be uncomfortable with the arrangement while the other negotiator applauded with pleasure from attaining the expected outcome of the negotiation. This situation is called distributive negotiation. One party wins while the other party loses.

In a business context, negotiation can be applied not only in selling. Purchaser can negotiate with suppliers when it comes to pricing of raw materials and supplies. Employees can negotiate with employers on matters concerning the workforce’ safety and security, pay, and for the improvement of employer-employee relationship. Borrowers can make a negotiation with the lender with regards to interest rate, terms and debt relief. There are several transactions in business that need the interaction of influences, ideas and other matters before reaching an agreement. Although it is likely to for distributive negotiation to occur, both parties in business normally want to make a win-win agreement and solution.

Why is there is a need to negotiate?

Simply, both parties want to influence the other party while keeping in mind the goal of the arrangement. A party may have one or several members. When there are several members, there occurs a collective decision with a common position. A compromise may occur in every negotiation particularly in the settlement of dispute or issues.

There are fundamental elements involved in negotiation. They are: process, behavior and substance.

The outcome of the negotiation is determined by its process. This denotes the ways and means of the negotiation. There are parties involved. Each party may use the same or different tactics on the sequences and stages of the negotiation. The parties normally deal with the context of the negotiation.

Communication is a very significant component of negotiation. This can have effects on the behaviors of the parties. There are different styles of communication where parties can make negotiation. It is possible to negotiate over the telephone, with the use of the Internet and teleconference aside from the traditional confrontational approach.

The substance of the negotiation refers to the thing or things that parties negotiate over. It may be the issue, option, interest or the agenda.

An agreement is normally seen as the ultimate part of the negotiation. The agreement may be favorable or less favorable to one of the two parties or both.

There may be positive affect or negative affect of emotions during the course of the negotiation. Positive emotion can facilitate the possibility of reaching an agreement while negative emotions can lead to intense conflict and even irrational behavior. It is likely for a negotiation to break down when negative emotions prevail.

Negotiation is not only limited to business. Things that require an agreement over certain issues may need the process of negotiation.

By Bjornson Bernales


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The Most Common Types of Reverse Mortgages

Seniors over 62 can take advantage of the equity they have build in their home by applying for a reverse mortgage. A reverse home loan can help seniors because it works as a loan advance. With this type of loan, the owner doesn't need to make monthly payments back to the bank and doesn't need to pay back any of the money for as long as the owner lives in the property.

The homeowner doesn't need to pay any money back and can not be kicked out of the home for lack of payments because there aren't any payments to make. The homeowner can elect to receive the money from the reverse mortgage in one of three ways: a one time payment, a credit line or as regular monthly payments.

Owners can apply for three different types of reverse home mortgages: single purpose reverse mortgage, federally insured reverse mortgage and private reverse mortgage.

Single Purpose Reverse Mortgage

This type of mortgage is offered by non-for-profit organizations and by state and federal Government agencies. It's the cheapest reverse mortgage to obtain. The biggest problem is that it's harder to qualify for this loan since you must be in the lower income bracket and complete a longer application. In addition, the funds from the loan can only be used for a specific reason( repairs, improvements or property taxes.)

Federally Backed Reverse Mortgage

The U.S. Department of Housing and Urban Development (HUD) backs this reverse mortgage. It is also know as a HECM (Home Equity Conversion Mortgage.) It is a more expensive loan than the previous one.

This type of reverse mortgage is by far the most common of the three. It accounts for over 90% of all reverse mortgages. It's very popular because it's very easy to apply to and qualify for. In addition, you can use the money from the loan far whatever reason you want.

Proprietary Reverse Home Mortgage

This kind of reverse home loan is available through private companies that haven't been HUD certified. They usually have the same requirements than a federally insured one.
The biggest problem with this type of loan is that it can be very expensive. Since private companies offering this type of loan do not need to comply with federal regulations, some companies take advantage of it by charging excessive fees to unsuspected seniors.

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Author: IgorBuces


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Is A Fixed Rate Mortgage For You?

Let's find out just what a fixed rate mortgage is, and how it may benefit you. We'll then look at using a mortgage overpayment calculator. With the fixed rate mortgage comes security. With the mortgage overpayment calculator comes potential savings
A fixed rate mortgage is a special type of mortgage where you have a fixed interest period. The interest rate is fixed, usually for a number of years. Locked in interest rates mean locked in monthly payments.

Are there any benefits to a fixed rate mortgage? A fixed rate of interest means a fixed monthly mortgage payment. You get to budget easier every month as your payments remain the same.

No matter what the average interest rate is, your rate will stay the same. There have been some alarming short term interest rate rises in our recent history. If the rates rose drastically over a short term those on variable mortgages could struggle to meet payments.

There is a situation when maybe you should think twice about a fixed rate mortgage. If you suddenly have an extra family member and need more space. Or you are simply considering moving home soon. Either of these events will cause you to trigger an unwanted redemption penalty.

Nearly all fixed rate mortgages have a redemption penalty attached. When you can least afford it you could have a charge slapped on you. You must think twice before agreeing to a fixed rate deal if a charge like this will badly affect you.

You might like to think about paying a small extra overpayment each month as you go through the length of your mortgage. You are not tied to make the same payments for the duration of the mortgage, usually 25 years. Lenders prefer you to make payments like this but they never inform you that you could pay extra if you wish.
What are the best reasons to paying a bit extra every month? You can easily shave years of your mortgage. Be debt free much earlier. By paying a bit extra now, the savings mount up substantially later on.

In what way does a mortgage overpayment calculator work? It uses figures from your mortgage. Amount, interest rate, length of term etc. You can enter a figure that you may think about paying as an extra payment each month.

The calculator will then tell you how many years you might reduce your mortgage by. It also gives you a figure in cash that you can expect to save. Putting bigger figures in the overpayment box will show bigger savings and even more time saved.
You might be pleasantly surprised at the savings to be made. If you borrowed a hundred thousand at five percent over twenty five years. If you pay an extra fifty each month, you can shave more than 3 years off the length and save 12,000 in interest payments.

If you can afford to pay 100 extra instead of 50 what would happen? Paying 100 extra every month using the same example mortgage. In this new example the time saved is over six years and the financial saving is more than twenty thousand.

An extra advantage is you won't have any payments to make during the last few years of the mortgage. It's definitely a reality for you to be free of your mortgage years before planned. Of course your lender will never tell you this, you have to discover this on your own.

If we revisit the example where we knocked more than six years off the mortgage. This shortening of the mortgage by six years saves you another 40,000 or more. You don't pay this money to your lender so you get to keep it, either save it or spend it.

To recap we had a look at what benefit a fixed rate mortgage has for you. Regular payments and a good night sleep. We also had a look at a mortgage overpayment calculator and the potential savings that can be had.

Article Source: the-Articles.com

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Mortgage Protection

What are the payment options for mortgage insurance? Mortgage insurance, also known as PMI, is insurance that protects the lender from losses when a mortgage with a low down payment defaults. A low down payment is usually defined as less than 20% of the purchase price or appraised value, whichever is less.No. There is a one-time guarantee fee charged by Rural Development that can always be financed into the loan.The lender you choose will arrange the mortgage insurance.
How do I know if I am receiving Genworth Mortgage Insurance? Mortgage Insurance will only be purchased if it is required by your lender as a condition of your loan. This is largely determined by the size of down payment you make. Ask your lender if mortgage insurance is required as a condition of your loan. If it is, you should tell them you are participating in the HomeNOW program and remind them that you require Genworth Mortgage Insurance so that you can get your Gift Card, valued at up to $500.This is generally required in one form or another when the down payment is less than 20%, and protects the lender in the event of loan default. The lower the down payment, the higher the risk for the lender, and thus the higher the monthly premium.

What Is Mortgage Insurance? Mortgage insurance is a policy that protects lenders against some or most of the losses that result from defaults on home mortgages. It's required primarily for borrowers making a down payment of less than 20%. Like home or auto insurance, mortgage insurance requires payment of a premium, is for protection against loss, and is used in the event of an emergency.Mortgage insurance protects the lender and investor, or owner of the loan, against loss if the borrower defaults in their repayment of the loan. This type of insurance is typically required on conventional loans with a down payment of less than 20 percent.

If I don't need mortgage insurance, am I still eligible to receive any benefits of the program? Mortgage insurance protects the lender and investor, or owner of the loan, against loss if the borrower defaults in their repayment of the loan. This type of insurance is typically required on conventional loans with a down payment of less than 20 percent. Without the added protection of mortgage insurance, most lenders would not be willing to make loans to borrowers with small down payments or would require higher interest rates to offset their risks.

If I don't need mortgage insurance, am I still eligible to receive any benefits of the program? Mortgage insurance protects the lender and not you as the borrower. If you default on your mortgage, resulting in the need to sell the security property, and the sale proceeds are insufficient to fully repay the loan, the Lender may incur a loss. However, if the lender claims under its Mortgage Insurance, you are still legally responsible for paying the amount of any shortfall to the insurer because you are not protected by the Mortgage Insurance.Mortgage insurance, often called ""private mortgage insurance,"" or PMI for short, insures the lender against loss which could be incurred should the borrower not make payments and the loan goes into default.
What is private mortgage insurance? Mortgage insurance is a type of insurance that helps protect lenders against losses due to foreclosure. This protection is provided by private mortgage insurance companies, such as PMI Mortgage Insurance Co., and allows lenders to accept lower down payments than would normally be allowed.Most lenders require you to purchase mortgage insurance so that he will be adequately protected in the event you commit default in your mortgage payments. Mortgage insurance is especially required if you are unable to make down payments as required by the lender at the time of issuing mortgage.

Article Source: the-Articles.com
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Pay Lower Mortgage With FHA Streamlined Refinancing

There are enough reasons why you must refinance your mortgage loan. For one, times are tough these days and all of us cant afford high payments, whether it is mortgage or any other bill. If there is a chance that one can lower expenses, such as mortgage payments, why not take it? It will do you and your family a lot of good. That is why FHA streamline refinancing is very good.
For those who are unfamiliar with the terminologies of the housing market, FHA streamline refinancing allows a homeowner to reduce the interest rate on their current home loan. This streamlined refinancing can be done quickly and doesnt require any appraisal at all. Opting for this kind of refinance method will spare you with the tons of paperwork needed by your lender"speeding up the process, which saves you time and money.

How do you qualify for an FHA Streamlined Refinancing? Heres what you need to know:

1. Your mortgage must be already insured by the FHA 2. You must have a current mortgage and not delinquent 3. The refinance is to result in a lowering of the borrower's monthly principal and interest payments 4. No cash may be taken out on mortgages refinanced using the streamline refinance process

There are different streamlined refinancing types your lenders can offer. No-cost refinances will not require you to take money out of your pockets, but it will charge you with a higher interest rate. Closing costs are shouldered by the lender.

Sometimes, the lenders can carry over closing costs to the new mortgage amount. Note that this can only be done if there is enough equity in the property which is determined by an appraisal. For refinances without appraisals, the new loan amount must not go beyond the new loan amount.
For homeowners who dont have an FHA loan and want to qualify for the streamlined refinancing, the way to go about this challenge is to apply for an FHA refinancing loan or a conventional refinancing.

Holders of a conventional loan who want to refinance with FHA must apply with credit check, employment verification, and debt-to-income ratio requirements.

FHA Streamlined Refinancing is one of the effective ways you can keep your homes. During these times when foreclosures happen in almost every neighborhood, it is extremely important that you can afford monthly mortgage payments to stay in your homes. Utah is no exception. The foreclosure crisis has already crept up to different states. Lowering mortgage payments through FHA Streamlined Refinancing will help curb foreclosure in communities and the whole state.

Article Source: the-Articles.com
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How Forward Mortgage Differs From Reverse Mortgage

Retirees obtain most of their income from various retirement accounts, pensions, and social security. However, they may find that these multiple income streams are not adequate. That is when these retired individuals find that they are struggling to make ends meet, even if they budget their money.

That is where the reverse mortgage line of credit comes in. A reverse mortgage allows the homeowner to convert part of their homes equity into cash. In other words, the equity that is built up throughout years of mortgage payments can be paid back to the homeowner.

This is unlike a traditional second mortgage or home equity loan for the fact that there is no required repayment until the borrower no longer uses that home as their primary residence. Also, the older the borrower, the higher the loan can be because of the amount of equity that has accumulated over time.

To acquire a reverse mortgage line of credit, an individual doesnt have to have great credit, nor is a steady income required. The main factor at play here is that the borrower be the owner of the home.

And then there is the opposite of the reverse mortgage, which is the forward mortgage. This mortgage is what people acquire when they are purchasing the home. This is when good credit and a steady income are required. If they payments are made late or not at all, the bank can foreclose upon the home because it is the home that actually secures the mortgage.
As payments are made on a forward mortgage, the equity within the home grows. This is because it is the difference between the amount of the mortgage and what has been paid into it. Once the last payment is made, the homeowner then owns the home.

However, the reverse mortgage, which is the opposite of the forward mortgage, results in an increase of debt as the equity decreases. There are no monthly payments being made, but the equity is being consumed because of the interest that is added to it as the money is borrowed.

Finally, there is a time in which the reverse mortgage must be repaid and the amount could be large, which is dependent upon the length of the loan. If the homes value has decreased at any time, there may be no equity to borrow. If the value increases, then the amount of equity can increase, therefore increasing the amount of debt.
Eventually, this mortgage must come due and there could be a large amount owed, depending on the length of the loan. If the value of the home has decreased at any point, it is very possible that there may not be any equity left to borrow from. If the value of the home increases, then there will be more equity to borrow from.

For those wondering what the differences are between a reverse mortgage and the traditional forward mortgage, this should clear that up. This should also help you decide whether or not a reverse mortgage is something that can help when money is needed.

Article Source: the-Articles.com


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You can find out three other ways to draw out money with the Texas reverse mortgage here. And furthermore websurfer, you can find an excellent resource built to inform the public about the Texas reverse mortgage at this link.



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The economy and the mortgage industry; and it’s effect on homewoners

The current economic crisis has had far-reaching effects. Small businesses are closing or being absorbed into larger ones, unemployment is extremely high, and jobs are still being cut. Even financial institutions have not been immune to the changes in all areas of the economy.


One area that has certainly received a great deal of publicity during all this is the mortgage industry. Currently, it is a buyer's market, with a plethora of homes being offered for sale, either through real estate companies, by the owners, or through auctions or other venues.

One reason for this situation is the fact that home foreclosures have increased in tremendous proportions. This, of course, is due to the ripple effect that is being felt as a result of the overall economic situation.

Any change in employment, whether it is a job loss or a salary reduction, affects income. No or reduced income makes it extremely difficult, if not impossible to keep up with mortgage payments. If too many mortgage payments are missed, then foreclosure proceedings can and will become a very real possibility.

There are options, however, for homeowners who may be faced with problems meeting their mortgages. Some, such as bankruptcy, are very extreme, and the impact will continue to be felt long after the overall economic picture changes. (And, eventually, it will change. When, for how long, and in what manner remains to be seen.)

Other options may provide a short-term solution; however, because it is unknown when conditions will change, a quick-fix may not turn out to be as successful as thought. Because of this, it is important that a solution be found that will benefit a homeowner both now and in the future.

A more viable option may be mortgage loan modification. Also known as loan restructuring or mortgage rate reduction, this simply means that efforts are made to reduce a current mortgage payment so that the homeowner can avoid foreclosure or bankruptcy and yet keep the current home.

www.homeloanmodificationinfo.us is a website devoted to a great extent to mortgage loan modification. This simple-to-navigate website that has understandable information concerning the many options, including mortgage loan modification, that are available to homeowners. Additionally, it provides a means in which real, workable solutions may be found that can help alleviate homeowner concerns, rather than just temporarily ease them.

Because mortgage loan modification does require a significant level of expertise, it is important for a homeowner to have access to those professionals who can provide the highest quality service. www.homeloanmodificationinfo.us describes the type of services that are available for anything involving real estate, including loan modification.

There are ways in which homeowners can meet and overcome crises caused by the economic situation, both overall and in the mortgage industry. Knowing where to look is the first step in acquiring the necessary information that is timely and factual, thereby allowing a homeowner to make wise decisions that will be effective both now and when the economic situation changes.



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What Do The New Loan Modification Bills Really Mean For Americans?

Recently, there has been great debate over whether foreclosure rescue acts or stimulus packages can really help American homeowners. Thus, the political struggle involved includes a battle between bankruptcy lobbyists and the big banks and lenders. With politicians moderating the battle of the two, American's are often left out in the cold on what these rescue acts and stimulus plans actually mean for today's struggling homeowners.


The recently passed Helping Families Save Their Homes in Bankruptcy Act of 2009 is a testament of this ongoing battle. This bill gives judges the authority to modify loans and lower monthly mortgage payments regarding both principal and interest. This authority includes a permanent reduction in rates and ultimately reduces principle balances on a permanent basis. This bill was passed to help halt the thousands of foreclosures occurring each month in America. All homeowners interested in learning more about this type of mortgage relief, can visit www.homeloanmodificationinfo.us for more information. This website allows anyone to gather free information on load modification or the process of avoiding bankruptcy due to mortgage default as well as debt consolidation advice and credit card debt reduction programs now available.

While some critics feel the homeowners were aware of their loan terms when they applied for them and should thus be forced to deal with the harsh consequences of not paying them, others feel this is a saving grace for much of America. Others feel this loan modification would never be necessary if rampant loan fraud and predatory lending were not common practices in America, giving home loans to those who absolutely cannot afford them in the first place. Thus, other issues like the rising unemployment rate are directly linked to the inability to pay mortgages. Should Americans who have been laid off due to the American economic crisis be forced to deal with those same harsh consequences, even though there was no way they could see their lay off possibility when they signed on for their current loan? Perhaps they could have afforded the loan when they were employed, but cannot since the loss of their job.

Thus, this type of loan modification recently passed allows Americans to have a light at the end of their dark un-paid mortgage tunnels. Instead of trying to deal with cranky loss mitigation departments who keep them on hold for hours and transfer them to collection departments who are less than happy to take their calls, there is another option. In addition, this loan modification bill will allow homeowners in distress to stay away from loan modification scam artist companies who are simply out to take advantage of their situation.

Those homeowners interested in finding out what this new loan modification bill passage can do for them and their mortgage, can seek legal assistance by visiting Loan modification attorneys can help homeowners negotiate with lenders and avoid home foreclosure. Those who are under financial hardship and cannot pay their mortgage, those who think they've been a victim of predatory lending on their mortgage, those who already have a foreclosure date set up and those who want to avoid their credit being ruined for the next ten years due to foreclosure can gain assistance through www.homeloanmodificationinfo.us

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Loan Modification Tips

It is not impossible to get a home loan modification. Many people struggle with even thinking about a loan modification. Either they feel a home loan modification is too difficult or they simply don't understand how the process works. Here are some quality loan modification tips:


Get your finances in order One important tip any loan modification company will send your way is that your finances must be in order.To prove you have a financial hardship and to prove you have enough money to pay a modified home loan payment, you are going to have to show your finances, your budget, your income and more.

Contact a qualified home loan modification company An important tip is to watch who you trust with your home loan modification. There are a number of companies that have popped up out of nowhere since the financial crisis began in late 2006, early 2007. You should work with a company that has been around for years, and that can offer you sophisticated advice.If you're overwhelmed, read their Website, talk to an agent, do your own research and even try to ask people who have had their own home loan modifications.

Don't walk away from your mortgage You may feel the temptation to just walk away from your bills, simply out of frustration. However, mortgages are not only a major investment, but your credit score will take a long term hit if your home goes into foreclosure. Don't give in to fear or doubt, contact a home loan modification company and see if there is any way to stay in your home.

Do your research . It's important to know the loan modification process and loan modification companies. An easy thing to do is contact a qualified home loan modification company and ask as many questions as you can about the process, the company, the industry and your own situation. A loan modification company may be able to give you some tips on how to avoid foreclosure and stay in your home through a loan modification. This process can be complicated, but qualified loan modification companies will know what the steps to take are.

Keep up with the laws California home loan modifications took a major turn in 2008, when the California legislature changed the California home loan modification process.You need to stay up to date with the changing laws, changing financial landscape and other ways you can learn tips.

Don't walk away from your home. An important tip that any loan modification company or lender will tell you is that walking away from your home is probably the worst option you have. A loan modification will allow you to adjust your monthly payment, as well as your interest rate and potentially your principle balance. A foreclosure is the worst option for you, the lender and everyone else involved. Talking to a loan modification company will help you learn about the industry, learn some valuable tips and gain confidence about keeping your home for years to come.

Visit us at http://www.loanmodificationhelpcenter.org/

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The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.

Alex is a famous author who writes about Loan Modification. FeldMan Law Center is a free resource for millions of people to find information regarding several topics related to loan modifications and resources to information.

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Stop Foreclosure

If you're in a financial crisis, you are probably looking for a way to stop foreclosure proceedings on your home. There aren't that many ways to stop foreclosure proceedings, but with a qualified loan modification company, you can overcome poor finances and stay in your home. The loan modification process includes adjusting your home loan so that your interest rate is manageable, the principle balance goes down, your time line is changed or other options, all so that your monthly payment becomes manageable. Imagine a monthly mortgage payment that changes from $4500 to $2,000 in a matter of months! Would this stop foreclosure proceedings you're involved in? Qualified loan modification companies and loan modification attorneys can work with you to keep you in your home and stop foreclosure.

Stop Foreclosure

The first thing you may have to do is face your fears. Sometimes when finances get really bad, you are tempted to simply ignore bills since you can't pay them anyway. However, this is probably the worst thing you can do, because lenders might be willing to negotiate, and they'd much rather than half of what you owe versus none of what you owe. When it comes to your mortgage, lenders would certainly be willing to discuss your mortgage situation with you and consider a home loan modification, which would stop foreclosure proceedings, because it's in their best interests. Lenders want to stop foreclosures because they will undoubtedly lose money in that process. If you walk away from your home, or if your home is taken from you, your lender doesn't make any money in that process. In fact, your lender wants to stop foreclosure proceedings as much as you do. This may be hard to believe, but it is none-the-less true.

How To Stop Foreclosure

You may not know how to stop foreclosure proceedings, either because you don't understand the process or because you are just too overwhelmed with paying all the rest of your bills. A qualified home loan modification company can help you deal with your mortgage, and stop foreclosure before it becomes a problem. Home loan modification companies can be your best friend when lenders, debtors and everyone else seems to be against you. A loan modification company will work with you to negotiate with your lender to stop foreclosure proceedings, and to protect your family. A home loan modification attorney can negotiate with banks, because he or she will understand the process, understand your finances and understand the laws involved. Stopping a foreclosure takes some effort and some sophistication, but a qualified home loan modification attorney will have the know-how, the skill and the background to be able to do it quickly.

How to Move Forward

To stop foreclosure proceedings, contact a qualified home loan modification company today. They will give you an initial consultation, help you come up with a plan and keep you in the home you have worked your whole life for. This will protect you and your family for years to come.
Visit us at http://www.loanmodificationhelpcenter.org/ or call 800-359-6941.

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The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.

Alex is a famous author who writes about Loan Modification. FeldMan Law Center is a free resource for millions of people to find information regarding several topics related to loan modifications and resources to information.

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Second Chance Loan Modifications

Homeowners that were denied loan modifications last year might give the process another try as lenders continue to sign on to the Obama Administration's Making Home Affordable plan. They might have been denied last year, but under the new guidelines, it's a whole new world, said Joan LaFemina, manager of the homeowner services program at the nonprofit Community Development Corp. of Long Island.


Many of the lenders are re-evaluating loan modification applicants that were turned down previously but may be considered viable borrowers under the new guidelines. Part of the motivation for the lender's willingness to grant a second pass to applicants for loan modifications could be the incentives paid to them over time frames of three to five years for successful loan modifications. Lenders can receive incentive payments just for trying to implement loan modifications so it's no surprise that they are taking a more flexible stance. With additional government funds directed at reducing a borrower's loan to income ratio to a maximum of thirty one percent, lenders are becoming increasingly comfortable with executing loan modifications with homeowners that that were considered as high risks nine months ago.

The standard procedure for the second try loan modifications sets up a trial period for the borrower while the loan modification is being evaluated. During the trial period the mortgage payment can be reduced from $500 to over $1,000 per month, but there is zero tolerance for late payments and other infractions. In fact, during the trial there are no grace periods for late payments at all. They need to ask what the due date is and the exact amount, with the cents, LaFemina advised homeowners.

If a payment during the trial period is received even one day late the borrower will be disqualified from the trial period and be deemed ineligible for the government sponsored loan program. This would be considered a second strike on the borrower, making any successful attempts to modify in the future very unlikely. A returned check will result in the same actions so borrowers are encouraged to send certified funds or make payments by wire transfer or Western Union.

Once the trial period is completed, the borrower can enter a loan modification process following the guidelines set forth in the Making Home Affordable plan. Depending on the specific conditions facing the borrower, interest rates can be reset to as low as 2%, missed payments can be pushed back to the end of the loan, and there is a possibility that some of the principle on the loan balance can be reduced.

The second chance that the Making Home Affordable plan provides could be the difference between borrowers staying in their homes instead of losing them to foreclosure or filing bankruptcy. While the restrictions are tight, borrowers with the discipline to stay on track through the trial can get a modification which will save thousands of dollars and make their mortgage affordable again. It's definitely a second chance worth taking.

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The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.

Alex is a famous author who writes about Loan Modification. FeldMan Law Center is a free resource for millions of people to find information regarding several topics related to loan modifications and resources to information.

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Briefs on Loan Modifications, Foreclosures and the Economy

The delinquency rate on prime mortgages doubled from the first to last quarter of 2008, according a recent federal report. Delinquencies on prime mortgages jumped to 2.4% from 1.1% from the quarter ending March 2008 to the end of the year. While subprime mortgages have always had the highest level of serious delinquencies, it was the first time the rate increase for prime mortgages was higher than for subprimes.


The report was issued by the Office of the Comptroller of the Currency and Office of Thrift Supervision (OTS) said earlier this month and covered approximately two thirds of outstanding mortgages across the country. According to the report, statistics coming from nine of the largest banks and four thrifts showed that one in ten mortgages were considered to be non-performing. The number of non-performing loans increased by over three percent in the fourth quarter of 2008 alone.

Default rates on modified loans continued at a high pace as well, increasing in each of the last three quarters of 2008. The report suggested that shoddy underwriting, as well as a weakening economy and continuing excessive borrower leverage were to blame. It appears that in many cases borrowers who negotiated their own loans were satisfied with results that did not do enough to rectify the conditions that pushed them into delinquency in the first place. In fact, during the first half of 2008, 59% of all loan modifications resulted in either unchanged or higher monthly payments. A higher monthly payment, for example, can be the result of modifying a loan from negative amortization to one that pays down the loan balance each month. “This new data shows that, in the current stressful environment, modification strategies that result in unchanged or increased mortgage payments, run the risk of unacceptably high re-default rates,” said Comptroller of the Currency John C. Dugan.

In recognition that modifications resulting in higher and unchanged monthly payments aren’t working, reduced payment modifications rose from 42% in the first half of 2008 to over 50% by the end of the year. That trend, bolstered by new programs like “Making Home Affordable,” initiated by the Obama administration, is expected to continue and was endorsed by OTS Acting Director John E. Bowman who said, “The trend toward lowering payments to make home mortgages more affordable is moving in the right direction.

The “Making Home Affordable” program also pushes lenders to consider principle reductions as another means of reducing monthly payments. Lenders have been very reluctant to reduce a mortgage’s principal, but that’s a solid approach to getting lower monthly payments, when lower interest rates don’t fully do the job.

In summary, the report emphasizes that homeowners are still struggling in growing numbers each month. Loan modifications are a powerful tool when executed in a manner that puts borrowers back on their feet instead of just buying time. Optimizing the end result of a loan modification cannot be over emphasized. Attorney driven loan modifications, as opposed to the do-it-yourself format, are being proven out as a way to optimize those results.

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The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.

Alex is a famous author who writes about Loan Modification. FeldMan Law Center is a free resource for millions of people to find information regarding several topics related to loan modifications and resources to information.

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The Los Angeles Times on Foreclosures

According to a story in the Los Angeles Times, a larger number of Californians are failing to make their mortgage payments than at any other time in the last couple of decades. However, even less of these Californians are actually losing their homes. The increasing rate of unemployment, in conjunction with the enduring recession, is contributing towards this climbing rate.


Refinancing of loans is another cause of the towering default rate, according to experts. Because plethora of requests are made for lenders to modify loan terms, they had been focusing more on borrowers who have been defaulting on payments rather than on those who are consistent with making their payments on time. However, under current guidelines, a homeowner can’t get refinanced if he has missed a payment. He can, nevertheless, get a modification.

Due to lenders self imposed moratorium on foreclosures, there was a drop in the amount of actual foreclosures in the first quarter of 2009 to 43,620, a 6% decrease from the fourth quarter of 2008. Amendments that have been made to state law also may have played a small role. These amendments made it more burdensome for lenders to foreclose, according to DataQuick. Moreover, lenders found themselves understaffed to handle the increase in paperwork that resulted in backlogs and considerable delays.

The number of foreclosures has fallen nationally as well. According to RealtyTrac of Irvine, there has been a 13% decrease in the number of homes repossessed by banks and a 10% increase in the number of defaults. Fannie Mae and Fannie Mac have ceased foreclosures on loans that they themselves manage. All the while, Citigroup Inc., JPMorgan Chase & Co., Bank of America Corp., Morgan Stanley and Wells Fargo & Co. adhered, as they waited for President Obama to bring his housing plan to fruition.

In spite of this, “many troubled borrowers in California are not eligible for help under Obama’s plan because they owe much more on their loans than their homes are worth. To qualify for one of Obama’s programs, a mortgage’s balance must be no more than 105% of the value of the home”, quotes the Los Angeles Times.

Now that the unemployment rate has hit 11.2% in California and 8.5% nationally, economists surmise an increase in the difficulty people will face in making their mortgage payments, which will unfortunately also lead to more defaults. On the other hand, it is also presumed that foreclosures may not follow the same path, as “banks don’t want to overtax a housing market already flooded with cut-rate properties repossessed by lenders.” Attorney Jeff Isaacs suggests that borrowers hire attorneys to help with loan modifications. Isaacs believes that “There is so much confusion out there, and people end up making really bad decisions, like borrowing against their 401(k) to make their house payments. You do that and you are destined for real misery down the road.”

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The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.

Alex is a famous author who writes about Loan Modification. FeldMan Law Center is a free resource for millions of people to find information regarding several topics related to loan modifications and resources to information.

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Modify Your Loan and Save Your Home

Recently, many Americans are facing a financial hardship due to the downturn in the economy. On top of that, their home mortgage loans, and high interest rates for home mortgage refinancing are making things worse. Thousands of homes are facing foreclosure and millions of homeowners are filing for bankruptcy. If you are one of the above-mentioned homeowners, than loan modification can save your home and improve your financial condition. A mortgage loan modification is a permanent change in one or more terms of your mortgage loan, which allows the payments to become more affordable, and make it easier for you in an already difficult time. Usually the changes involved in a loan modification are reduction in the rate of interest, increase in the length of the term of loan, a different type of loan or any combination of the above three.


There are several online cash out refinance and loan modification companies that can help you get the best modification possible at the lowest interest rates. These companies have the required experience and expertise in the field of finance to help you get the best deal. By being enrolled in a loan modification program, you can avail the benefits of loan modification as well as get sound expert advice regarding your finances. The loan modification services provided by these companies are effective as well as efficient, that is if you choose the right company. You can be greatly benefited from a loan modification in the following ways:


No harm is done to your credit rating.
Avoid foreclosure and retain your home
Mortgage debt is “forgiven” instead of settling through stressful, and sometimes embarrassing, legal proceedings.
Loan terms are modified to work within your financial means.
Avoid Bankruptcy
A professional loan modification company handles every step of loan modification processing for home owners, giving you back your peace of mind this is not generally taken by a Bad Credit Refinance company.
It’s not very difficult to get a loan modification. It is a very simple process if you have the proper understanding of it. The following points can help you with loan modification:

Don’t ignore your mortgage or home

You might feel like taking the apparent easy way out, that is to walk away from the mortgage, which is same as walking away from your home. This leads to only more crisis in the future, as it further leads to a foreclosure - the worst option.


Get your finances right

Make sure your finances are in order. To prove you have a financial hardship and to prove you have enough money to pay a modified home loan payment, you are going to have to show your finances, your budget, your income and expenditure etc.

Do your research

Educate yourself about the loan modification process, its pros and cons etc. But its always beneficial rather to go for a second mortgage loan.


Make the right choice

After you’ve done your research, choosing the right home loan modification company would not be that difficult. Go for a company that has a good market reputation and enough experience. So make the right choice, modify your loan to save your home.

Author: mortgageloanmodification


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What in the World is a Reverse Mortgage?

Just open your mailbox or flip on the TV. In your mail your getting tons of solicitations and on TV are recognized spokespeople talking about the reverse mortgage.

Truth be known most seniors have heard about reverse mortgages but still have very little understanding of what they really are.

So here we are. Here to make this subject clear.

The first thing to do is throw out any preconceived notion, anything you've heard from some guy, and keep in mind a reverse mortgage is nothing more than a mortgage on your home. The lender loans money using equity as security for its investment.

In this prior paragraph this definition could describe a traditional mortgage or a reverse mortgage. That is my point. I don't want people thinking the reverse mortgage is much different than a forward mortgage.

The point is these two mortgages are structurally similar, with just a few differences.
We get mortgages because we need the money for something? We have equity in the home either from a down payment or built up equity over time.

There is any number of things we can do with the money from our mortgage. If its a purchase those proceeds are used to pay the seller. If it's a refinance it's limitless.

The point is you are accessing the equity in your home to accomplish something monetarily.

The benefit of the reverse mortgage is you do not ever have to make monthly payments to the mortgage company.

Of course that begs the question, "how does the mortgage company make money?" Now we're talking.

The lender simply doesn't make money today. Instead of receiving monthly payments the lender lets interest accumulate on itself. It is the quintessential negative equity mortgage.

When the borrower passes away or sells the home, whichever comes first, the mortgage company is repaid the loan plus interest.

Important to note, because of all myths, is the borrower or it's family never loses ownership of the home during the mortgage.

With the ever increasing cost of life expenses and an ever not increasing income for so many seniors the reverse mortgage is gaining big popularity.

What people must understand is it is not the perfect answer to all financial situations. For example its closing costs can be prohibitively high in the wrong situation.

Article Source: the-Articles.com
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Author: MattVanrock




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Use Mortgage Rates Calculators to Estimate Monthly Mortgage Payments

Are you having a hard time deciding if you should buy a house or not? One of the things a potential homebuyer considers before getting a housing loan is whether they can afford the mortgage payment or not.

It is not uncommon today for many homeowners to default on their mortgages and end up in foreclosure. Defaulting mortgages can be due to several factors: high interest rates, unemployment, or salary cuts. Homebuyers are considering these before taking action.

So how can you determine if you can afford a mortgage? You can easily find the answer online. Search for mortgage rates calculator. Mortgage rates calculators are tools you can use to estimate your monthly mortgage payments and the overall cost of buying a home.
Sure you can still consult your brokers, as this may still be the best option, and face-to-face discussions about housing matters are more advisable. But mortgage rates calculators provide you with convenience. Plus, you will personally have control over the process. You will have power over your expenses. This also saves you the effort of calling your broker each time interest rates fluctuates in the market.

Mortgage calculators will determine how much you're going to spend. That way, you can plan your finances ahead and save up.

Even if you decide to seek a broker's help, you can still use mortgage rate calculators to have a general idea as to how much down payment you're gonna need, as well as tax and interest. This will reduce the risk of being duped by a fraudulent broker. Let' say you have come up with a $5,000 down payment after using a mortgage rate calculator but your broker is telling you something that is way higher than what you got, this sends the signal that the person you're talking to will rip you off.

So mortgage rate calculators act as a warning device, too.

Article Source: the-Articles.com


About the Author
Author: GregShuey
Greg Shuey has worked for a few mortgage companies in utah, including Utah Financial.


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