Reduce Your Mortgage Online

Homeowners have a huge responsibility when they sign the papers for a home mortgage.

That contract obligates the homeowner to pay monthly mortgage payments based on the price of the house, the term of the mortgage, and whether the mortgage has a fixed or variable rate of interest. But some homeowners simple cannot afford their monthly payments and then must let their homes go into foreclosure.

Hector Milla Editor of the “Best Loan Modification Companies” website — http://www.BestLoanModificationCompanies.com — pointed out;

“…A number of factors can lead a homeowner into the foreclosure process. Most often foreclosure begins with the loss of a job by one or more of the major contributors in the family. Even the lack of promotions or a demotion at work can severely affect a homeowner’s ability to pay their mortgage payments. Other personal factors that can lead to foreclosure are medical emergencies, divorce, or a death in the family…”

Monetary reasons other than the loss of a job also exist to hurt homeowners and their ability to pay for their homes. A major maintenance expense on a home such as a new roof, replacing the heating and cooling system, or other unexpected repairs can set back homeowner’s budget. Along these lines, excessive credit card debt or other debt obligations can lead to a foreclosed home. And even the most fiscally responsible homeowners are at risk for foreclosure if they cannot pay an increase on adjustable interest rates.

Letting a house go into foreclosure is as simple as not paying the monthly payments. After a specific amount of time, which ranges from 90-120 days after your first missed payment, foreclosure proceedings will begin. You may still be able to live in your house for up to a year or more before the foreclosure proceedings are finalized and a notice of eviction is served.

“…Foreclosure is a long legal process. If a homeowner decides to keep their house before foreclosure proceedings reach the point where the bank is ready to sell the property, there are options for homeowners to stop foreclosure. Homeowners can work with an assistance program or work directly with the mortgage company to restructure payments and make the mortgage affordable…” H. Milla added.

Further information about how to get professional assistance with a mortgage loan modification by http://www.BestLoanModificationCompanies.com

Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.

Article Source:http://www.articlesbase.com/mortgage-articles/how-do-you-let-your-house-go-into-foreclosure-1785926.html

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No matter what you do, if you are in a situation where you are not able to pay your mortgage on time there will be dire consequences when it comes to your credit.

It is unfortunate and the situation is extremely stressful, however the sooner you bring yourself to the reality of the situation, the sooner you will be able to come to a solution with the most minimal consequences.

Hector Milla Editor of the “Best Loan Modification Companies” website — http://www.BestLoanModificationCompanies.com — pointed out;

“…A foreclosure on your credit record will probably lower your score around 260 points. That number is not definitive, however it is an approximate. Even if you have phenomenal credit it will lower your score to a negative number. There are very few situations where a foreclosure would be the best option…”

Here is a scenario where a foreclosure may be the best option: There was a young couple who lived and owned a home in Minnesota. They bought their home at the end of the housing boom so they paid top dollar for it. Then they were transferred to California at the beginning of the housing crisis and could not afford to sell their home as they would have to sell it for much less than what they owed.

They decided to rent the house, but again because of the housing crisis they were only able to rent it for $1000 less than their monthly mortgage payments. The husband, who was the bread winner, worked in the banking industry and was laid off a year later because the housing crisis infiltrated the banking industry. At this point the couple had to choose between paying a mortgage on a house they no longer live in, or pay rent so they have a roof over their head. They ran through all of their options with the mortgage company but their lender was not willing to let them do a short sale or loan modification and they had no choice but to foreclose on their home.

The above scenario is a very unique case of someone who has gone through all of the options and foreclosure was the best choice. However it will do the most damage to your credit score. If you are in this situation you should consider all of your options.

“…Contact your mortgage company and see if they will allow you to do a short sale. There is some debate as to whether a short sale will adversely affect your credit. Some say that as long as you stay current with your mortgage payments during the course of the sale you it will not show up on your credit record. However if you are in a situation where you have to put the house up for a short sale you may not have the funds to pay full mortgage payments. Mortgage companies also will not grant you a short sale if you cannot provide proof that a short sale is necessary…” H. Milla added.

Continued late payments will also adversely affect your credit report dramatically. Your best course of action would be to talk to your Mortgage Company As Soon As Possible and try to work out a solution before you are deficient on your loan. Ask them about doing a loan modification to lower payments.

Further information about how to get professional assistance with a mortgage loan modification by http://www.BestLoanModificationCompanies.com

Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.

Article Source:http://www.articlesbase.com/mortgage-articles/how-does-a-short-sale-affect-your-credit-as-opposed-to-a-short-sale-or-late-payments-1786707.html

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Millions of people are able to save a lot of money through new mortgage refinance options from Obamas “Making Home Affordable” plan. Millions of people are eligible to use this housing stimulus plan for themselves. Here is what people need to do to take advantage of this plan and start saving money.

Many people are facing financial hardships that make it hard, or impossible, to pay their home loan every month. This program is designed to lower peoples monthly mortgage payments, save them money, and prevent their home from being lost to foreclosure or default. Homeowners can use this housing stimulus plan and get a mortgage refinancing that will provide them with low interest rates, no closing costs, and money savings.

Homeowners are able to get help because of over $75 billion in funding that is being used to assist struggling homeowners. This money enables mortgage lenders and banks to take more risks and approve more homeowners in more bad situations than ever before. This money acts as an insurance policy of sorts because it is given every time the lender or bank helps a struggling homeowner. Without this incentive money, people would have a very hard time getting approved for a mortgage refinancing.

There has never been this much help available for nearly any homeowner. Do not lose your home to foreclosure or mortgage default and do not pay more than you need to every month. Get a mortgage refinance with Obamas housing program and secure your homes future. Contact mortgage lenders and banks today and see what options exist for you because of the stimulus plan.

I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, and industry inside happenings of the mortgage refinancing industry.
For more articles on Mortgage Refinance check out my website

Article Source:http://www.articlesbase.com/mortgage-articles/how-to-get-a-home-mortgage-refinance-with-obamas-stimulus-1782267.html

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The new loan modification bill, which has been passed to vote by the US President, has offered hope to thousands of Americans who are burdened with mortgage loans that are continuously ballooning. The new bill offers options that are more malleable and generous; thus, ensuring the approval of more loan modifications than ever. The loan modification requirements are rendering a higher percentage of mortgage holders eligible for modified loan plans.

Qualifying for a modified loan plan requires proof of emergent financial problems. If you have recently lost a job or even had a cut off your monthly pay, you are eligible to a modification plan. Financial hardship should be documented with the appropriate papers that verify the monthly income. The new loan mod plan can secure financial aid to bring down the mortgage payment to less than 30% of the total monthly income of the borrower.

Modification funds are available for personal mortgage loans. In other words, if you live on the property, which you’re paying mortgage for, you’re probably eligible for a modification. Occupancy should be documented with proper bills and other required proofs.

The economic state of the lender is a decisive factor in determination of eligibility of modified loan proposals. A loan mod is an agreement between the lender and the borrower. If a lender has declared bankruptcy, it is legitimate to turn down loan mod proposals. However, the recent loan mod bill has offered incentives to lenders for each completed modified loan; hence, decreasing the overall cost of loan modifications as compared to the cost of foreclosure.

After the lender approves a modified loan plan, he assigns the borrowers to a ‘Trial Period”. The plan is not valid unless the borrower delivers three monthly mortgage payments on time. After the trial period, the plan is considered valid and the borrower would receive a federal incentive for each year of completed payments.

The new loan modification plan has made more Americans eligible for modifying their debts. Recent researches have proved that more than 6 million delinquent loans are the result of a disastrous economic recession. The federal government is offering financing solutions to save mortgage holders from foreclosure.

The economic recession has been passively reflected on the real estate business. Loan modification requirements have created the opportunity for more American to modify their debts. To sum up, financial hardness and occupancy are the two most important factors in eligibility for modified loan.

For detailed facts and essential tips about how you can be approved for a loan modification, visit this simple, easy to understand loan modification guide and resource: Home Loan Modifications.

Article Source:http://www.articlesbase.com/mortgage-articles/loan-modification-requirements-a-resourceful-guide-for-a-complex-subject-1734787.html

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Mortgage refinancing options now exist for nearly every homeowner who is struggling to make their monthly mortgage payments. This is all because of a $75 billion stimulus program from President Obama called the “Making Home Affordable” plan. This housing stimulus plan enables millions of people to easily get approved for a mortgage refinancing or modification that will lower their monthly home loan payments, save money, or prevent their home from being lost. Here is how this plan works.

This plan is designed to help homeowners regain some of their financial security, save money, and save homes from being lost to foreclosure or mortgage default. Never before has the Government gotten this involved in helping homeowners. The new mortgage refinancing and modification stimulus plan is funded by over $75 billion in Government money that keeps interest rates low, and allows millions of people to get help refinancing or modifying a home loan.

The benefits of this stimulus program are huge and the key to how homeowners will get help. Some of the biggest benefits include:

-Low 2% mortgage interest rates for homeowners, who are barely able, or unable to, pay their mortgage. This rate decrease will save many people a lot of money and allow them to have a better control of their finances and expenses.

-Very easy qualification requirements for struggling homeowners looking to get approved for a mortgage refinancing or modification. Bad credit, upside down mortgages and other financial hardships will not disqualify a homeowner from getting help.

-Monthly mortgage payments will not be larger than 31% of a homeowner’s gross s monthly income. This will be a big reduction in payment amount for many people.

Millions of people can, or are, getting help by refinancing or mortgage modification with Obamas stimulus plan. Take action now and save yourself some money, and your home. Do not let your situation get worse without trying to help it. Contact a mortgage lender or bank today and see what options may exist for you.

I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, and industry inside happenings of the mortgage refinancing industry.
For more articles on Mortgage Refinance check out my website

Article Source:http://www.articlesbase.com/mortgage-articles/get-2-mortgage-rates-with-new-mortgage-refinancing-options-from-obamas-stimulus-1730352.html

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