Reduce Your Mortgage Online

Foreclosure is a term that no one wants to here.

However, those who default on deeds of trusts or mortgages are all too familiar with the term. With little aide available from mortgage companies, foreclosure to many mean the beginning of the end of a long, tough road.

Natalia Osorio Editor of the “Stop Foreclosure Loans” website — http://www.StopForeclosureLoans.org — pointed out;

“…While each state law varies, North Carolina has simple foreclosure procedures. The process of foreclosure is either judicial or non-judicial. If a mortgage fails to include a “power of sale” clause in a loan agreement, the lender or mortgager of the property must petition the courts to take ownership of the property. Once obtained, the lender or mortgager of the property has full legal rights of the property and may auction it or list it for sale…”

However, if a “power of sale” clause exists in a loan agreement, the lender or mortgager has a right to file for foreclosure on a property without a court order if the borrower defaults on the loan. The terms of default will also be specified in the loan agreement. If a deed or loan agreement specifies the time, place, and terms of the sale, state law usually allows the sale of the property. However, North Carolina requires a preliminary court hearing to take place before the sale of a foreclosure can occur.

Once the court allows the sale of foreclosure in North Carolina, a notice of sale must be mailed to the borrower within 20 days of the sale date. The notice of sale must be published in a newspaper or public forum at least once a week for two consecutive weeks, and the last ad must be advertised publicly within 10 days of sale of the property. Lastly, the notice of sale must be posted on the courthouse for 20 days before the sale describing the property, owners, mortgage holder, and details of the sale.

The sale of a foreclosure property must be held on courthouse grounds in the county in which the property is located. The time of the sale is restricted to 10:00 am to 4:00 pm. A postponement of sale can be allowed if it is announced at the time of the sale.

“…Postponement of a sale of a foreclosure property may occur if the borrower is trying to stop foreclosure. There are agencies that have stepped up to protect owners and consumers during hard economic times. To stop foreclosure, a specialized agency or individual can be obtained to negotiate terms of a mortgage loan with a lender…” N. Osorio added.

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

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-foreclosure-on-a-home-in-nc-work-1787018.html

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Simply put:  a Principal Reduction Program is a program that reduces the principal on your mortgage to your home’s current market value. 

Through a Principal Reduction Program your lender forgives the current negative equity on your mortgage.  This is made possible through the cooperative effort of private investors and funds from the federal government’s Troubled Asset Relief Program (”TARP”).

Once enrolled in a Principal Reduction Program, your loan is pooled with other loans from your lender.  The negotiators for the private investment group offer to purchase the pool of loans from the lender at a reduced price.  The lender is then able to access the government TARP funds to recoup up to 85% of the value of the mortgages.  Your mortgage is now serviced by the investors.

Once purchasing the loan, the investment group secures you with a new loan at the current market value, reducing the principal on your mortgage and eliminating negative equity.  The investors are able to purchase the loan at twenty to thirty cents on the dollar, enabling them to reduce your loan value while still profiting from the transaction themselves.

 At the end of the day it is a win-win situation all around: 

• The lender collects exponentially more on the loan than it would through a foreclosure or short sale and opens its books for better performing debt.
• The private investors profit from procuring the loans at a discounted rate and obtaining servicing rights on the loans that they purchase.
• You are the biggest winner being able to reduce the principal on your mortgage to what your home is actually worth and eliminating negative equity without impacting your credit rating

 How do I get in a Principal Reduction Program?

 To qualify for a Principal Reduction Program, a homeowner must have:

• Negative equity in his/her home (owe more than the home is worth)
• Documented income
• A debt-to-income ratio of 50% or less

Qualification basically depends on the homeowner’s ability to pay the new mortgage. 

For more information, please go to: http://www.principal-reduction-program.com, http://www.atlantic-mutual.com, or call 888-850-6772 to speak to one of our Financial Analysts. We can also be reached via email at [email protected]

Article Source:http://www.articlesbase.com/mortgage-articles/principal-reduction-program-1743796.html

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Simply put:  a Principal Reduction Program is a program that reduces the principal on your mortgage to your home’s current market value. 

Through a Principal Reduction Program your lender forgives the current negative equity on your mortgage.  This is made possible through the cooperative effort of private investors and funds from the federal government’s Troubled Asset Relief Program (”TARP”).

Once enrolled in a Principal Reduction Program, your loan is pooled with other loans from your lender.  The negotiators for the private investment group offer to purchase the pool of loans from the lender at a reduced price.  The lender is then able to access the government TARP funds to recoup up to 85% of the value of the mortgages.  Your mortgage is now serviced by the investors.

Once purchasing the loan, the investment group secures you with a new loan at the current market value, reducing the principal on your mortgage and eliminating negative equity.  The investors are able to purchase the loan at twenty to thirty cents on the dollar, enabling them to reduce your loan value while still profiting from the transaction themselves.

 At the end of the day it is a win-win situation all around: 

• The lender collects exponentially more on the loan than it would through a foreclosure or short sale and opens its books for better performing debt.
• The private investors profit from procuring the loans at a discounted rate and obtaining servicing rights on the loans that they purchase.
• You are the biggest winner being able to reduce the principal on your mortgage to what your home is actually worth and eliminating negative equity without impacting your credit rating

 How do I get in a Principal Reduction Program?

 To qualify for a Principal Reduction Program, a homeowner must have:

• Negative equity in his/her home (owe more than the home is worth)
• Documented income
• A debt-to-income ratio of 50% or less

Qualification basically depends on the homeowner’s ability to pay the new mortgage. 

For more information, please go to: http://www.principal-reduction-program.com, http://www.atlantic-mutual.com, or call 888-850-6772 to speak to one of our Financial Analysts. We can also be reached via email at [email protected]

Article Source:http://www.articlesbase.com/mortgage-articles/principal-reduction-program-1743811.html

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As mortgages are almost compulsory for most people when considering the purchase of a property, it is obvious that finding the best mortgage deals is essential. Given that the lifespan of a mortgage lasts for years or even decades, nobody wishes to be tied into a bad arrangement, paying more than they need to. Similarly, a potential borrower wants to know that they are getting the best mortgage deals with regard to the kind of mortgages available – tracker mortgages, variable rates and the rest.

There are many paths to finding the best mortgage deals, and one of the most popular is still via the services of an independent advisor. These are trained experts who scrutinise the mortgages market and educate themselves about the various forms of mortgage available and then make this knowledge available to people who are seeking a home loan.

Purchasing a house is usually the biggest buy of an individual’s life and should never be undertaken lightly. There are thousands of different deals available through thousands of different lenders and the untrained individual can never hope to wade through them all to find the best mortgage deals. A mortgage advisor has already done much of the general spadework and can fine-tune their knowledge to find the best deals for you.

Although nothing beats a personal one-to-one with a trained advisor, potential mortgage-holders should also do a little swotting up themselves. The Internet is a great place for research, and most lenders have useful information sections detailing simply what the different kinds of mortgages are and giving a little advice on how to choose which one is the right one for you.

There are also a large number of independent financial advice websites which can walk a potential borrower through the various options and explain their pros and cons. Many of these websites also feature a mortgage calculator, which enables people to work out the best mortgage deals by feeding in the basic information about how much they wish to borrow, for how long, and at which rate, in order to show exactly what will be required. And, as with many other financial or retail products these days, many sites also have a “price comparison” function which allows the mortgage “customer” to view scores of different mortgages side by side.

All of these functions are extremely useful, and it really does pay for the potential borrower to sit down and do their homework before committing to something as life-changing as a mortgage.

Kim enjoys writing articles on various finacial related topics, including Mortgages and Different kinds of Insurance.

Article Source:http://www.articlesbase.com/mortgage-articles/the-right-research-finds-you-the-best-mortgage-deals-1722494.html

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A mortgage is such a common term in our society that many people never stop to consider precisely what it means. For most – even people with a mortgage themselves – the term simply means a loan taken out in order to buy a property.

However, a mortgage differs from other kinds of loan – specifically because it has one major use and because under a mortgage contract the interest in a property is transferred to the lender as security for the cash sum being advanced. Therefore the mortgage contract itself is not the actual debt but rather the reassurance that the debt will be repaid. The contract also stipulates that once the terms of the debt have been repaid, then the interest in the property will revert to the borrower.

The word “mortgage” itself derives from Old French, literally meaning a “dead pledge”. This is taken to mean that the end of the pledge comes – or dies – when either the loan is repaid in full or the property undergoes foreclosure and reverts to the ownership of the lender.

Mortgage lenders are usually specialist investors who make available cash for purchasing property. Their primary profit stems from the interest rates attached to the home loan, but also in some cases from the ultimate sale of the property if the mortgage-holder defaults on the loan.

A borrower is legally required to meet the terms and conditions of the loan or risk foreclosure – the takeover and sale of their property. Such high stakes usually require one or both parties to carry out the deal via legal representation, known in the UK as “conveyancing”. Furthermore, there are so many mortgages available that the services of an advisor are usually sought before a loan is applied for.

As few individuals have the amount of ready cash necessary to buy a property outright, a mortgage has become the ubiquitous form of loan underpinning most of the world’s property markets. It is the only way that most people can realistically hope to eventually own their own house or commercial premises.

This has also made the mortgage sector so massive that many economies are underpinned by borrowing to pay for properties. Many analysts believe that the credit crunch which led to the current global economic downturn began in the US when lenders gave  mortgages to borrowers who were not actually in the position to repay the loans, with serious knock-on effects on the wider world economy that we are still feeling today.

Kim enjoys writing articles on various finacial related topics, including Mortgages and Different kinds of Insurance.

Article Source:http://www.articlesbase.com/mortgage-articles/mortgages-key-facts-1722672.html

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