Mortgage Refinancing by http://www.emgansbergesq.net

Loan Document Review:
As an experienced Staten Island mortgage financing and mortgage refinancing attorney, Eric Gansberg assists homebuyers throughout the Staten Island and New York City area with their financing and refinancing decisions and legal documentation.
They believe financial decisions with respect to home loans and help them carry out their decision once it is made.
One of the services they provide to you is help with a loan assessment. We will work with you to determine your needs and explore your options. We will also help you evaluate all the various types of loans available, including adjustable rate mortgages (ARM) versus fixed rate mortgages, and taking a second mortgage or home equity loan versus refinancing the whole mortgage.
They will work hard to understand your situation and assist you in determining the most viable and cost-effective manner of achieving your goals. We will review your loan document with you and make sure you understand the terms of the loan and the length of the loan.
For questions regarding your financing options, or for assistance with understanding your loan document or a loan assessment, please call 888-424-9952 or fill out the intake form on the Contact Us page. Spending a little money up front can often save you a lot of money down the road.
Eric M. Gansberg is your #1 source for mortgage refinancing and financing advice in Straten Island, including: Manor Heights, Port Richmond, and Randall Manor. He has a solid background and experience to ensure that your needs are met first. Choose Eric M. Gansberg as your straten island attorney for mortgage refinancing.
http://www.emgansbergesq.net

Qualifying Mortgage Note Buyers by Mark Martini

Get A Mortgage Note Buyer That Will Give You A Large Sum Of Cash
One of the most important decisions in selling your mortgage note is choosing the buyer. They have the power to decide how much you will get from the sale. It is for this reason that you should choose one that can give you the best deal. Just exactly how do you spot a good buyer that will give you the best deal? Here are some pointers for you.
Opt for the professional. The risk the buyer has will determine the value of the sale. A professional buyer will be ready for any inflation, interest rate fluctuations, and the like. Furthermore, professional buyers have a certain degree of flexibility when coming up with the sale price that will be more attractive for you.
Be wary of initial payments. Initial assessments and consultations must be free. Most buyers will assess your mortgage and will give you a quotation for free. Asides from the appraisal fee, title policy and if there are incongruent data, no fees must be charged. Once they ask for points and closing fee, you'd better find a new buyer immediately.
Learn more to get more. Note buyers are everywhere and are very easy to find. You can ask about the buyer's credentials before finalizing your sale. Also, it is advisable to get several quotations from different buyers. This way you can compare and contrast figures.
Buyer must review details first. It is imperative that the buyer reviews the payor's credit before giving a quote. Do not fall for the "bait and switch" trick that some buyers do. Once you agree on a particular price and close the deal, the buyer will lower the price later on due to low credit. It is important that the quote is given after the buyer reviews the credit.
Learn the alternatives. Your selling alternatives must be laid out clearly and simply by your Mortgage note buyers. This way you can chose the best alternative. A good example is the partial sale of your note where you sell only a percentage of your note and still get monthly payments. Not many know that this option exists. It is best to have your buyer discuss this in detail.
Attitude matters in the sale. Being comfortable with your buyer is importance. Answering questions adequately is a good start. However, jargons may make things confusing. So opt for one who discusses things in a simple way. Moreover, opt for one whom you can comfortably discuss the sale.
Have a contract. Protect yourself with a contract. Every pertinent detail about it must be clearly stated - price, date of purchase, contingencies, etc. Likewise, take the time to read it and understand it. Most importantly, make sure you agree to the contract before signing it.
The value of money changes. By selling your mortgage, you allow a certain degree of protection for your investment. You can get an amount and invest it right away. You can take advantage of financial circumstances before inflation eats out the value of your money.

Bad Credit Mortgage by Wredan Sudtin - is freelance author who writes on a variety of topics

Is it possible to get a loan even with a bad credit mortgage? In today's mortgage and loan trends, a bad credit mortgage is absolutely possible.
In the past, applying for a loan involves a thorough check up on your credit history and income background. If your history is less than perfect or if your income is not that high or both, then your application for a loan is instantly rejected. This practice limits the number of people who can apply for a loan.
Today's market has adopted more flexible methods. Bad credit mortgages makes it possible for people with low credit scores to still apply for a loan and get approved. When applying for a bad credit mortgage loan, no pre-qualification process is involved. Lenders who offer bad credit mortgages among their list of loan programs give their customers a chance to redeem themselves. With a bad credit mortgage, your credit history is nothing more than history and you still get your money's worth.
There are several lenders who offer bad credit mortgages. When you choose one, make sure that you've learned everything that you need to know about bad credit mortgages. More often than not, bad credit mortgages sound too good to be true. With bad credit mortgages, It's best if you keep an eye on the catch.
Bad Credit Mortgages for Higher Interest Rates
Bad credit mortgages are usually characterized by high interest rates. Lenders charge borrowers higher interest rates for their bad credit mortgages as compensation for the risk they take. Like it or not, borrowers who have bad credit records are loan risks and are viewed as such by lending companies. In exchange for letting these types of customers get bad credit mortgages, higher interest rates are charged. This helps protect the lender should something happen and he had to foreclose on bad credit mortgaged property.
Discount Points in Bad Credit Mortgages
Discount points in bad credit mortgages are common. A discount point is comprised of a percentage of the total purchase price. Bad credit mortgage borrowers are charged higher discount points, usually four to five points. Borrowers with credit may not pay for these points or they do but only for a very low percentage. With bad credit mortgages however, points may go as high as ten, although going this high is not a common practice and against federal law. It all boils down to insurance for the lending company. Lending companies want to make sure that they're getting their money back from their customers' bad credit mortgages.
Larger Down Payments for Bad Credit Mortgages
The amount of down payment required for borrowers on bad credit mortgages is larger compared to other loan types. In exchange for ignoring the costumer's credit history, lenders charge larger down payments from the total purchase price. Borrowers may not be able to afford the upfront price of bad credit mortgages. If in any case, you can afford the down payment required, a bad credit mortgage might even prove a good thing for you. Since the down payment you made takes a considerable portion of your purchase price, this means that you pay lower monthly rates on your bad credit mortgage.
For more information check out http://wredansudtin.wordpress.com/ or http://wredansudtin.livejournal.com/ AND
Look for great deals at http://home-loan-mortgage-refinance.info

How Real Estate Road Kill USA.com approved short sales was born by Richard Butler

Despite having spent the last 22 years in the mortgage business I have never seen a time where such a high percentage of transactions where “negative equity” sales, either short sales or purchases of bank owned real estate. The most successful real estate agents are clearly those who have become experts at short sale negotiating or have contracted with experienced, professional negotiators. Granted, the process is time consuming and sometimes frustrating, but some estimations suggest that these types of transactions represent over half the real estate market in many parts of the country.
I started attending classes on short sale negotiating and inevitably teamed up with an extraordinary negotiator and began providing our service to real estate agents, usually at no cost to them. When properly presented, the lender would agree to pay for our very valuable services. Of course it was a natural that our mortgage business grew as real estate agents were drawn to our ability to get their short sales closed.
Anyone that’s been involved knows of the absolute biggest frustration: you work hard (very hard), for months and finally get an offer accepted by the bank only to find your buyer, for whatever reason, is no longer interested in proceeding. The buyer may have had a number of different offers in on other properties and they came together first, or they may have lost their financing in the time that passed. In many instances the due diligence clock doesn’t start until the offer is accepted by the bank and the buyer can then choose to walk with no consequences.
The most challenging obstacle in today’s marketplace might be time. On the selling side it takes the form of the time spent negotiating with the lender and keeping the buyers engaged, all the while trying to keep the property from getting to the courthouse steps. From the buyer’s side of the market, there is a teeming interest in purchasing these deeply discounted properties but without waiting for 4-6 months to see if an offer will be accepted while other opportunities come and go.
So, here we are. Everyone’s time an effort has been spent and nobody is getting paid! That’s when I had my “Aha!” moment. Let’s take these “accepted offers” and present them as not only the best deals in the market but ready to close immediately. The lender doesn’t care who the buyer is as long as the bottom line remains the same so we just need to provide new buyers.
RealEstateRoadKillUSA.com was born! Real estate agents and buyers are flocking to it like bees to honey (or vultures to carrion). These are the absolute hottest deals in town and all the work has already been done to prepare them for closing. Wouldn’t you have to be crazy to buy any property without looking here first?
After appearing on ABC-TV News and being written about in LoanOfficerMagazine we have had an outpouring of interest from real estate professionals throughout the country that want to put the program in effect in their area. I’m not surprised because honestly, in 22 years, this is the biggest “no brainer” I have ever seen for both mortgage brokers and real estate agents. It has absolutely saved my mortgage business and is providing instant transactions for real estate agents (and mortgages for us).
For information on how you can secure your Road Kill Territory please visit RealEstateRoadkillUSA.com and click on “Join Our Network”. Many regions are still available and there is a very limited charter membership offer for those ready to seize the opportunity.

Home Loan Modification - What You Need To Know by Angel Aramboles

Let's face it. Today's economy is affecting millions of Americans. Millions of Americans are having trouble keeping up with their home loan payments and a large percentage of those homeowners are facing foreclosures. In 2008 there were over 3 million foreclosure filings, according to RealtyTrac. Many homeowners are looking for ways to save their home. One way to do that is to get a loan modification. However, before contacting your lender to avoid foreclosure there should consider all possibilities.
First, exactly what is a loan modification? A loan modification is the process of changing the terms of a borrowers mortgage. Generally, loan modifications are done to help homeonwers that are struggling to make monthly payments on their mortgage.
Why are lenders willing to change the terms of your mortgage to help you keep up with monthly payments? The lender will modify the loan because it makes more sense than bankruptcy to the bank. They'd rather keep you in your home while making less monthly payments than having to go through the foreclosure process and not receive any monthly payments. However you need to prove to the bank that you cannot afford your current payment but could afford a lower monthly payment if the loan is modified.
People that have tried to do this themselves have typically fallen considerably short where they could have been had they been represented by legal counsel. Keep in mind that anyone can file for a to have the terms of their loans changed. However, you may be better off with leverage using a reputable loan modification firm. Be on the lookout for companies that that charge high fees. In many states this is illegal. Only a licensed attorney can defend you and take on your file to represent you.
If you think you may be facing foreclosure please visit http://www.legalloanmodification.info to have a loan modification representative contact you.

The Positive Effects of Flipping Houses by Samantha Dawson

Flipping houses has had a negative connotation since the real estate bubble a few years ago. Some experts blamed rehabbing houses for the bubble and unclear media reports also did not help. While many were reporting about mortgage fraud, a lot of viewers saw it as if flipping houses was illegal.
Years later and now that the country is in a recession, real estate investing is again picking up. Some still doubt whether rehabbing houses - which by the way is completely legal - is indeed legit. Authority web sites such as RehabList.com say there's nothing wrong with rehabbing houses. Yet will doubt RehabList and other sources, saying this form of investing brings only negative effects.

Among their arguments is that it is leading to an increase in the number of homes fixed by inexperienced rehabbers. The rise in the number of renovated houses is also likely result in an increase in the value of property and eventually in the cost of living in that area, they say.

From another perspective though, flipping houses can actually result in a chain reaction of positive effects for the community. First of all, it is true that an increase in the number of remodeled or renovated houses will raise the value of real estate property in a neighborhood. It could also lead to a higher cost of living. But that increase in expenses will be compensated by more funds for the local government and subsequently more projects for residents. How is this possible? Simple. Flipped or rehabbed houses will be get higher tax assessments and this will lead to more revenue for the local government from property taxes.

Based on what the police call the "broken window theory," the more houses flipped by rehabbers, the lower the crime rate will be in that area. Under the theory, a piece of broken widow in an abandoned property entices vandals to break more windows. Before residents know it, vandals have already broken into the house and started using it for illicit activities like selling prohibited drugs or prostitution. If that house with a "broken window" is rehabbed, then it is saved from being a crime den.

Flipping houses can also spur economic activity in a neighborhood where many houses are rehabbed. Since crime is lessened, businessmen will be encouraged to open shops in a community. The pleasant appearance of houses - and the neighborhood in general - will make the area appear conducive to business opportunities.

In fact, the mere act of flipping houses already helps in an area's livelihood problems. When you rehab a fixer upper, you seek the services of a painter, repairman, plumber, and other workers - giving locals additional sources of income.

Rehabbing houses will always be negative for non-believers. But for those who know the positive effects of this business - not only on their pockets but to the community as well - it will always be business as usual. If you still need more convincing, visit RehabList.com. The web site has informative pieces on flipping houses and real estate investing in general. It serves as the meeting place for everyone involved in real estate investing. From buyers of fixer uppers, to sellers, to rehabbers, to wholesalers, to money lenders, you'll find get something from RehabList. To avail of the free services RehabList offers, simply create a log-in account.

Mortgage Deals: How to Decide Between Fixed-Rate and Tracker Mortgages by David P Walker

One of the biggest decisions to make when taking on a mortgage is whether to go for a fixed-rate mortgage or a tracker mortgage. You need to consider your own personal circumstances, and all the potential outcomes of being signed up to each kind of mortgage. Different mortgage deals are suited to people in different circumstances.
Fixed-rate mortgages
The main advantage of a fixed-rate mortgage deal is that, usually for a set period, it removes the danger of being subjected to a sudden hike in monthly repayments, should there be an increase in interest rates. With a fixed-rate mortgage, you can budget effectively for the long term.
The main disadvantage of a fixed-rate mortgage is that, while the Bank of England base rate is low, they tend to be significantly more expensive than tracker mortgages linked to that base rate.
Tracker mortgages
The main advantage of a tracker mortgage is, which the Bank of England base rate is low, tracker mortgage deals are a lot cheaper than fixed-rate mortgages.
However, being linked to the base rate makes tracker mortgages a lot more risky, and predicting the future of the base rate is impossible.
If the base rate suddenly increases, you could find yourself with much higher monthly payments, but with the same income as you had before. A steep change in the base rate can add hundreds to the monthly repayments on a tracker mortgage.
Keeping up repayments
One of the main things to consider when signing up for a mortgage deal is whether or not you will be able to keep up the monthly repayments. If you are considering a fixed-rate mortgage, this is a relatively simple calculation to make. However, with a tracker mortgage, you need to consider all possible outcomes and make sure you could keep up the repayments even in the worst-case scenario of very high interest rates.
Whichever type of mortgage deal you choose, you need to have a contingency plan in case of redundancy, pay cuts or other unforeseen circumstances. Some people choose to take out mortgage protection to cover themselves for potential problems.
Bank of England base rate
Nobody can accurately predict future base rate changes. However, if you it can help to consider what the experts are saying about the future of the base rate, and to get independent advice from a mortgage advisor or independent financial advisor (IFA) so that you are basing your decision on as much information as possible.
Mortgage size
The size of your mortgage is a very important factor to consider when deciding which type of mortgage deal to sign up to. The larger your mortgage is, the bigger the risk of taking on a tracker mortgage. Even if the base rate does go up, a smaller mortgage will mean a relatively small change in repayments.
Capped tracker mortgages
Another option to look into is the capped tracker mortgage. This means that although the mortgage repayments track the base rate, they cannot rise above a certain, set level. This mitigates your risk and can be a good compromise.
Droplock tracker mortgages
A droplock tracker is a type is tracker mortgage which is flexible in that you are allowed to switch to a fixed-rate mortgage if you choose to do so. This is another way to compromise, giving you a safe way out if the base rate rises steeply.

Mortgages: Top Tips For Switching Mortgage Deals by David P Walker

If your mortgage deal is no longer competitive, it may be time to switch. However, choosing the wrong mortgage could cost you thousands of pounds a year. Here are the most important things to consider when planning to switch mortgages.
Compare mortgages
Your bank may advise you to take on one of their mortgages. Before doing so, make sure you compare all kinds of mortgages and consider taking a mortgage with a different provider - there may well be better mortgage deals elsewhere.
Consider the pros and cons of different types of mortgage
Particularly if you are taking on a long-term mortgage, you need to consider whether interest rates are likely to rise or fall. For low or falling interest rates, you could be better off with a tracker mortgage. If you think rates will rise, it may be better to go with a fixed rate mortgage.
Calculate monthly outgoings
You will need to make monthly payments on your mortgage. Consider what these will be and whether you can really afford them on a long-term basis. Also take into account the possibility of losing your job or of a steep rise in interest rates - either of which could cause your mortgage to become unaffordable. Remember, if you do not keep up your monthly instalments, your mortgage provider will have the right to repossess your home.
Consider additional features
Think about your personal circumstances in relation to other features offered with some mortgages. For example, if you regularly receive bonus payments or windfalls of some kind, it may benefit you to have an overpayment option with your mortgage deal. This will allow you to pay in lump sums on top of your monthly payments, meaning you could potentially pay off your mortgage more quickly.
Talk to your current provider
While you don't need to remain loyal to your current lender, it can be useful to talk through options with them. Some mortgage lenders have special deals available only to current customers which you might be able to take advantage of. Once you have done this, always compare mortgage deals with different lenders before taking the plunge.
Look out for hidden fees
Given that you are remortgaging to save money, it's vital to make sure that other costs like set-up fees will not cancel out your savings. The same applies to exit fees and redemption penalties applied by your current lender. Take all costs into account before switching.
Read the small print
When you switch mortgages you will probably be presented with a mountain of paperwork. It's important to understand all of those terms and conditions before you sign up, so take time to read through and take it all in. If there is anything you don't understand, don't be afraid to ask questions until you do.
Make a note of when your chosen mortgage deal ends
Once you have switched mortgage deals, you need to be aware of when your latest mortgage deal is going to end, and remember to compare mortgages again once this has happened. The cheapest mortgage deals usually last around two to three years, so be prepared!

Colorado A+ BBB Mortgage Loan Modification Program | Denver, Colorado Springs, & Aurora by YourHomestart.com

For A+ BBB Colorado Mortgage Loan Modification Program CLICK HERE
Homeowners in Colorado are finding it more and more difficult to hold on to their houses these days as filed foreclosures set a record in the 2 quarter of 2009, but officials in the state are hoping the worst has already past. YourHomestart.com specializes in those cases of homeowners who need to restructure their current loan terms in order to lower your monthly payment thus keeping you away from foreclosure and most importantly keep you in your home.
The Division of Housing in Colorado reported that almost 5000 foreclosures had been completed during the months of April 2009 - June 2009 and that the homes were returned back to the banks and sold at an auction. The county that was hit the hardest has been Mesa County where filings had risen by 144% from the same period in 2008. Some feel that due to the drop in the housing market in the Grand Junction area due to lower development from the oil and gas industry.
HOMEstart has an honorable A+ BBB rating and one of the few licensed companies allowed to perform loan modifications by the California Department of Real Estate (DRE). HOMEstart is also able to take the time to work through applications that may have more details than others which HOMEstart is proud to be able to have these resources and time to take care of these. The experience and hard work our underwriting and negotiating team has is arguably one of the strongest in California.
HOMEstart is able to handle all the steps in the loan modification process including: Intake Processing, Underwriting, Bank Submission, Negotiations, Approvals and Contract Review. Contact HOMEstart at anytime to discuss your financial hardship, we will listen and maintain the highest level of confidentiality. We have an entire team of experienced loan modification consultants who will help answer any questions you may have, regardless if you pursue a loan modification through HOMEstart. We are here to help; start new, not over.
For more information please visit http://www.yourhomestart.com/

Mortgage Loan Modification Tips by bruce e. nelson

If you are irritated and confused about how to get your loan modification approved from your lender, go through the loan modification tips, which will help you proceed with confidence. Usually when you approach your lender for loan modification help, he will not help you and it is quite possible that he might misguide you too. So it is advisable that you take the help of an expert and know how you can improve the chances of your loan approval. After this you can contact your lender to know about the requirements set by him.
Each lender has different sets of guidelines and requirements that are essential and must be fulfilled in order to get your loan modification approved. If you collect information of the requirements beforehand you can apply for the modification process immediately. So it is important to know the guidelines necessary for the approval of your modification. Some of the lenders also look for the debt ratio of the person who has applied so you can also work to improve that. Your monthly income proof must be there with the intention that it becomes easy for them to calculate the ratio.
You must complete all the paperwork properly and recheck it before submitting. It is sad to mention here that there are lots of eligible homeowners who were denied of the loan modification because they did not fill out the application form properly or failed to produce relevant documents. So modification tips should be taken into account before submitting the application form. The homeowners who are interested to apply for the loan modification must spend some time and learn about what all things are essential to be produced.
If you search for professional help on Internet you will find lots of them and after some research work you can select the one that is authentic and would be really helpful to you. There are various books and guidelines that would help you and you can download them easily and quickly too. In addition to this you can also call the loss mitigation department to know about the whereabouts of the loan qualification. So in any case you need to collect information and helpful guidance before gathering the necessary paperwork to submit along with the application form. It is always good to have complete knowledge of what you ought to do.

Finding the Right Mortgage by David Nalin

When it comes to the housing market many individuals are taking advantage of the record low home prices with the knowledge that prices will rebound. While this is a very wise investment many individuals become intimidated when it comes time to secure a mortgage for their new home. Whether you are a first time home buyer or a seasoned real estate investor, playing the mortgage game can be a stressful part of the house buying process. While securing a mortgage is one of the most stressful parts of the process it is really the most essential, because without a mortgage most individuals would not be able to purchase a home. The first step in any home buying venture is to first do you research. It is important to not only research the many lending options that are available when it comes to securing a mortgage, but to also research your own personal situation. While there are lending institutions that will give most individuals a mortgage, the key is to ensure that you are the best possible candidate for the lowest rate, and this may take some work on your part. The first step in this process is to check your credit, and to fix any errors or inconsistencies that may appear to ensure that you have the highest score possible when you approach your lending institution. While your credit score is one of the most important aspects to securing a mortgage it is not the only aspect that is reviewed by your financial institution. Once you have your credit at the highest possible level it is time to look at your personal finances and determine exactly the how much of a mortgage payment that you can comfortably afford. If you are looking to trade in your rent for a mortgage payment this can be an easy gauge to use. Simply decide on a mortgage, insurance, and real estate tax payment that is less or equal to your monthly rent. This will ensure that you will be able to pay back your mortgage. Once all of your finances and credit is in order then you should consider your down payment. In reality you should have been saving for a down payment for at least a year before you approach your financial institution. While it is possible to secure a mortgage without a down payment it is much more difficult and the rules and restrictions are much harsher than if you have a ten to twenty percent down payment. The mortgage game is really all about planning and ensuring that you get the best rate possible for your specific situation. It is important to remember that your home is the biggest investment that you will ever make and doing your homework has the potential of saving you thousands of dollars over the course of your mortgage. It is also important that you choose a loan that you will be able to comfortably afford for many years into the future, because the average mortgage has duration of at least 15 years. Now that you have all of your information it is time for the fun part, searching for your dream home.

Steps to Securing the Right Mortgage by David Nalin

Everyone wants to have a piece of the American dream and owning a home is the biggest step towards that dream. While the mortgage game can be daunting it is one of the only ways that most individuals can jump into the home buying process. There are very few individuals who are able to purchase a home without a mortgage, and this is why it is important to begin planning for a home many years in advance. The key to getting the best possible rate on a home mortgage is doing your research and being prepared for any surprises along the way. If you want to purchase a home, and ensure that you will be able to secure a mortgage, then the first step is to save your money. A lending institution is more willing to give a person a mortgage that has a ten to twenty percent down payment and a six month to a year emergency fund in savings. This tells your lending institution that you are financially stable enough to pay back your mortgage in a timely manner. While this may seem like an unnecessary step it is a vital one to ensure that you will not be turned away when you start to secure your mortgage. While you are saving for your new home, it is also a time to start to look very closely at your credit score. It is important to remember that this score will be the key to getting the lowest interest rate possible on your mortgage. It is important to check your credit at least once per year and to fix any mistakes that may arise as quickly as possible. When you want to purchase a home you may want to check your credit approximately every three to four months so you can fix any inconsistencies as quickly as possible. When it comes to getting a great interest rate the higher your credit score the lower your rate, so it is important to aim for a score in the mid-700s or higher. This will insure that you will not be turned down for your mortgage and you will be able to secure their advertised interest rates. If you have less than perfect credit then it is important that you take the time that you are saving for your home to repair your credit as much as possible before you approach your lending institution. Once you have your savings and credit at the point they need to be to insure that you are able to obtain a mortgage then it is time to research the different options that are available. The first step to this is to determine the most comfortable payment that you can afford. In your determination you also need to factor in insurance and real estate taxes to ensure that you will be able to comfortably afford your new home. Once you have all of this information then it is time to approach your lending institution. It is important to gain pre-approval for any mortgage before you start the best part of the process and that is the actual hunt for your new home.

Los Angeles A+ BBB Mortgage Loan Modification Companies | California by YourHomeStart

For A+ BBB Los Angeles Mortgage Loan Modification Services in California CLICK HERE
President Barack Obama and his administration launched their loan modification program in April 2009, and now it is finally starting to take off. The US Treasure Department is also encouraged by the new loan modification program which will include 3 of the nation's largest banks including JPMorgan Chase, Wells Fargo, and Citigroup as some of the first to sign up for the new President Obama's new loan modification program.
These banks have already began the loan modification process under the program that kicked off earlier this year. HomeStart is one of the few loan modification companies to have the accredited A+ rating from the Better Business Bureau (BBB), and licensed by the California Department of Real Estate (DRE).
Anguished homeowners have enthusiastically been awaiting the mortgage loan modification program's launch since it was first announced by President Obama on February 18, 2009. The loan modification plan will call for the servicer to reduce interest rates low enough so that their monthly obligation is no more than 38% of a borrower's income before taxes, and then the government would be able to put in money to allow the payments to drop down to 31% of their income.
HomeStart's experience working in the loan modification industry since day 1 has provided them with great expertise in working through even the most "difficult applications" and terms. Due to HomeStart's hard work and persistent professionalism they have been able to establish a solid reputation and look forward to serving many more.
For more information please visit www.YourHomestart.com

Michigan A+ BBB Mortgage Loan Modification Companies | Detroit by HomeStart

For A+ BBB Michigan Mortgage Loan Modification Services CLICK HERE
Under the new loan modification program established in 2009 by the Obama administration the Making Home Affordable initiative was brought about to help home owners avoid foreclosures and most importantly be allowed to remain in their homes. The main problem that comes up is that most people do not really know what options they have when it comes to doing a loan modification. The main purpose of the loan modification process is to lower your monthly mortgage payments and HomeStart is able to give you accurate information while being able to also provide you with full service in setting up a home loan modification if the qualifications are met.
Many anguished homeowners have enthusiastically been awaiting the mortgage loan modification program's launch since it was first announced by President Obama on February 18, 2009. The loan modification plan will call for the servicer to reduce interest rates low enough so that their monthly obligation is no more than 38% of a borrower's income before taxes, and then the government would be able to put in money to allow the payments to drop down to 31% of their income.
HomeStart can help provide homeowners who have missed payments and are at the risk of defaulting on their loans with options for a loan modification. The Obama administration has stipulated that the government will give the lender financial incentives to help adjust an existing mortgage while reducing their payments on a month-to-month basis so that homeowners can stay on track with their current loan, and most importantly keep their home.
HomeStart's experience working in the loan modification industry since day 1 has provided them with great expertise in working through even the most "difficult applications" and terms. Due to HomeStart's hard work and professional work ethic they have been able to establish a great status deal with loan modifications and look forward to helping many more homeowners.
For more information please visit www.YourHomestart.com

Tips On Buying Homeowners Insurance by Sam Caruso

Tips On Buying Homeowners Insurance
Many new home buyers rush into buying homeowners insurance simply to qualify for their mortgage without understanding the choices involved in insuring a house.
In the event your home is destroyed by a fire or other catastrophe, you will receive the replacement cost from the insurance company, which is enough to rebuild your home to its original state. You need to be insured for at least 80% of the replacement cost. You are not automatically insured for the market value of your house, so don't expect to be able go out and buy a similar one if your house is destroyed. The land value is built into the value of your home, yet it is not included in the replacement cost. You need to carry at least 80% of your home's replacement cost. If you don't, the insurance company will only pay you a percentage of your loss.
For example, if you have $100,000 house and you only insure it for $60,000, that's only three quarters of the $80,000 required. If you have $20,000 in losses from a fire, you will only get $15,000 from your insurance company or three quarters of your loss. However, if you were insured for $80,000 or 80% of the replacement cost, you would get full coverage. Most insurance companies will automatically increase your coverage yearly by the amount required to rebuild the home. Generally, this increase has been about 10%.
You should be insured for temporary replacement housing such as the cost of an apartment or hotel stay while your home is being repaired. This sum should be in the range of 50% of the replacement value of the house.
Your policy should also include liability coverage. This is protection in the event someone is injured on your property. This liability will also cover you if you accidentally injure someone off your property.
Most policies also provide for coverage in the event of theft away from your home. This covers your property if it is stolen from your car or from a hotel room, etc. However, the amount of this coverage is limited in value, so ask your agent how much is appropriate. Generally speaking, high-value items such as jewelry, furs, art , and coin collections are only insured for a minimal sum. You may need to add a rider and specifically list these items and pay an additional premium to be insured.
Select the most coverage that you can afford. Shop around with different carriers. Don't buy a policy from one company just because it's the cheapest around. Some homeowners policies are nothing more than stripped down fire insurance policies. The best policies, called all-risk policies, or broad form coverage, insure you against almost everything. Be advised, however, that no homeowners policy covers floods. Flood insurance must be purchased separately. If you live in a flood zone, your mortgage company will require you to carry flood insurance. Just because you don't live in a flood zone doesn't mean you should not have flood insurance. Every year, many neighborhoods flood, or there has never been flooding before.

Arizona, are you upside down? Explore refinance mortgage loans. by Blair

Arizona has experienced a rapid decline in home value. Many homeowners have desperately sought relief through traditional refinance loans. However, a good percentage of Arizona homeowners are upside down. Does this sound like your situation? Your Arizona refinance may not be as difficult as you think.
Many people have turned to short sells and loan modification programs. A short sell can help you get out without having to foreclose. The problem is that lenders view a short sell the same as foreclosure. This means that you can't finance another home for three years. Be advised that guide lines do change but until then 3 years is the rule.
Loan Modification is not always the answer
While a loan modification may relieve some pressure it's not a permanent solution. Under the Home Affordable Act, banks will modify your mortgage. The Home Affordable guideline requires that you prove a financial hardship to qualify. Let us assume you can prove some sort of hardship. If you still have an income your Bank is authorized to explore modification.
Many people falsely believe that a loan modification will eliminate principle. This is not the case! First, your Bank will offer you a floor interest rate. This will be the first attempt to lower your housing ratio to 31%. If that doesn't work, your Bank will re-amortize your mortgage. At this point most people will qualify. The result is you keep your home and you're still upside down.
There are a small percentage of people who get principle reduction. Depending on your situation a loan modification may be an option. However, you should be aware of other refinance programs before you proceed. The following are three different Arizona refinance mortgage programs that may help you.
FHA Streamline
The Arizona FHA loan can help you refinance if you are upside down. With FHA streamline you can refinance your first mortgage up to 97.5%. However, you can keep an existing second mortgage up to 125% home value. Depending on your situation this Arizona refinance could help you. Another option is for veterans.
Arizona VA Loan
The Arizona VA loan allows veterans to refinance up to 100% of home value. This mortgage won't help veterans who are upside down. It's still worth mentioning though because it allows 100% of home value. In the past VA refinance loans were limited to 95%. Finally, there is the DU refinance plus for Fannie Mae owned mortgage loans.
DU Refinance Plus
The DU Refinance plus allows you to refinance up to 125%. The catch 22 here is that your mortgage must be owned by Fannie Mae. This Arizona refinance mortgage is a 30 year fixed mortgage. It also requires less documentation.
In conclusion, before you sell or modify look into the three options outlined in this article. Remember, if you short sell you can't finance another home for 3 years. If you modify your loan you're still upside down. In the end, you could save yourself a lot of undue grief by exploring all your options.

Mortgage Refinancing - Information on How to Get Mortgage Refinancing With Bad Credit by John Velazco

It is extremely crucial to find the best deal for homeowners seeking a bad credit mortgage refinancing. With bad credit, an excellent refinancing package will not be easy to get. In all probability, your loan was approved when times were good and the lending regulations were least, when in a regular market, you should have been refused. At present, everyone is wounded from this practice. Homeowners are left with a mortgage they cannot pay for and bad credit, even as the mortgage lenders are nervous to refinance a homeowner with bad credit, since they have learned from their previous experiences.
Homeowners who are familiar with their credit score, and are responsive to what things can influence it; can take actions towards fixing it. Once you start to take care of all the financial issues that are pulling down your affecting it can actually improve your credit score in, just a few months time. Later than these few months, you might even be able to succeed for all loan types that were not even an option for you earlier than with your low credit rating. In addition, homeowners might realize they are entitled for government help as there are new plans that support people to live in their house, rather than losing them to foreclosure, or failure to pay on your mortgage.
Homeowners have to be ready to search harder for a bad credit mortgage refinancing, although it is feasible. The most horrible thing you might perhaps do is just turn your back on the entire chaos. A home is in all probability the priciest thing you will ever be the owner of, and buying a new one will be all the more complex, if you turn your back on the first one. Homeowners are promoted to begin a few necessary researches and get the right refinance for them and their economic condition.
Many people decide to opt for refinancing their mortgage for various reasons. They might be doing better monetarily and are capable of handling higher monthly mortgage payments over a shorter term, or they might be experiencing tough time and are required to lengthen the mortgage term. Any whichever way, refinancing is extremely significant and an essential ingredient of home ownership. It is significant that you know how to get a bad credit home refinancing if the circumstances need it. Once you have a low credit score, it can have an impact on you in several different ways, you may not get the best option on credit cards in addition if at all it comes it will come with lower credit limits, also you may not be offered the best deal on mortgage loans. A few loans, even though you want them, can have such excessive fees and rates that they happen to impossible and unacceptable, at all.
Getting an excellent refinancing loan on your home can be hard with meager credit; on the other hand a bad credit home refinancing loan is very much feasible. The bank would like to observe something that offers them assurance that you will continue with the payments and that you are an excellent investment for them to provide funds to. Banks are here to make profits; it is their business to provide money and in return to make money by charging interest on it. Prove them you are serious on paying back and show them a positive trend in your credit score, or give details on why your score is low and why it will be getting better and will help you in proving your credibility. There are now a number of online websites that can help you in this course of action.

Real Estate Investing: Make Smart Investments by Chris B. Jenkins

With the recent decline in prices in the real estate market, homes seem to be more affordable than before. However, sellers are becoming more and more realistic when it comes down to the value of their properties. Yet, what they fail to realize is that as more and more affordable properties are becoming available for purchase, buyers are also becoming smarter about their real estate investments. Buyers, as much as sellers, are hoping to profit from the purchase of their property too.
While the past few years have been a struggle for investors given how difficult it was to find good deals on the market, deals where they can profit from after the property is sold. The real roadblock in real estate sales for these investors is probably a result of their unrealistic estimation of their property's value. Seriously, homes are just too way overpriced for what they are really worth. Here's the truth. Property prices are dropping across the board, more in some areas than others of course. Thus, prices are being marked down on a daily basis. Great news for buyers! But what does this mean to investors who purchase and flip homes when it is time to sell the newly renovated property?
Sellers have to price properties at a reasonable, yet still at a profitable price, in order to draw potential buyers in to seal the deal quickly. This is THE key question that each seller has to ponder when it comes to selling one of their properties.
With the federal $8k grant, first-time buyers are key targets for any seller. There is a niche there. The biggest issue, however, is to get buyers to want to buy your property. To help you seal the deal on your home, consider the following questions. When you a cheap property, you are looking to secure profit after it is sold, right? Well, have you considered that buyers are rationalizing their purchase of your home the same way? They are not looking to purchase a home where the value will decline below their monthly mortgage. Lenders wouldn't want that either.
Thus, the challenge for you really isn't about finding a buyer. The challenge is for you to sell your properties a price that matches the objectives of the average homebuyer. With prices as low as it is on the market today, you can make a profit (big or small) simply by making sure that you purchase your deals that the very lowest price possible!

Reverse Mortgage Appraiser Changes by Robert Griffin

The Home Valuation Code of conduct that went into effect on May 1, 2009 may create the potential for an increase in the number of unethical appraisers. This is because of the legislation puts the burden of order appraisals on the lender who will look into choosing appraisal companies that offer the lowest prices and those on which they can rely to return favorable results. That means doing whatever they deem necessary to make a deal work even if the appraisal is substantially lower or higher than the home's true value.
Appraisers feel the legislation is causing them to lose money because they are doing more work for less money. In addition they are also put on the spot because in order to keep their employment they have to make sure the appraisals allow the lender to make the right deals with the consumers in order to keep the deals flowing. If the appraiser charges more than other appraisers and doesn't attempt to meet the needs of the lender he is liable to lose to other appraisers who are more willing to do what it takes to keep business flowing.
This legislation that was intended to help with inflation within the appraisal industry is causing more problems than it solves. Money is a strong tool within the real estate industry, especially within the reverse mortgage industry. There is a need to provide the lender with the figures he wants in order to ensure continuous work from that lender. This puts an immense burden on the homeowner as well as the lender because both of them are expecting an honest evaluation and this doesn't always happen.
With the lender being able to contract with the appraisers there is also the potential of having an appraiser unfamiliar with the area turning in appraisals. Even an area only 50 miles away can make a big difference if the appraiser who is hired to perform that appraisal is not familiar with that region. There was a case published in Florida where an appraiser came from 44 miles away and appraised a property at $70,000 below its market value because he was not familiar with that area or the market value of the homes.
Because of the potential detrimental effects of this legislation some people in Washington are looking to have the bill set aside until 2011. Whether that is likely to happen is unknown at the present time since lenders have been ordering appraisals since earlier this year. The effects are not just on reverse mortgages but also on conventional mortgages, both of which rely on appraisers to perform an honest evaluation of a property. With the current real estate market and homes in some markets not increasing in value (and some losing value) it is more important than ever for homeowners and lenders to be able to depend on an honest appraisal of any property whether in a conventional mortgage or a reverse mortgage.
The owner of Griffin Financial Mortgage LLC, based in Fort Worth, Texas, his memberships include the National Association of Mortgage Brokers (NAMB), the Mortgage Bankers Association (MBA), the National Reverse Mortgage Lenders Association (NMRLA) and the Better Business Bureau (BBB). Robert Griffin is also co-author of "62 Senior Moments." If you would like more information, please call (866) 683-3690 or visit Senior Reverse Mortgage

What Is Bad Credit Second Mortgages? by Graham McKenzie

Since bad credit second mortgages require specialization, it's beneficial to you to know the basic facts before you begin asking for advice.
What is a Bad Credit Second Mortgage?
A bad credit second mortgage is a second mortgage designed specifically for people with a bad credit history. It is also called an adverse second mortgage, and is taken out on previously mortgaged property. A second mortgage is usually taken out to allow the borrower to raise finances for projects or pay off other debts.
Is an adverse credit second mortgage my only choice?
That depends largely on the project you have in mind, and what you need to achieve it. If you're looking to raise capital, a second mortgage could be your best option. You don't need to mortgage the full value of your property-you have the option of specifying how much you want the mortgage to be for. Also, if your credit history has in the past prevented you from taking out loans, then you definitely want to consider an adverse second mortgage.
How will I know if I have an adverse credit history?
The most telling sign is being rejected for a loan or a credit card. Rejections usually mean that your credit history has been run by the company and does meet their requirements for a safe investment. If you have a number of store credit cards, or you have failed to make payments on your credit cards or loans, this will reflect badly on your credit. If you suspect that you have bad credit, order a credit report, and if it turns out to be the case, then you may need specialized financial options, such as adverse second mortgages, in order to help you straighten your finances out and solve debt problems.
Will it increase my debt?
If properly used, a second mortgage can reduce debt. If the money is paid onto existing debts, and monthly payments on other debts, such as your two mortgages, are regularly met, you should see a stabilizing of your finances. However, a second mortgage draws on your house for security, so you must be sure that you keep up with the payments.
How can I find out more about adverse credit second mortgages?
At this point we come back to the fact that second mortgages, particularly adverse second mortgages, are a specialized area. They should only be taken out if you deeply in debt, and it is best to talk to a qualified professional before taking any steps. Mortgage brokers, with their experience in the field, can assess your financial situation and advise you how best to remedy it, by recommending products that will help keep your monthly payments low. They will make it as plain as possible that it is necessary to be serious about dealing with your debt, and they will do everything they can to help you plan the best way to use the money raised by a bad credit second mortgage, to eliminate your bad credit history and give you a fresh start.

The Rise of the Credit Crunch by Josh Harmatz

I get a lot of questions as to why it is so hard to get a loan. So, here is the brief background on the situation from a global perspective.
The term "credit crunch" might have been a foreign concept a year ago, but that is no longer the case with today's financial market crisis. A credit crunch is also known as a credit squeeze, finance crunch, or credit crisis. In a credit crunch, the general availability of loans is reduced and the conditions to acquire a loan from the banks are tightened. The credit crunch stemmed from U.S. mortgage companies giving loans to individuals with poor credit records. The lending conditions were very lax, and just about anyone could qualify for a loan. People took advantage of this, borrowed cheap money and bought properties. This created a huge debt bubble and these debts were sold to financial institutions around the world. In turn, these financial institutions sold these debts to different pension and hedge funds. These institutions eventually suffered great losses. The credit crunch is now on a global scale. Today, banks are now reluctant to lend money to individuals or to each other. Furthermore, investors are becoming suspicious of the stability of the financial sector. This means a decrease in mortgage-related investments. The crisis affects the consumers the most. Banks and other financial institutions are reluctant to lend simply because they are not sure of the health of the financial sector. Mortgage companies even find it difficult to lend to borrowers with good credit histories. They become nervous with the simple act of lending. They become choosy. For those who are fortunate enough to qualify in their rigid conditions, they charge higher rates of interest to cover their risk. The credit crunch brought about many home foreclosures. With a large number of homes in the market, prices are dropping. Because of the soaring borrowing rates, good value mortgages are hard to come by. The struggle in the mortgage market caused confidence to fall. As a result, stock markets have dropped dramatically. There is no doubt that the credit crunch has caused the decline in the housing market and, ultimately, the global economy. The crisis, however, is far from over.

40 Year Mortgages Can Lower Your Payments by Brian G.

The mortgage industry has introduced a new loan called the 40 year mortgage. This mortgage can lower your payments and make a home more affordable. There is one key factor that will determine the benefits of a mortgage of this length. The length of time the homeowner plans on staying in the home.
First, people look down on a 40 year mortgage because of the extreme length of the loan. Most people only stay in a home for an average of 5 years, so the term of the loan really does not matter. It is doubtful that anyone would actually stay in a home for 40 years and have to pay the extra interest. This loan might make sense for someone that does not plan on staying in a home for very long and has no plans for building equity in the property. The monthly savings could be substantial.
Currently, interest rates are very low, and 40 year mortgages typically carry a higher rate than traditional 30 year mortgages. The buyer must shop around to see if a longer term mortgage will actually save money compared to a traditional loan. If rates are climbing and the buyer needs a lower payment but wants to stay in the home long term, then the 40 year mortgage could be obtained with the intent to refinance into a traditional 30 year at a later time.
Remember, mortgages are an ever changing product. If the current loans on the market do not meet the buyers needs, there may be some other undiscovered loan that may do the trick.

Debt Consolidation Information To Get You Started On The Road To Good Credit Again by Daniel Major

What should you do when you find yourself drowning in debt?
Well the first thing is, try not to worry yourself into an ulcer. It took a while to get into this situation and it will take a while to get out of it again.
Probably the best place to find information is the Internet. You can do a search for the term 'debt consolidation information' and you will find many websites containing excellent information.
Your next step should be to gather all of your bills together and make a list, with those debts carrying the heaviest load of interest at the top of the list. These can include credit cards of various types.
One of the problems people run into when they are in debt is not knowing exactly how much they owe, so compiling this information is a vital step toward a healthy credit rating.
There are several ways you can go about repayment of your debt. The first method is simply paying back as much as you can on a regular basis -and this can be a successful way of doing things but not for everyone.
You are probably better off if you work with a credit counseling firm that is experienced in working with credit card companies and other debtors. They have debt consolidation information that you may not be aware of.
For example, many of us do not know that a credit card company will often agree to write off a percentage of the principal that you owe. They understand that it is to their own best interest to accept a portion of the principal rather than a whole lot of nothing.
When you're looking for debt consolidation information, look into companies that offer all possible options for repayment, whether it is simple consolidation, such as a credit counseling firm does.
Another option is the home equity loan. You can apply to your mortgage lender for that portion of your equity which will then be used to pay your debts in full.
This may not be an option for everyone and you should think carefully and explore all your other options before choosing this one. This is not a 'money for nothing' type loan; your house payment will probably go up, and there are fees associated with loan processing and closing costs.
It is certainly worthwhile to look into a home equity loan, as this may be a viable option for you.
Debt consolidation information will vary from website to website. Take your time and weigh all of your options very carefully. You have taken the first step on the road back to good credit.

FRINGE BENEFITS OF MYSTERY SHOPPING by MEL OTERO

Mystery shopping provides extra cash, products and services and so much more. The flexibility of mystery shopping appeals to students, stay at home moms and full time workers that need some supplemental income. Because you are an independent contractor (the boss), you can select shops convenient to your schedule. This flexibility provides freedom not found in traditional paid hourly part time jobs. You can also benefit from products and services that are a part of some shops. How about having the carpet shampooed, plumbing repairs completed, and oil changed in the car. There is reimbursement for numerous meals ranging from fast food to fine dining and some of these shops include a small fee in addition to the reimbursement. The best cash producers are banks, financial institutions, apartments, assisted living facilities and new car sales. Obviously you would not purchase a car or lease an apartment.
What are some of the other benefits? You can actually have fun doing the job. You may have a shop that sends you to the mall to evaluate a clothing store and make a small purchase. You may evaluate a coffee shop and have the satisfaction of knowing that the cost of the special coffee and pastry will be reimbursed. It tastes even sweeter!
Mystery shopping can be educational. By doing evaluations at financial institutions, you can learn a lot about investments. You can be educated on the differences between fixed annuities and variable annuities and the advantages/disadvantages of mutual funds.
There is the added benefit of doing an evaluation when the customer service was excellent. You know that the employee will be recognized for their good performance. Some shops are actually used as a part of determining bonuses for employees. It's a good feeling to know that you have been a small part of a good thing. On the other hand, if customer service was less than stellar, your evaluation may be a small part of re-training or replacing that employee.
Overall, mystery shopping is a great way to make some money, get some freebies, learn some things and do some good.
Mel Otero has worked for over 25 years in the mortgage banking and title insurance industries and for the last five years has also done part time mystery shopping. She has recently focused on web sites providing information and resources to help with the struggle during these difficult economic times. Mystery shopping can provide an excellent source of part time income while waiting for a new job or to supplement reduced incomes.
MORE INFORMATION AND HELP:
http://www.homebusinessideasnow.info
http://www.squidoo.com/makemoneybyshopping

Loan Modification - What is It? by Sean Yost

Early in 2008 we began to hear rumblings of a coming recession in the United States. We were told the main culprit causing this recession would be a major fall in the housing market. Citizens were warned they were in for a double whammy if the recession did indeed take hold. Hit number one was if they bought at the top of the market without putting 10-20% down their homes would be worth less than their mortgage loan. The second is as the economy has grown steadily worse many have lost their jobs making any mortgage payment difficult. Many programs have been instituted by the U.S government to help reduce the effects of this economic recession. Designing the "make home affordable" loan modification plan is one such effort. This was just one part of a broad economic stimulus plan enacted in early 2009. Lenders were offered incentives within these plans to make it attractive to re-modify mortgages and reduce foreclosures. This was aimed at keeping people in their homes and keeping the banking industry solvent. The incentives provided allow lenders to modify loans for qualified borrowers without losing money on modification, or at least not as much as they would if they allowed the home go into foreclosure. These loan modification programs first identify if the applying borrower is qualified for the program, then restructure the existing home loan to make it affordable. Avoiding foreclosure is the win/win in this scenario. Stricter rules are enforced regarding debt to income ratios for applicants in the program. This used to be a standard ratio but sensible credit practices all but disappeared in the recent housing boom. Once the loan modification application is approved, the borrower will save on their monthly payments by enjoying a reduced interest rate, possibly dropping as much as 2% as well as the term of the loan being extended as much as 40%. The program hopes to provide a safety net to homeowners who took a bad loan or lost their job as well as support the banking industry in hopes of shortening the recession. If a new mortgage is in your future be sure to check out Fixed Rate Mortgage Quotes Today

Foreclosure Stop Information - Stopping Foreclosure is Possible by Terry Robinson

If you're like most people, your home is your biggest investment. So when you are facing a foreclosure and the prospect of the loss of your home, you risk losing your biggest investment. Don't wait until the day before the sale if you want to stop foreclosure. If you have questions about foreclosure or bankruptcy get legal help so you know your options available to stop foreclosure as soon as possible.
If you've lost your employment, recently gone through a divorce, encountered a medical illness or other setback it's not unheard of to fall behind on your bills. But when you fall behind on your mortgage payments, property taxes, or homeowner's association dues, then the mortgage company, taxing authority, or homeowner's association can take aggressive steps to collect the debt. The most powerful tool to collect such debts is a foreclosure proceeding.
A foreclosure proceeding is a legal process by which a secured lender, be it a bank, financial institution, mortgage company, secured lender, taxing authority, or homeowner's association can terminate your legal rights or other interest in your home or other real property. The secured party then sells the property at a public auction and the proceeds go toward the debt. Depending on what state you live in a foreclosure sale usually takes place at the same time or date every month.
In a foreclosure proceeding, the homeowner has no control over the auction or sale proceeding. More often than not, the homeowner stands to lose their equity and more if the property goes to foreclosure and sells at the auction. Even when there is no equity in the property, a foreclosure sale is rarely in the best interests of the homeowner because if the property sells for less than what you owe (and it usually does), then there is a mortgage deficit, which you could still be on the hook for.
If you don't have the money to bring the loan current but you want to keep the property, you may still have options. The first option should be to contact the mortgage company to explore any programs they might be offering, such as a workout or forbearance agreement. Assuming you have already missed several mortgage payments (which is why you are in foreclosure) and you can't afford any of the options the mortgage company is offering, if any, then filing for bankruptcy may be the best option to stop the foreclosure.
Every month, tens of thousands, stop the foreclosure sale and save their homes by filing bankruptcy. Filing a Chapter 13 Bankruptcy allows a homeowner to catch up their missed mortgage payments over 3 to 5 years depending on their situation. If you file for Chapter 13 Bankruptcy to stop foreclosure, your property doesn't necessarily need to have any equity in it. However if it does have equity, you won't loose it. Many people are reluctant to file a bankruptcy because of the stigma that the media and culture have associated with it. Filing for Bankruptcy is not a criminal act and should be considered a business decision and not a moral or fashionable one. Many famous people have filed bankruptcy to save their property, reorganize, and get a fresh financial start. So if you are facing foreclosure and the prospect of losing your home, you can stop the foreclosure by filing for bankruptcy. Chapter 13 Bankruptcy was designed to help people facing loss of property and may be an option for you if you are in foreclosure. If you have disposable income and the bankruptcy means test determines you are eligible to file, and, you haven't recently filed a previous case, Chapter 13 Bankruptcy will definitely stop the foreclosure, allowing you to take 3 to 5 years to repay your past due payments. There's a catch, however. The debtor must keep current on all future mortgage payments. Failure to meet just one future payment is enough to throw the debtor out of Chapter 13 protection. That being said, Chapter 13 Bankruptcy isn't the only way to deal with foreclosure, but it is certainly an option that is based on your disposable income, and not what the lender or party foreclosing demands you to afford.
When your home is up for foreclosure, you probably want to know your legal options on how to stop foreclosure and keep your home. A Bankruptcy Lawyer can help you to determine if Chapter 13 bankruptcy is an option for you to stop the foreclosure. If Chapter13 Bankruptcy is not for you, they may be able to provide assistance in negotiating with your mortgage company, taxing authority, or homeowner's association so that you can save your home. They may also be able to assist if your home is being wrongfully foreclosed. If the mortgage company didn't follow the foreclosure process correctly, you may be able to file a wrongful foreclosure action or temporary restraining order. Once a foreclosure proceeding begins, the mortgage company is required to provide you proper notice of the sale as well as give you an opportunity to dispute the debt. In some cases the procedures for foreclosure are not followed correctly and can provide a basis for stopping the foreclosure sale.
If you choose to allow your home to sell at the foreclosure sale, and the foreclosure sale brings more for your home than the mortgage balance, taxes, liens, and any other foreclosure costs (which almost never happens), you will be entitled to those proceeds. More often than not, the property sells for much less at the foreclosure sale and the sale doesn't bring enough to pay any outstanding mortgage balance, taxes, costs, and liens that may be on the property. If that happens, there will be a mortgage deficiency, and you will be responsible for paying that deficiency, even though you won't own the house anymore. You may be able to file for Chapter 7 Bankruptcy to eliminate the mortgage deficiency.
Many people facing foreclosure wait until the last minute to get help. Like most things in life that go until the last minute you eliminate some of the options you could have taken. In other words, the sooner you get help with your foreclosure, the more options you will have. Contact an attorney in your state that regularly handles foreclosure and bankruptcy to determine all the options to save your home. While there are a lot of great self help books and free information available online, nothing really compares to a live person with years of experience. Most lawyers offer a free initial consultation so it only makes sense to get informed by a professional. Don't let your home be sold.

Loan Modification Vs Foreclosure - The Answer May Surprise You by Lindsy Emery

A lot of people are having a great deal of difficulty paying their mortgages these days. If you are one of them, there are two things you can do to help yourself and you need to decide which is best for you: a loan modification or foreclosure. How do you decide what one to pick?
Fortunately you don't have to think about this too long because the answer becomes clear when you know the facts. Foreclosure has many disadvantages and just the mention of its name makes people cringe. No one wants to have their house foreclosed but some people are having a hard time avoiding it. A loan modification can help homeowners avoid this.
Foreclosure has a very negative effect on your credit rating. If you have not yet considered this, a foreclosure will virtually eliminate any possibility of getting another mortgage later. A foreclosure will be on your record forever and future lenders may be wary of dealing with you.
Foreclosure should be your last option and can be avoided with a loan modification, but there are many more reasons to consider a loan modification. A modification has many benefits and if you are able to secure one, you will be happy with this decision.
A foreclosure means you lose your home and there is no way you can get it back. A loan modification lowers the amount you pay each month so you can breath a littler easier. This is possible if you work with a loan specialist who can change the terms of your loan.
In the beginning you might have been able to cover your payments easily. Over time you began to face more difficulties and making your payments got more and more difficult. If this is what has happened to you, you need to get a loan modification. Don't even think about foreclosure if you can change the terms of your loan before things get out of control.
In short, you need to wait and let loan modification specialists deal with your loan. There is much to learn about modifications but in the end the final results are lower payments and less financial stress. You have the option of having your interest rate lowered or you loan extended, but there are some factors that will determine what actually happens.
In summary, it really isn't a decision at all. Foreclosure should never be considered if there is any way a home loan modification could be done.
It is not very hard to decide between a loan modification and a foreclosure. Foreclosure presents many disadvantages so it should be avoided at all costs. Loan modification is a much more positive way to deal with financial difficulties.

New Book: A Chinese Economist's Journey by Dr. Fengbo Zhang

Now that the whole world is watching China, there is a need to deeply understand its economic development and progress. In relation to this, author Dr. Fengbo Zhang's new book truly recording China's economic policy-making process gives the valuable guideline to predict the future of the Chinese economy.
A Chinese Economist's Journey truly recorded author's legendary life. Author's legendary life for helping China's top policy-making is an excellent reference guide in understanding modern China and the future of economic reform.
He has been intruding western economics, helping the Chinese top leaders in policy-making leading China's economic research since 1980s. He represented top Japanese companies for the rapid investment boom in the USA in 1990. In the world's largest Bank, he defeated World Financial Storm, also experienced 9/11 tragedy. Now, he continued success during the USA mortgage crisis at Citigroup. He He has published more than 10 books, currently is regularly invited to speak to Chinese government and business leaders.
BOOK CONTENTS
Chapter 1 Searching the Truth for 20 years
Eastern Journey to Japan / A Wonderful Life / Moving Towards a Worldwide Perspective / The Silver Lining / My Return to a Changed China / Defeating World Financial Storm
Chapter 2 Medias Reports
In Major Medias / China Daily / Beijing Daily
Chapter 3 9/11 Experience
The Day the World Remembers / To Greet the New Era
Chapter 4 USA Mortgage Crisis
Perspective on the USA Sub-prime Mortgage Crisis / Comments by Xinhua News / Comments by Major Medias / Success during the Mortgage Storm
For more information about the book, visit: http://sites.google.com/site/fengbozhangchina/ Author http://fengbozhang.googlepages.com/

Learn Real Estate Investing by Shawn B

If you would like to learn real estate investing, one strategy that can be profitable is investing in foreclosures.
All the details for foreclosures that you may need to know can be a very complicated process. In case you don't quite understand what a foreclosure is, here are some thoughts to bring you up to speed.
Let's say you have purchased a property after receiving a loan from the bank or mortgage specialist, etc. Out of the blue, you are not be able to pay back the basic loan and the interest as well. The bank will give you time to catch up, but if this can not go through and the agreed-upon date is past, they will take your home and sell it.
Many banks will not take an interest in the selling your property. They will at times not over-exert themselves to make a profit as they just want to break-even and get their money back as soon as possible. For this reason, many knowledgeable investors will wait to buy these kinds of houses at the lowest price. Foreclosure is what they call this entire process.
An investor can still receive a large profit with foreclosure property. Here are some good tips that you should know:
1. Investors need to plan and execute. Visiting the courthouse once to two times within a week to know who has defaulted on the property loans is the first step. You must then try to find the defaulter's contact information and reach them to let them know why you are interested in buying this property. They may not agree with the offer given. Stay calm and explain the whole situation/plan. Let them know if they are not willing to sell their property to you, they very likely will lose money.
2. If you offer a larger discount on your fees, they may take more interest in selling the property. Your deal should be worth while. After purchasing the property, you can resell the home for a higher price than you have invested on it. This could be largely profitable for you.
3. Investors look for ways to earn a higher price from each property. As an investor, if you feel as though you have not succeeded, do not worry. There are multiple foreclosure property dealing procedures available. Try, try again.
Apart from all this, investors who have had experience in the foreclosure property business have found it much more profitable than regular property businesses. Foreclosures are easier and only money matters in the business. The more you are willing to invest on your discount packages, the more you will earn in the end. Foreclosure investors say to be active and with the ability to explain the subject matter this will help. Remember, foreclosure property can earn you money quickly if you concentrate and work hard within the foreclosure investment business. Keep in mind, keep on expanding your knowledge base of real estate information by reading information online, whether free or purchased. There are goldmines of information available; keep on learning.

Rocky Mountain Real Estate by Dannie Jensen

We know that Colorado is known for Rocky Mountains. But does the Colorado real estate rock as well? Though Colorado real estate doesn't rock that much, as per the statistics (and when we compare Colorado real estate to others like Florida real estate or California real estate). However, there are people with contrarian views as well. And believe me, contrarian views do sometimes get huge profits for you, because in such circumstances you will generally face lesser competition from other real estate investors and you can probably get a Colorado real estate piece for much lesser than it actually is worth. However, we are not saying that Colorado real estate has performed badly. Though I don't remember the exact statistics but Colorado real estate appreciation was about 5-7% only which is much lower to 25% or so for Florida real estate. Again, when we say 5-7% appreciation in Colorado real estate, we are talking about the state in general. So, it's quite possible that there be regions in the state where the real estate appreciation is say 25% and there could be places where there has been no appreciation in real estate. The opportunity is always there, the only thing you need is the art of finding the Golden deal in this Colorado real estate market.
When assessing Colorado real estate you must take into consideration various factors e.g. you must assess the overall economic indicators and check what effect it can have on Colorado real estate (both in the near term and in the longer term). You don't need to be a financial analyst or a real estate guru for doing this assessment, you just need to keep track of various news items and analysis reports on Colorado real estate. Also keep track of the mortgage rates and laws on tax breaks (as applicable to Colorado real estate). All these factors influence the trend of real estate anywhere (not in just Colorado). Moreover, you will need to hunt for Colorado real estate opportunities by going to public auctions, foreclosures, teaming up with attorneys for information etc. Again, remember that a not-so-good news about any real estate (be it Colorado real estate or Florida real estate), doesn't mean that real estate investment won't make sense at that place; in fact, it might cut down the number of competitors you have.
So, if you feel that Colorado real estate doesn't rock; you can probably make it rock for you. There always are plenty of opportunities.

Learning About the Loan: A CT Mortgage Article by Scott Belan

A Connecticut mortgage broker is something of a matchmaker when it comes to the real estate relationship, bringing mortgage lenders and borrowers together for a mutually satisfying transaction. The role of the broker includes stepping outside the specific offers from lending institutions to take on objective view of what each one offers and how best to meet a financial requirement from a borrower. Brokers earn money from commissions that lenders pay them for arranging mortgages. Commissions can vary according to the lender concerned.
The objectivity of the broker is important. If there are any obvious signs to you as a buyer that the broker is insisting on a product that is less well suited to your needs, it may be that the lender has increased the mortgage broker's commission in order to win more clients. It's far better to have a broker who is enthusiastic about a solution, because he or she is convinced that it is the right solution for you. Use your intuition to gauge your feelings on the matter; you are likely to be able to tell if it's one case or the other.
The integrity of the broker is key as well. Sometimes a lender will pay a fee on your behalf, on condition that the mortgage deal is signed. Such fees may be referred to a "POC" or "Paid Outside Closing". They should be visible on your closing statement, but may transit via the mortgage broker as a refund to you for expenses that you incur, In this case, check your statement and if you have not received sums due to you from this kind of reimbursement, ask your broker when you will receive them.
However, mortgage brokers do bring additional information and clarity to the process. Among other things, they are bound by RESPA (Real Estate Settlement Procedures Act) to make full disclosure of any fee that you will be liable for, if you sign a mortgage contract. This is in contrast with broker banks that do not have the same obligations. As an example, a broker bank may add a fee called a yield spread premium to the interest rate of a mortgage that it is arranging for you. This additional fee can cost you tens of thousands of dollars over the lifetime of a mortgage, if you are not aware of its presence.
Mortgage brokers, especially the independent ones, understand that a customer, meaning a borrower, needs to be satisfied with the service that they provide. Many of them go to considerable lengths in the way that they prepare and follow up on your application, because they know that a happy customer will talk on average to two other people about their experience. In a service industry, where the Connecticut mortgage broker does not has an "own product" to sell, quality of service and good reputation are paramount for the broker to continue to build a practice and acquire a satisfied clientele.

What is the Perfect Short Term Financing Loan? by Alfred Baldwin

The estate market is a continuously evolving beast. As markets change, so do the sorts of loan products that become available. One of the so called'specialty' bad creidt loans that is growing in renown is the'bridge loan.' However, before making a commitment to this type of loan, it's important to grasp the basics. And as significantly, who this group is best suited for. So, with that having been said, what exactly is a bridge loan and what can it do for you? A bridge loan is simply a short-term loan used by an individual ( or business ) who needs a fast cash infusion till permanent financing can be accomplished. A bridge loan, sometimes called a swing loan or gap financing, is often anticipated to be repaid awfully quickly . Most bridge loans have a term of about half a year to one year. When would someone need a bridge loan? Bridge loans are commonly used by potential home purchasers who are ready to buy, but who haven't yet sold their present home. When the housing market is booming and homes are selling within days or weeks of being listed, a bridge loan makes little sense. But what about those times when the housing market seems to be moving along at a more reasonable pace? Imagine, for instance, that you find your perfect home. You are raring to purchase it, apart from one major setback : you must sell your current home first. In the meantime, you can snatch up that dream house by making an application for a bridge loan. A bridge loan can allow you to pay off the mortgage on your current house, or gather enough money to make a down payment on your dream house while you wait for your current home to sell. In hindsight, the opposite situation would be perfect : selling your home, and then finding your perfect home. But since life, and especially issues of personal finance, aren't always ideal, a bridge loan is an acceptable option for anyone who reveals themselves caught between. The terms of a bridge loan can vary widely. Some types of bridge loans allow you to completely pay off the mortgage on your current home. A reasonably characteristic bridge loan might work as the following : the bridge loan is used to pay off the mortgage on your current home, and the rest of the cash is used to make a down payment on your new home. In this type of eventuality, closing costs and half a year of prepaid interest are normally subtracted from the loan amount. If the first home isn't sold after a period of half a year, the borrower is usually allowed to begin making interest-only payments on the bridge loan. When the first home is sold, the bridge loan can be paid off in its totality, with any unmerited loan charges credited to the borrower. Be warned that using bridge loans in this way-to span the disparity between 2 separate transactions-can be pricey. Bridge loans frequently come with high costs, so make sure you understand the terms of your loan before signing. Also, be ready to face the possibility of having to pay the identical to three mortgage payments ( your current house, new house, and the quantity of the loan itself ) till your home is sold. Before even considering bridge unsecured personal loans, talk to your real estate agent. Find out how long homes in your houses' price range are taking to sell. If the housing market is so slow that you predict your home to remain unsold for many months, a bridge loan might not be such an excellent idea. Bridge loans are also ordinarily employed in property investing. People curious about making an investment in real estate, but who may not have access to conventional loans, can employ a bridge loan to make the purchase. People who use bridge loans might be unable to be accepted for conventional loans due to credit problems. Therefore, many bridge loans are frequently available through non-traditional lenders, who offer interest rates ranging from fourteen to 20 p.c. These lenders frequently also charge 'points', or fees, on these loans. One point is one p.c of the total loan amount. Because these lenders are not as engaged with credit histories as standard lenders, bridge loans are much more accessible, though also much costly. Bridge loans supply a fast and comparatively straightforward way to get a fast money infusion. But also they are laden with higher than average charges and interest rates. The best advice regarding bridge loans is also maybe the most simple : do not use them unless you really have to.

Flipping Real Estate: 10 Reasons Why They Fail by Toly Zharkikh

From 2002 to 2006 real estate was such a lucrative business with the generous availability of loans and so much speculation that home prices would trend up forever. In today's market, they buying frenzy is long gone and real estate became a very tricky business, made so mostly because of the high transaction costs and how long it takes to sell a home. But never despair, you may be losing out on a great opportunity by sitting on the sidelines. There is always money to be made in real estate, even in a recession. You just have to avoid making these common mistakes:
Have a Plan - Are you flipping or planning on renting out the property? These are very different investing styles and the type of property you buy depends on what you are planning to do with it. For example, I have found that for tenants, the number of rooms is very important. The more the merrier. However, for home buyers, quality is much more important. For example, you should have quality materials especially in the kitchen, focus on the overall look and feel of the home, and be sure to have the amenities like a master bath, a spacious backyard, central air, and a backyard deck. If you are looking to make a quick flip, you have to get a phenomenal deal on your home to make any decent profit. Don't even bother looking at the mls. You have to use unconventional methods to find a killer deal. Search for homeowners who are at risk of having their home foreclosed, find out how much they owe on their home, and negotiate a deal that will benefit you both. A good website that lists homes with defaulted loans is foreclosure.com.
Thoroughly Analyze the Property and Its Neighborhood - Look at how the home compares to similar homes in the same neighborhood before you even think of placing an offer. Your realtor should bring up a list of recently sold comps so you can find out how much you can expect to sell it for. If you want to become a landlord, look up your local classifieds listing for similar homes for rent in the same neighborhood to see how much you can charge for monthly rent. You can also research your neighborhood rents on craigslist.org and rentometer.com. Always make sure that you can rent out your home for more than your monthly mortgage payment.
Do An Inspection - It costs $300 but you can avoid some very costly mistakes by having an expert look at your home, especially if the home you are buying is older than 20 years. There are so many things that could be wrong with the house and you won't even discover them until you begin remodeling. For example, if you discover extensive dry rot damage, that could cost tens of thousands of dollars to replace. You are better off spending the $300 and not getting involved with the property at all.
Create a Realistic Timeline - This could be the most challenging step in creating a plan to fix up and flip a home. We are always optimistic about how fast we can perform certain tasks and don't account for unforseen circumstances. When creating a schedule, give yourself plenty of time to finish the task. Then when you are done planning, you can expect it to take about 50% longer than you anticipated. No matter how hard we try, something will always happen to put us behind schedule. It's a fact of life so plan accordingly.
Budget Yourself Generously - Just like the timeline, there will always be hidden expenses that are unforseeable when planning your flip. You want to have a sufficient emergency fund just in case. Keep in mind that every time you buy a house there will be closing costs (3%-4% of the value of the home) and when you sell you pay your realtor's commission (6% of the sale price). And don't forget your carrying costs, which are your mortgage payment, warranty, and insurance. The longer you hold your property, the more you pay in carrying costs. You can never anticipate how long it will take to sell or rent your home so pretend that you will end up holding your property at least 3 months longer than you originally planned.
Know the Limits of Your Ability - Most newbie flippers try to save money by doing everything themselves. You may be able to get away with it if all you need to do is clean up, paint, and patch up small holes in your drywall. However, if you have no experience framing a room, plumbing, or stretching carpet, it's best to leave the heavy lifting to the pros. Otherwise you might end up wasting a lot of time trying to do it yourself and then having to hire an expert to fix what you've done. It's a good idea to get to know a handyman you can depend on. Use Job Bullet to find a contractor to do the work you need.
Have a Backup Plan in Case Things Go Wrong - If this is your first time flipping, do not quit your day job. You must have something to fall back on if for some reason your flip fails. If it's winter and the real estate market is in the dumps, then consider getting month-to-month tenants to help you with the carrying costs until you find a buyer. Or if you can put off selling your home for a few years, get a permanent tenant to move in so you can wait out the hard times and get top dollar for your property.
Don't Abandon the Property - Whether you are selling or renting, it is always important to maintain the home and make it look like someone is living there. If it's in your budget, get a staging company to come in and spruce up the appearance of your home. It will attract more offers from buyers because they can actually picture themselves living in that home. This is not as important for rental units, but it will help you find good tenants if you don't let your property go.
Don't Be Too Aggressive With Your Ask Price - A good rule of thumb when selling your home is to list the asking price 5% below the fair market value of the property and your realtor can determine that for you. That will get many more eyes on your home and you will receive multiple offers faster. With a competitive bidding process in place, you have a better chance of receiving an offer that is at or above what you initially wanted for the property. It is also a good idea to accept any offer that is reasonably close to what you want for your home. If you decline an offer simply because it is a few thousand dollars lower than you want, you are running the risk of holding out for less money. Carrying costs will eat away at your profits every month and in this economy you have to take what you can get.
Get Help From a Realtor - Trying to save money by not using a realtor is a big mistake. Over 90% of home buyers use the mls in their home search. So if you are not using a real estate agency, you are missing out on a lot of exposure. Your first priority when selling an investment property is selling it fast because of high carrying costs. Talk to your friends who have successfully sold a home and find out who their realtor was.
With so many great bargains left over from the real estate collapse now is the safest time to invest in real estate. Since banks have tightened their lending standards, the rental market is unbelievable. You can fill a vacancy in just one week! It's a sure win strategy to buy a rental now, hold it for 5 years, and sell at the next real estate boom.

The Truth Behind How To Make Money Being Online by Ben Cross

So you require to ditch your corporate cubicle and join the ranks of muddle workers and make money being online? But you assert a mortgage, maybe a dependent or else two, and a taste on behalf of Venti Mochas from Starbucks? You can variety money in the sphere of the different cost-cutting, though it might not subsist because effortless or else cushy because keeping your old cost-cutting appointment.
Im not chatting not far off from advertising or else promotion your rubbish on eBay. Folks are so only remaining millennium! Im chatting not far off from the different different cost-cutting.
Making money being online does not necessarily assert to subsist grim. We assert all arrive across folks offering us opportunites to variety money online from the comfort of our own homes. Is this on the cards though? Can we operate a not many hours a week and variety as much as necessary money online to live a comfortable life? Or else are we purely wasting our period and labors even attempting to succeed by this.
Assert you read the amazing claims with the aim of you can variety money online? With the aim of you can variety in excess of $5000 a week online? Can you really variety money online though! I wanted to get back passй, I was by contravention place, may well I variety money online? May well any person variety money online?
I searched intensely into the marketplace, to get back passй if it was in point of fact on the cards variety money online and variety a quantity of it.
Because likely, I came across a amount of folks who because I guessed, were offering schemes with the aim of had a very poor level of customer support and did not seem to custody if you in point of fact did variety money, they right wanted to take money from you, who needs this? Really? Not me, not you.
I looked deeper into this special appeal of making money being online from national, I didn't require to bequeath up, I really wanted to succeed, and I wanted to help other relatives succeed. We don't all need to subsist dumpy of money work out we?
Eventually, I did run to get back a few legitimate, sincere folks who vacant a few in a row. This came because a wonderful shock to me, It was in point of fact on the cards to variety money online. The folks of the money making websites had a wonderful help area who in point of fact responded to emails and operated of use handset systems, solely on behalf of you, to variety certainly you succeeded. They in point of fact vacant 60-Day-Money Back guarantees because well. I was impressed because well because shocked. I did run to have a word to a few relatives who long-established they made a quantity of money online with the methods wished-for by these special folks. I had succeeded with my goal to get back passй if it was on the cards to variety money online.
My goal was to get back passion if you may well variety money online or else if it was all scams.
The consequence was: You may well variety make money online and you may well variety a quantity of money online, if you found the correct funnel. With the aim of was the violent part of making money online, knowing someplace to start.
Needless to say, I did make money being online, later struggling to variety trimmings chance on on behalf of many months and I thank these folks on behalf of portion me variety money online.