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Unfortunately our current economic crisis is causing many people to lose their homes to foreclosures. Banks and other mortgage lenders are struggling to stay afloat as foreclosures cost those hundreds of thousands of dollars.

The good news is that if you take initiative when you first detect financial strain, your mortgage company may be able to work with you to help you save your home. Mortgage companies do not like foreclosures because it can cost over $100,000 on average. Lenders use foreclosure methods as a last resort in order to cut their losses. If a client is willing to work with them, they may be able to re-negotiate the loan to affordable payments.

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

“…There are a few options that mortgage companies may offer. First they may offer to lower your interest rate. This will lower your monthly payments, although minimally, to make them more affordable. They may also refinance the loan to extend it to thirty or even forty years. For example if you had a fifteen year mortgage for five years they would extend the rest of the loan over thirty years to reduce your monthly payments. They also may use a combination of both methods in order to get your mortgage payments down to an affordable cost…”

If your mortgage company allows you to negotiate the loan, make sure you read all of the fine print carefully. Many mortgage companies will allow you to lower the interest rate only for a certain amount of time. Once that time expires the interest rate may go up again, which will increase your payments. Also make sure there you do not have a balloon at the end of your mortgage term. A balloon is where they take a large sum of the amount you owe and tack it on to the end of your loan. For example, you have a mortgage of $350,000. They calculate your payments for $250,000 for a period of thirty years. Then at the end of the thirty years you will be responsible to pay the additional $100,000 in one lump payment. For most people this will be impossible and you will be forced to refinance that additional $100,000.

“…Remember that the earlier you begin researching your options, the more options you will have. Once you find out that your financial circumstances may be changing you should research all of your options. The option will differ from state to state and is dependent on your loan terms. Your best course of action would be to pull out your mortgage agreement and contact your mortgage company immediately. There are also many reputable foreclosure assistant programs that can help you in any stage of foreclosure. These companies will be able to negotiate with your mortgage company on your behalf…” 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-negotiate-with-a-mortgage-lender-once-your-house-is-in-foreclosure-1785970.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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Millions of homeowners can now get approved for a mortgage refinance with 2% interest rates thanks to President Obamas stimulus plan. This is easy to do and designed to help homeowners in nearly any financial situation. Here is how homeowners can easily use this stimulus program and get a 2% mortgage refinance for themselves with President Obamas stimulus.

This program gives cash incentives to mortgage lenders and banks every time they help a homeowner with a mortgage refinance or modification and follow the Obama stimulus plan guidelines. This means that not only are mortgage lenders and banks able to help more people than ever before, they are also happy to. The money they get allows them to take on more risks and take on more people in worse financial situations than ever before.

This money is the reason that mortgage refinancing or modification can be extremely beneficial right now. To get the money, the plan must be followed. Some of the benefits include low interest rates, the ability to get approved if the homeowner has bad credit or an upside down mortgage, and really easy to qualify for requirements. Millions of people can easily save hundreds of dollars per month by using Obamas plan for themselves and prevent their homes from being lost.

Homeowners need to contact their mortgage lender or bank and see if they are able to provide Obamas stimulus plan options for you. This program will help millions of people get a more affordable monthly home loan and save a lot of money. Take action now before things get worse, or more expensive and harder to qualify for.

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-2-interest-rates-by-mortgage-refinancing-or-modification-with-obamas-stimulus-1771755.html

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Mortgage refinancing is easier than ever for all homeowners to get approved for thanks to President Obamas stimulus plan. This stimulus program enables millions of people to get help lowering their monthly home loan payments, and will prevent a lot of homes from being lost to foreclosure or default. Here is what homeowners need to know when refinancing a mortgage with Obamas home stimulus plan.

In the past, refinancing an upside down mortgage was nearly impossible without a large amount of cash. Also, homeowners would have a hard time getting approved for a refinance unless they had good credit and no other financial issues. These days though, things have changed. Many people are struggling to make their home loan payments and foreclosure and mortgage default are at all time highs. President Obamas plan will provide help to millions of people by providing them with new, easy to qualify for, money saving mortgage refinance options.

Over $75 billion is being spent to assist homeowners. Over 8 million people can use this program for themselves, save money, prevent their home from being lost, or both. This money is going to be given to mortgage lenders and banks who help homeowners. Every time a lender or bank helps someones using Obamas stimulus plan they will get a cash bonus for doing so. This money enables them to help more people, and take on more risk. That is how getting approved for a mortgage refinance right now is easier than ever before.

Homeowners should use this program for themselves before their situation gets worse. Help is available but people must go out and get it. Mortgage rates are very low and the Obama plan makes refinancing easy. Take action now.

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-homeowners-can-refinance-a-mortgage-with-obamas-stimulus-1766874.html

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In this current economic crisis many people are facing financial troubles that may result in a foreclosure. There are many options available to avoid foreclosure.

Many people try to sell their houses before it goes into foreclosure, however with the current housing market it may be difficult to keep up with the mortgage payments while the house is on the market.

Natalia Osorio Editor of the “Loan Modification Foreclosure” website — http://www.LoanModificationForeclosures.com — pointed out;

“…One of the most frequently asked questions is whether you can make partial payments to your mortgage company while it is on the market. There is no simple yes or no answer to that question as it depends on your mortgage lender. Your best course of action is to contact your mortgage lender immediately to explain the situation…”

Mortgage lenders are currently faced with a multitude of foreclosures, and they are losing millions of dollars monthly. A foreclosure on average will cost them on average about $100,000. Therefore most mortgage lenders will be more than willing to work with you. If they know that you are planning on selling the house it means that they will eventually get the full amount of their loan back. Therefore partial payments for a few months while it is on the market may seem more feasible to them. It is important that you stress to them that if you cannot make partial payments you will not be able to make payments at all.

While the above scenario seems to make sense for mortgage companies to agree to allow partial payments, there are some mortgage companies that will not agree to such terms. The reason for this is mostly because of accounting problems. With a partial payment they will not know whether to put it towards principal or interest. In this case you can appeal to the loss mitigation department to try and restructure your loan agreement. Some lenders will require a certain amount of time to pass without a payment in order to grant a loan modification. However just remember that the faster you contact your mortgage company the more options you will have.

“…Keep in mind the current housing market. Most houses are sitting on the market anywhere from six to nine months. Assess how much you have in savings and how much you think you will be able to pay to your mortgage before contacting your mortgage company. For example if your monthly mortgage payment is $2,500 and after assessing your finances you decide that you can only pay $1,500 per month. Then you can use that number to give to the mortgage company. You also may want to consider a foreclosure assistance company. These companies will help you go through your finances and determine how much you can pay and may also negotiate with your mortgage lender on your behalf…” N. Osorio added.

Further information about how to get professional assistance with a mortgage loan modification by http://www.LoanModificationForeclosures.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/can-you-pay-partial-mortgage-payments-while-your-house-is-up-for-sale-to-prevent-foreclosure-1763693.html

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