Easy Loans Modification

JP Morgan Mortgage Loan Modifications Tips

2010-06-20T12:01:00.000-07:00

Many people still find themselves suffering from the after-effects of the global economic crunch. This resulted from forced lay-offs, pay cuts and job losses. Matters have not been helped by the soaring rates of mortgage payments and the net effect has been the massive defaults. Most people now face the probability of losing their homes to the lenders. Fortunately for you and many others, this article will give an insight into how one of the leading lenders, Chase Bank can help you out of the financial muddle.

For many who find themselves in financial mess, JP Morgan loan modification can come in handy. The conditions and the terms of approval for a loan modification by the Chase Bank are quite user friendly and all you have to do is to muster them so that you increase your chances of making a successful application. As a bank policy, a borrower is required to inform the mortgagor before they default. This puts the bank in a fine form to instigate free, candid and no-holds barred discussion with the borrower in an attempt to unlock their financial puzzle. The borrower is needed to have with them the bank statements for the last two months, pay slips plus income tax statements as well as a hardship letter.

Unlike many mortgage modification programs, the bank has a unique Foreclosure Rescue Program that aims at averting foreclosures before five days of the date by reviewing the customer file. Through the help of community groups, the bank is able to meet the borrowers at public places like churches and hotels. Through such efforts, borrowers are able to understand the bank's frantic efforts at saving their homes from loss by offering apt retrieval packages.

The bank has an initiative dubbed Project Lifeline which contains a unique package specifically tailored to homeowners who are 90 days behind their payments. As well as coming to the aid of sub-prime borrowers by way of refinance deals, the initiative has also rescued many homeowners who appear overwhelmed with repaying their loans for primary houses.

All said and done, making an effort to know a few tips will prove beneficial to a borrower.

Article Source: http://EzineArticles.com/?expert=Jason_Witts

CITI Mortgage Modification - Little Secrets You Need to Know

2010-06-09T04:54:00.000-07:00

It is frustrating enough to get your CITI mortgage loan modified. Once you get behind on your payments, it may seem like a nightmare. Understanding the internal structure of departments within CITI Mortgage is the key to fast and successful loan modification.

CITI Mortgage Department Structure

Mortgage departments within CITI may be best described as bull's-eye. The decision makers are located right in the center with supplementing services being on the outer rings. Once you call CITI, you are usually directed to customer service department located far from the decision-making center. CITI is known for changing department names frequently, but the department you will be forwarded to with all your modification questions is commonly called HAT, standing for Homeowners Assistance Team. Always note who you are speaking to, and what responsibility and decision-making authority that particular person or department has. Also keep in mind that the departments from the outer rings do not have a final say on your loan modification decision.

The CITI Review Process

While you may move towards the bull's-eye as your review process progresses, it is very unlikely that you would get a chance to talk to any of the decision makers. It may take up to three months for your application to get to the desk of a person authorized to make a loan modification approval decision. To speed up the process on your end always make sure that all documents requested by CITI are submitted in a timely manner.

While it takes long for your application to reach the decision-making officer at CITI, it literally takes them few moments to approve or deny your modification request. Approval simply comes down to a basic calculation of your income and expenses ratios and comparing them to loan modification guidelines. If you are among the lucky ones who get approved, make sure you follow through with all terms and deadlines as per your modification agreement. In case you fail, it may be twice as difficult to re-work your case, so make sure you understand all your rights and responsibilities set in your CITI agreement.

Options for Denied Homeowners

In case your application gets denied, it does not mean the end of the world to you. You may get denied due to insufficient data in your application or because of mistakes made in the process. CITI allows you to update your financial statement unlimited number of times. Therefore, you may need to start the process over again. Sometimes you can avoid the hassle of going through all the steps and be able to adjust your financial statement without losing your place in line for loan modification review. Make sure you follow up with CITI at least once a week until your modification is permanent.

Persistence Is the Key to a Successful Modification

Overall, CITI is not the worst company to deal with. It is known as one of the oldest and most stable financing institutions in USA, being able to offer a good amount of options to reduce your payments. However, it is your persistence and a clear sight of the goal that would help you to get your loan modified. Understanding the way CITI operates when it comes to handling modification applications is a great advantage to have.

Kate Ross has a Master in Finance and has been a university teacher as well as a financial consultant for years. She specializes in Unsecured Loans and also in helping people to get approved for Guaranteed Loans for Bad Credit among many other financial products. For further information, please visit SpeedyBadCreditLoans.com

Article Source: http://EzineArticles.com/?expert=Kate_Ross

Wachovia Loan Modification What Happens If You Are Turned Down?

2010-04-18T06:44:00.000-07:00

You are in default on your mortgage with Wachovia. You thought a Wachovia Loan Modification was going to be the answer to your problems, but for some reason your application was not approved. What happens now? What options do you have?

President Obama introduced his Making Home Affordable Program in February 2009, and Wachovia is a participating lender. They are on the Approved Lender List. Any banks or lenders that issue loans backed by government enterprises like Fannie Mae or Freddie Mac have certain stipulations they must abide by in this program. If they grant a loan modification through MHA, they must forgive the late fees and penalties. This is just one example.

Additionally, there are things that participating lenders like Wachovia must do before they foreclose on your property. Even if you did not apply for a loan modification, before they foreclose, they must evaluate your eligibility. They are required to make a reasonable effort to contact you regarding this matter.

If for some reason your application for a modification is rejected, you still have some options. Wachovia is required to consider you for some other programs within the spectrum of the government's efforts to curb foreclosures. HAFA is the newest tool that lenders have available to help homeowners. Home Affordable Foreclosure Alternatives (HAFA) begins in April 2010, and it is predominantly focused on short-sale options and deed-in-lieu of foreclosure agreements.

Wachovia has 30 days to consider you for this program, if you are turned down for a Wachovia Loan Modification. You have only 14 days to respond to their notice of your potential eligibility, so that they can satisfy their 30-day deadline. There are also some other programs the government has funded for the most economically damaged areas of the United States. These programs are specific to the locale, and they vary according to the needs of the homeowners and the particular plan created by the home servicers in that area.

If you are falling behind on your mortgage, click here to get the help you need to save your home.

Article Source: http://EzineArticles.com/?expert=Anna_Swift

Citigroup Loan Modification What Citigroup Can and Cannot Do

2010-04-17T12:26:00.000-07:00

Are you behind on your home mortgage with Citigroup? If so, this is certainly a stressful time for you and your family. The uncertainty and stress seem to take over your everyday life while you try to work out a solution. You may have heard about President Obama's Making Home Affordable Program. If you qualify, could you get a Citigroup Loan Modification through this government program?

The MHA program has been in existence since February 2009, and it will expire on December 31, 2012. During that period, it is estimated that 3-4 million people will have gotten loan modifications and saved their homes from foreclosure. Over a million people have already saved an average of over $500.00 a month on their monthly house payments.

Fortunately, Citigroup is participating in the program; they are on the approved lender list. If you meet the application guidelines of the government program, you can apply. You will apply directly to Citigroup. There is no governmental agency where you apply, although the Department of Housing and Urban Development (HUD) can assist you with counseling, if needed.

Citigroup can work out your mortgage problems through this program. They will receive a $1000 incentive for completing this mortgage modification for you. The loss mitigation department at Citigroup does have the final approval authority, but they have the ability to do this loan modification for qualified applicants.

They are obligated to forgive your late fees and penalties when they rewrite your mortgage through this program. They also must consider your eligibility for a Citigroup Loan Modification through the Making Home Affordable Program before they begin any foreclosure proceedings.

For must know facts about how you can get approved for a Citigroup loan modification, visit our blog at http://1MortgageModifications.com/ to get help today.

Article Source: http://EzineArticles.com/?expert=Christine_Clover

Citigroup Loan Modification Helps Keep Home Sweet!

2010-03-29T23:54:00.000-07:00

Here in the United States, many people are beginning to appreciate their homes more than ever before. This is because all around, you can see folks who are losing their precious homes. Many people have no place to live. Homelessness and foreclosure are on the rise in record numbers. If you are in default on your Citigroup mortgage, you may fear that foreclosure is just inevitable. You really don't know what else to do or where else to turn. You have racked your brain for solutions, but nothing has worked out. Maybe a Citigroup loan modification could help you keep your home sweet home.

Citigroup is a participating lender in the Making Home Affordable Program, and this program is targeted to help homeowners just like you. If you meet the qualifications, you could not only save your home from foreclosure, but you could get mortgage terms that were real sweet, too!

If you meet the application guidelines, Citigroup can not foreclose on your property until they have considered your application for the Making Home Affordable Program. They are bound, as a participating lender, by the rules of the program.

Is your Citigroup mortgage serviced by Fannie Mae or Freddie Mac? Is the home your primary dwelling? Is the amount owed on the loan $729,750 or less? When was your loan written originally? It must be on or before January 1, 2009. Have you been a victim of financial hardship? This means something happened to you that caused your income to go down or your expenses to go up.

If you answered, "Yes," to these questions, you may very well qualify to apply for a Citigroup Loan Modification. You may be able to stay in your beloved home, after all.

For must know facts about how you can take advantage of Obama's Home Affordable Plan, visit our blog at http://HomeBuyersStimulus.info/, to get answers today.

Article Source: http://EzineArticles.com/?expert=Anna_Swift

Wachovia Loan Modification - How Long Do You Have?

2010-03-17T00:35:00.000-07:00

If you are in default on your Wachovia home mortgage, you may have considered applying for a Wachovia Loan Modification. You may be rushing around in a panic. How long do you have?

Well, if you are facing foreclosure, the truth is that you are in a time-intensive situation., Time is not your ally. However, you would be poorly-served by making rash decisions in a very frazzled state of mind, also.

Your time frame is determined, as you surely know, by how delinquent you are at this moment. Wachovia is a participating lender through the Making Home Affordable Program, so they are obligated to consider you for the program before beginning foreclosure procedures. Being considered may not take so long, so that does not necessarily buy you much time. If you have not already applied for a loan modification, the program expires in December 31, 2012. If you are already in default, you know you don't have that long!

Before you contact your lender, find out everything you can about the guidelines. Gather your income and expense information and put it into the format that is required. Sometimes just a small error in the way you calculate your numbers can cause your application to be rejected. For example, gross or net income can make a big difference.

Once you apply, it could be 30-90 days until the process is completed. You may have a preliminary approval earlier than that. You should also remember that the Wachovia Loan Modification could go awry midway through the process, too. So, you should have a contingency plan or two in the works.

For must know facts about how you can take advantage of Obama's Home Affordable Plan, visit our blog at http://HomeBuyerStimulus.info/ to get answers today.

Article Source: http://EzineArticles.com/?expert=Heather_Herman

Citigroup Loan Modification - Help For Returning Military Personnel

2010-03-15T12:52:00.000-07:00

If you are just returning from active duty in the military to find your Citigroup home mortgage is in default, you may be able to get assistance through a Citigroup Loan Modification. Your service to your country should not cause you to lose your home. Your family has sacrificed enough.

Many times when Reservists and National Guardsmen are called up to active duty in the military, they are leaving behind good salaries to receive active duty pay while they are there. Their family is accustomed to a much larger monthly income, and they may even fall behind in mortgage payments and other bills. This scenario is a classic example of financial hardship.

President Obama has championed the passing of the 2009 Stimulus Package which included funding to help homeowners avoid foreclosure, the Making Home Affordable Plan. This program provides $1000 incentives to participating lenders to do loan modifications to lower monthly mortgage payments. This program also requires the lender to forgive late fees and penalties, which can get monumental in a very short period of time.

It is your good fortune that Citigroup is a participating and approved lender in this program. If you meet the other qualifications, you could get your loan reworked, obtaining a lower monthly payment. Besides proving financial hardship, you will need to be able to present your ability to pay the new, modified monthly payment in the future.

Your military service also provides you the protection of the law regarding other financial problems you may encounter with other obligations while you are deployed. The Servicemember's Civil Relief Act (SCRA) provides protection until 90 days after the end of your deployment from many different actions regarding debt that you acquired before you were deployed.

Our returning military should not lose their homes because of their service to our country. A Citibank Loan Modification could help you restore order to your financial situation when you return home.

For must know facts about how you can get approved for a loan modification, visit our blog at http://1MortgageModifications.com/ to get help today.

Article Source: http://EzineArticles.com/?expert=Christine_Clover

How to Get CitiMortgage Loan Modification Help and Save Your Family From Foreclosure

2010-03-13T03:58:00.000-08:00

Because of the recent changes created by our government, many lenders have opened their doors for consumers having trouble making payments on their mortgage loans. Getting approved for a CitiMortgage loan modification has become easier for individuals qualifying for revisions to be made on their existing loans. To make the process even easier, homeowners are now having loan modification specialists speak to their lenders on their behalf.

Because the information and new laws can be so confusing, many loan mod services offer free consultations for CitiMortgage loan modification help. Applying for loan mods have helped families recover from the strain of the economy, and their financial burden has decreased enough to help their families remain safe and secure in the homes where their memories remain. Getting approved for a CitiMortgage loan modification can be the first step in saving your home from foreclosure and during your free consultation, you'll be able to have all your financial questions answered by an experienced professional.

There is some general information you'll need to be made aware of before you apply in order to increase your chances of having your application approved. If you gather all the information on your current loan prior to your consultation, you'll be prepared to understand the procedures with fewer headaches. Trust me; the process can be very overwhelming if you try to do this yourself. Unfortunately, if any part of your application is completed incorrectly the first time, you may not get another chance to apply again. This is why I highly recommend working with a loan mod service to do the work for you.

You will also be responsible to supply CitiMortgage with a hardship letter prior to your getting approved for a CitiMortgage loan modification. This letter will explain the reasons you have fallen behind with your monthly mortgage payments. Your loan mod service can help you prepare your formal request for one. Another benefit of having an expert by your side is to help your family prepare a financial budget which will verify whether you will be able to afford the new lower monthly payment agreed upon by your lender.

Prior to presenting your loan modification package to CitiMortgage, your service will make sure all your documents are prepared properly and ready for submission in order to increase your chances of getting approved for a CitiMortgage loan modification. If everything is presented properly your chances of getting approved is greater and the process can also be completed sooner than you think.

How to Get CitiMortgage Loan Modification Help
The modification process can be stressful and overwhelming. For essential facts and detailed tips on how to get your CitiMortgage loan mod approved, CLICK HERE. They are considered one of the top loan modification experts and the initial consultation is absolutely FREE.

Get your family home out of risk as soon as possible. For more information, visit: http://www.unitedprocessingcenter.org

Article Source: http://EzineArticles.com/?expert=Christopher_T._Jenkins

CITI Mortgage Loan Modification - Behind on Payments?

2010-03-12T14:33:00.000-08:00

Common sense says that CITI Mortgage should offer loan modifications to struggling homeowners before they fall behind. Well, they don't and anybody that has tried for a modification while keeping the payments current can attest to this. It does not matter what your financial situation is, CITI will never modify a loan while the payments are still current. The only option left for the struggling homeowner is to fall behind on payments, if they want to have a solid shot at loan modification. As crazy as this sounds they won't help until it becomes enough of a problem that the payments go thirty days delinquent.

The best way to compare this is to a light switch, it's either or on or off. The same applies to mortgage payments, they are either behind or current, there is no gray area. With this said there is no benefit to fall further than one month behind on payments either. Many people make the mistake of stopping payments altogether while their loan is in review for modification. The review process can be lengthy with CITI and if the end result is a denial there will be a sizable amount of missed payments to deal with. The borrowers leverage does not improve at all by falling further than one month behind.

CITI Mortgage offers many loan modification programs that will push all the missed payments into the loan. With this in mind if a modification review is a sure thing and the terms all but finalized, it may not be in somebody's best interest to submit a payment right away. CITI will certainly cash the check and apply it to the past due balance, and they will just push less into the loan. For many this extra cash is needed during this time and could be used towards making the first new modified payment or in savings as a safety net.

In conclusion, CITI mortgage offers more options for struggling homeowners than most. It's best for them to plan for and expect to devote quite a bit of time to this process. While a loan is working its way through the CITI loss mitigation department it's very important to understand exactly where the loan stands and not to let it get too far behind. Also important is understanding when sending a payment may be unnecessary and lead to a costly mistake.

The author has been on the front lines of the "economic crisis" since the beginning and continues to fight for consumers nationwide.

Northeast Settlement Group Inc
866-794-1869 Toll Free

Learn more about CITI Mortgage Shocking Results

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CitiMortgage Loss Mitigation Refinance or Modification Approval

2009-11-26T05:02:00.000-08:00

Author : M Petrone

Homeowners everywhere are losing their home to foreclosure and mortgage default. Mortgage refinancing and modification though may prevent many people from losing their home. New Government programs designed to help struggling homeowners are now in effect. These programs make getting a mortgage refinance or modification easy, no matter the situation a homeowner is in. CitiMortgage has been approved to offer these new plan options to homeowners. Their Loss Mitigation Department knows exactly how to help homeowners, and this plan offers them more ways they can help a homeowner.

Home Loan Modification or Refinancing with CitiMortgage Programs which were previously offered by the Citimortgage loss mitigation department have been enhanced through the Governments money. Now, CitiMortgage even receives a cash incentive to help homeowners, all provided by the Government. This money will allow them to help more homeowners, even struggling ones, with less financial risk to them.

Now homeowners will be able to get a mortgage payment which is lower than 31% of their monthly income, all through refinancing with CitiMortgage and Obamas stimulus plan. The thought is that no matter the housing market, if a homeowner can afford their home, they will keep it. Many homeowners are refinancing into fixed rate mortgages, and leaving their ARM loans behind. This offers stable monthly payments, and low interest rates.

To meet the requirements from the Governments plan, CitiMortgage can lower interest rates, or change the length of the home loan. Whatever it takes to lower payments to an affordable level is open for change.

How to Apply for Mortgage Refinance or Modification with CitiMortgages Loss Mitigation Department

Homeowners who are late on their payments ill most likely be contacted first with options that can help them. CitiMortgage is very good about being proactive and helping homeowners before their situation gets worse. However, if anything you can always contact the loss mitigation department. They will be the people you work with, and the only ones who can offer you the stimulus plan options.

Homeowners will need to have a letter of financial hardships which states their problems, and possible solutions. Include a new budget with your expenses and income, and have your expected mortgage payments in it. This will show CitiMortgage what your finances are, and what you can afford. Sometimes a CitiMortgage representative will actually come to your home. In this case be sure to have all information they may need, and try to be helpful.

Mortgage refinance and modification is truly much easier with these new programs from CitiMortgage and the Government. Use them to your advantage today.

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

Article Source: http://www.articlesbase.com/mortgage-articles/citimortgage-loss-mitigation-refinance-or-modification-approval-1504971.html.

Citi Mortgage Loan Modification : Lower the Mortgage Payment

2009-12-02T19:27:00.000-08:00

Author : Stephanie M Harris

In an attempt to rescue its millions of home loan borrowers from loosing their home to foreclosure Citigroup has launched, Citi mortgage loan modification program for it's borrowers. The program is called the Citi Homeowner Assistance program. Launched on November 11th,20008 the loan modification program not only seeks to help delinquent home loan borrowers who are behind in the scheduled payments, the program also attempt to proactively help the home loan borrowers who are anticipating a financial hardship that can effect their ability to pay the mortgage.

The Citi mortgage loan modification services lower the mortgage payment within an affordable reach of the borrower. The terms of modification can comprise either or all of following:

•Resetting the interest rate.
•Payment deferment for a particular period of time.
•Readjustment of the principle amount.

The eligibility criteria that borrowers must fulfill to enter the Citi mortgage modification program are:

•The loan for which modification is sought must be held and serviced by Citigroup.
•The property must be the primary residence of the borrower. The borrower will not be eligible for a Citi home mortgage modification if the property has been brought for investment purpose.
•The mortgage on which modification is sought should be the first mortgage only.
•The home owner must have a demonstrable income and evidence of financial hardship that he is facing. In other words, the home owner must be able to prove the need of modification to the lender.
•The debt to income ratio of the borrower must be more than 38% of the home owner's gross monthly income.
•The prerequisite to succeed with the Citi mortgage modification program is that the borrower should work in good faith with the lender. Any inkling of dishonesty or con can blow up all your chances of getting a modification not just once but for years to come.

Once the borrower qualifies, the process of Citi mortgage modification is as follows:

•Prepare your income and expenses statements. The proof of income should consist of 2 consecutive pay stubs, bank statements or tax returns. For expense statement collect all the bills paid or unpaid, credit card statements, insurance payments, student loans, medical bills and your utilities bill and all other expenses that you are currently or likely to incur in a month.
•Fill up the paperwork required by the bank in all earnestness. The documents have to be accompanied with a well drafted financial hardship letter.
•After the submission, the follow-up with the Citi mortgage modification department periodically to check on the status of your application form.

The Citi Mortgage loan modification program is out to help you as a home loan borrower, do not shy away from your only chance to keep your dream home to yourself.

For more information about a citi mortgage loan modification, please visit the best loan modification resource here at:: http://loan-mortgage-modification.net

Article Source: http://EzineArticles.com/?expert=Stephanie_M_Harris.

New CitiMortgage Refinance and Modification Options from Obamas Stimulus

2009-12-14T07:24:00.000-08:00

Author : M Petrone

CitiMortgage is participating in President Obamas stimulus program. This $75 billion plan is aimed at helping homeowners get a more affordable monthly mortgage payment , and avoid losing their home. Over 8 million people are eligible to use this mortgage bailout for themselves. Here is how CitiMortgage and President Obama can lower your monthly home loan payments.

Many homeowners are at risk of losing their home to foreclosure or mortgage default. However, in an effort to decrease that number, President Obama has announced his mortgage bailout plan. This plan calls on selected lenders like CitiMortgage to offer new mortgage refinancing and modification options to homeowners. This is all possible because of $75 billion in funding. This funding is being given to the lenders and banks who agree to offer homeowners help according to the stimulus bailout. This means that getting help from CitiMortgage is easier, and more beneficial than ever before.

CitiMortgage is involved in this effort to help homeowners. As a result, they will get money every time they help a homeowner. This money will enable them to approve more people, and take on less financial risk. That means things like bad credit, an upside down mortgage, or other financial problems will no longer mean that you can not get help with your home loan. Also, homeowners who get help form this stimulus plan will see that there are many benefits to refinancing a mortgage with Obamas stimulus. Some of the biggest benefits of refinancing with CitiMortgage and Obamas plan are:

-No closing costs or fees when a home loan is refinanced or modified.

-Mortgage rates as low as 2%.

-Monthly home loan payments
that are less than 31% of a homeowners monthly income.

-An easier approval process, even for homeowners with bad credit or who owe more than the home is actually worth.

CitiMortgage has proven to be a lender who cares and truly helps homeowners. That is why they are one of the few lenders or banks who have been selected to offer this program. Many homeowners are facing foreclosure or mortgage default, but do not have to. There is help available. Contact CitiMortgage and see what mortgage refinancing options may be available to you from Obamas stimulus plan. Get help and take action now.

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

Article Source: http://www.articlesbase.com/mortgage-articles/new-citimortgage-refinance-and-modification-options-from-obamas-stimulus-1579748.html.

Eligibility For the Citimortgage Loan Modification Program

2009-10-31T07:22:00.000-07:00

Author : Bill Gatton

The stimulus package which has been signed by US President Barrack Obama has led several banks to participate in the program. One of these approved participants is the Citimortgage loan modification program. This is among the highly trusted companies which you should deal with if you are applying for the loan modification. The reason behind this advice is due to the fact that this company is a division of Citigroup. This sector focuses mainly on mortgage loans and because of that, they have been able to help thousands of families alter their loans. If you are interested in getting a loan modification from the company, here are some things which you must know.

Ensure that you have accurately completed your application for the loan modification. This is because it is necessary to learn about the process of loan modification and what the company's loss mitigators are going to look for so that your application will be approved. Once you have a duly fulfilled application which has no unanswered areas, there will be no reasons for the company to deny your application.

Your financial documents must be prepared beforehand as well as a pre-calculation of your debt ratio. This is so that the lender will favor you for personally supplying what they need from you. In order to get an approval, it is important for you to know what Citimortgage is searching for in the financial documents and the debt ratio. This must be done before your Hardship Packet is submitted.

Relatively, it is important to have a hardship letter which can melt the toughest hearts. This is because this letter is a crucial part in determining the approval or decline of your application. As such, this is usually the very first document which the Loss Mitigator of Citimortgage will see upon reviewing your file. So that your application will be approved, you must have a moving and compelling story. When writing the letter, you have to put yourself in the readers' shoes so that you will know how they will react upon reading the letter. Make sure that your letter stands out from the rest.

If you feel that you can be accepted to the Citimortgage loan modification program, you must act now. This is because the company is very eager to help individuals with their mortgage problems. As a matter of fact, more participating banks are being sought by the administration of President Obama to join the new $9 billion program which is intended to fund the US economy and the mortgage industry.

For detailed facts and essential tips about how you can be approved for the Citimortgage loan modification program, visit this simple, easy to understand loan modification guide and resource: http://HomeLoanModifications101.com.

Article Source: http://EzineArticles.com/?expert=Bill_Gatton.

Fannie Mae, Freddie Mac and Ginnie Mae - Who Are They?

2010-02-02T07:05:00.000-08:00

Author : Ki Gray

Fannie Mae, Freddie Mac and Ginnie Mae are common names associated with federal lending and home loans. They have offerings that stem from no down payment home loans to helping dislocated residents of disaster areas, to providing assistance to the elderly. If you are any age and are considering a home loan, you're struggling with mortgage payments and need assistance, or you're elderly and cannot afford repairs on your home, one of these entities may be able to assist.

Who Are Fannie, Freddie and Ginnie?

The Federal National Mortgage Association (FNMA), better known as Fannie Mae, and the Federal Home Loan Mortgage Corporation (FHLMC), better known as Freddie Mac, are government sponsored entities (GSEs). Fannie Mae was originally a federal user established in 1938. In 1968, however, Congress passed legislation enabling the user to become a private enterprise. Freddie Mac was birthed in 1970 for the purpose of expanding the secondary mortgage market.

Fannie Mae and Freddie Mac are private corporations owned by shareholders. The funding for their operations is achieved through the sale of mortgage-backed securities (MBS), which are sold on the open stock market. In contrast, the Government National Mortgage Association (GNMA), better known as Ginnie Mae, is owned, operated and insured by the U.S. Government. Created in 1968, Ginnie Mae's mission is basically the same as Fannie and Freddie. The main difference is that Ginnie's operations do not depend on the sale of MBS for funding. Ginnie sponsored loans are fully backed by the U.S. Government.

The purpose of the three agencies is to buy mortgages on the secondary market to free up funding for banks and lenders to make more home loans. They don't directly provide loans to borrowers. Instead, they buy mortgages from primary lending institutions that meet their lending standards.

Many lenders receive funding for mortgages from one of these agencies. The advantages of secondary lenders are that loans can be made with lower interest rates, and money is easily moved to enable anyone anywhere in the U.S. to obtain a mortgage, as long as they meet certain criteria.

What Do Fannie, Freddie and Ginnie Have to offer?

Fannie Mae, Freddie Mac and Ginnie Mae all fall under the oversight of the U.S. Housing and Urban Development (HUD) department. Generally, their charters are the same. They free up funding for primary lenders to make more home loans. In concert, they make housing more affordable to those who may not necessarily qualify for prime loans. Their overall mission is to assist single families, support and provide assistance to housing and neighborhood development, and generate capital in the open stock market. Their missions include making home ownership and rental housing more accessible and affordable.

Who Do Fannie, Freddie and Ginnie Offer It to?

You may become a recipient of products and services provided by Fannie, Freddie or Ginnie. One of the primary factors for consideration is your income and the geographic location in which you want to live or buy a home. If you are low- to moderate-income, you may be eligible for a no down payment home loan or low rent housing. You may be more qualified to obtain a home loan if you want to buy a home in a government designated area. These are typically areas with a significantly lower population than a metropolitan city; although, there may be other qualifications.

How does all this work? If you're interested in buying a home, go to the Fannie, Freddie or Ginnie website and look for the link that takes you into a section about finding a lender. Follow the instructions to find a qualified lender. If you're looking for an affordable rental, go to either website at FannieMae or FreddieMac and look for Support for renters or something about renting.

If you want to see all offerings available from each, go to the govloans website. If you're a farmer, you'll want to select Agriculture. For small business, you'll want to make the Business selection. If your living situation was impacted by a disaster, like Hurricane Katrina, then you would select Disaster Relief. If you're a Veteran, you'll want to select Veteran. For all housing offerings, select Housing. Regardless of your home situation, Fannie Freddie or Ginnie may be able to help.

Ki lives in Austin, Texas. He is involved in the Austin real estate community. He maintains a website listing homes for sale in the Austin MLS. His site provides general information on Austin real estate along with graphs showing mortgage rate trends and Austin MLS statistics and trends.

Article Source: http://EzineArticles.com/?expert=Ki_Gray

New Fannie Mae or Freddie Mac Mortgage Refinance and Modification Bailout Options

2009-12-24T07:48:00.000-08:00

Author : MPetrone

Homeowners with a mortgage from Fannie Mae or Freddie Mac are in luck. New mortgage modification and refinancing options are now available to all homeowners with a home loan from either Fannie or Freddie. These options exist because of President Obamas stimulus program. Here is how to take advantage and benefit from a mortgage refinancing or modification with either Freddie Mac or Fannie Mae.

These new options are made possible because of $75 billion in funding to help homeowners. This money comes from the Obama administration in an effort to help people get a more affordable home loan payment every month, and avoid losing their home. The stimulus program has a requirement for homeowners and allows everyone with a mortgage from Fannie Mae or Freddie Mac to get a mortgage refinancing or modification.

Homeowners who wish to use this plan with Fannie or Freddie will see numerous benefits. Many people will save money, avoid losing their home, or both. Never before has such a plan been enacted that is capable of helping so many people. Here are some of the biggest ways this stimulus program helps homeowners with Fannie Mae or Freddie Mac:

-This plan allows homeowners with Fannie or Freddie to modify their mortgages even if there are upside down. Now, a homeowner can get approved for a mortgage refinancing and owe up to 25% more than the home is worth on the open market. This is a major change that will help many struggling homeowners.

-To make home loan payments affordable, the stimulus plan has some requirements which Fannie Mae or Freddie Mac must meet. A major one is that a modified mortgage can not exceed 31% of a homeowners gross monthly income. In order to accomplish this, interest rates can be reduced, the home loan can be extended in length, or the terms and conditions of a mortgage can be altered.

-Homeowners who have lost a job, are facing huge debts, have hospital bills, or are experiencing other financial hardships can get help using this stimulus program. Even homeowners who have been denied a mortgage refinancing from Fannie or Freddie in the past will now find it much easier to get help. The stimulus plan from Obama mandates it so it is nearly guaranteed that many homeowners can get approved for a mortgage refinancing or modification.

-Homeowners who use this plan for refinancing or mortgage modification will not need to pay any fees. This means that closing costs, loan origination fees, points, and other costs do not exist. This will save a homeowner thousands of dollars which they probably do not have.

Never before have so many people been able to get help with their home loans. Getting help refinancing a mortgage is easy. Contact Freddie Mae or Freddie Mac and ask how you can benefit from refinancing a mortgage according to Obamas stimulus program.

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

Article Source: http://www.articlesbase.com/mortgage-articles/new-fannie-mae-or-freddie-mac-mortgage-refinance-and-modification-bailout-options-1618356.html

Mortgage Modification Tips : Loan Modification Process

2009-12-19T02:45:00.000-08:00

Author : Jason Witts

Are you in the Loan Modification Process or thinking of applying for one? Loan modifications can be both time consuming and confusing. Here are some things to keep in mind if you are in the process or are considering a loan modification.

Loan modifications take time

Typically, it can take between 30 to 90 days for the process to be complete. Don't lose heart, but be aware that it can take months before you hear back from your banker, credit union, or other lender. You should ask when your paperwork is likely to be competed and mark that date on your calendar. This is useful as a reminder if you start to panic when you have no heard from your lender as well as knowing when you should call to check on your process. Despite the time it takes, you will not be charged late fees; however, this will not stop the lender from calling or sending you delinquent notices.

Don't be alarmed

The federal government has mandated that lends waive late fees and penalties when going through the process. Just remind the lender representatives, when they get in touch with you, that you do not and will not owe late fees. It's a good idea to log any correspondence and phone calls between you and your lenders. This is a safety precaution, and you don't need to transcribe the conversations, but do write down the general idea and tone. Now is also a good time to check out other possibilities if the loan modification process does not go through. These months can be key to getting your house ready to sale if it becomes necessary.

Does everyone qualify for loan modification?

You need to prove that you can make the modified payments both now and in the future. To do that you will need to provide proof of your employment and/or a current financial statement. Next, you will need to show financial hardship - for example, a lower income or more expenses. Each homeowner's financial situation will be different, but the loss of a spouse, loss of a job, divorce, illness, or military service is usually qualification for a load modification.

Getting started is simple

Take the time to get the documents you need, a financial statement, proof of hardship, lender statements, bank statements, etc. Contact your bank or loan officer to start the process. If you are intimidated by paperwork or lenders, you can pay someone to represent you in this matter. Be sure you keep copies of all statements and make certain to read everything before signing.

The Loan Modification Process can work for you, but make sure you do your homework and keep in mind that not everyone will qualify. Do your part to keep track of the process, be informed, and make sure you explore all your options.

For detailed information on How to Obtain a Chase Loan Modification, visit MortgageModificationTips.com.

Article Source: http://EzineArticles.com/?expert=Jason_Witts

Mortgage Loan Modifications Can Help Save Your Home

2009-12-11T07:28:00.000-08:00

Author : Lindsay Kizzia

Are you one of the many stressed homeowners facing foreclosure? Are you having trouble meeting your credit obligations? Are you under constant financial stress? If any of these situations should like your current life then you may feel like there is no way out and no solution. Rather than waiting until it is too late to overcome your financial situation and lose your home take a moment to consider how loan modifications can help you.

People have heard about Obama and the loan restructuring program that is supposed to help prevent foreclosures, but many aren't aware what it is exactly. The program is a modification that can alter the original terms of your mortgage in order to make repayment easier for you. This includes helping lower your monthly payments, interest rates, deferment of payments or other modifications that can help you avoid foreclosure of your home.

Many aren't aware that the loan modification program can also help lenders. Foreclosure proceedings cost lenders many resources including time and money. Since the foreclosure process is so expensive, many lenders want to prevent this from happening. Although in the past, this wasn't possible for lenders due to a lack of liquidity as well as no federal policy.

Now that you know what a loan modification is, you likely want to know whether you can qualify for a modification. Even if you have a reduction in income or have lost your job, you can still take advantage of the program. If some circumstance in your life has dramatically affected your financial situation such as medical bills, disability, military service or death then a loan modification program is good for you. If you are faced with high debt payments from credit cards, home equity loans or other high debts then a loan modification program can help reduce one of your high bills. Loan modifications can also help if your expenses have recently increased such has higher mortgage payment, utility bills or higher taxes. Lastly, a such a program can help you if your cash reserves aren't enough to cover all your expenses as well as your monthly mortgage payment.

Many changes can occur in your life. No one plans to have trouble meeting their bills, but it can happen even if you have the best of intentions. If you face even a slight financial or personal hardship then you can have a severe disability to meet your monthly bills. The lowering of the current housing market also makes it harder to build up equity in your home. This coupled with higher interest rates also make it difficult to meet your monthly mortgage payments.

If this is the case for you or if you are already receiving default notices from your lender then you definitely want to look into a loan modification program. The process isn't that difficult and can make your life a lot easier.

Want more information on how to stay in your home and take advantage of the latest loan modification program please? Please click here for more information on Mortgage Loan Modifications and Loan Modification CA

Article Source: http://EzineArticles.com/?expert=Lindsay_Kizzia .

Mortgage Loan Modification Basics

2009-12-10T10:32:00.000-08:00

Author : Ashley Bouck

Obama's Mortgage Loan Modification Program has been talked about quite a lot in the news as part of the Home Stimulus Bill. Are you a little unclear about what it actually involves and whether you might qualify? It helps qualified homeowners to avoid foreclosure and stay in their home.

There are many homeowners in the United States who are having serious problems with their home loan. They did not expect to face the events that came along and financially crippled them. The economic problems in the country have made many folks realize they need to have their mortgage adjusted to keep from losing their home to foreclosure.

You could seek a reworked mortgage for two different reasons. The first scenario could be that you are facing foreclosure. When you get a loan modification, you get a lower interest rate, a longer term, and possibly a reduced loan principal. The great thing for someone near foreclosure, is that the late fees and penalties can be worked out.

Reworking a mortgage can be quite a beneficial thing for people who are under financial stress because their budget is tight. This person may not yet be in default, but the house payment is a major source of concern each month. This person is trying to lighten their load and prevent foreclosure beforehand.

This program seeks to achieve a house payment that is 31% or less than the gross monthly income of the homeowner. This payment figure also includes taxes, insurance, and association dues. To qualify, you must have a payment that is more than that.

Wouldn't it be nice to have some breathing room in your budget each month? Just imagine lying down to sleep without worrying about your monthly mortgage payment. You could have more funds available to pay other bills and possibly save for the future. A little research might be worth it, might it not?

You should familiarize yourself with the details of the program. You can start with the government web page. The Housing and Urban Development Office (HUD) offers free assistance. You should get all the facts and then work on your paperwork. you only can apply once, so you need to be careful of the details.

A mortgage loan modification through the Home Stimulus Plan may just be the solution you are seeking to your foreclosure nightmare. Do not put off making the effort to find out if you might qualify.

For more mortgage modification tips, visit our blog, http://MortgageModificationsInfo.com/

Article Source: http://EzineArticles.com/?expert=Ashley_Bouck.

Fannie Mae and Freddie Mac Have New Mortgage Modification Options

2009-12-09T11:23:00.000-08:00

Author : M Petrone

Homeowners with a mortgage from Fannie Mae or Freddie Mac are in luck. That is because of President Obamas mortgage stimulus program. This stimulus will allow a homeowner to easily modify their mortgage into a more affordable monthly payment. This program can be used by millions of homeowners, and is designed to prevent people from losing their home. Here is how this plan works, and some things you should know.

This plan is funded with over $75 billion all to help homeowners. According to the guidelines in the stimulus program, homeowners with a mortgage from Fannie Mae or Freddie Mac are due for some great benefits. Things like 2% interest rates, an easy home loan modification process, and no cost closing are some of the biggest things that will help homeowners. Another part of this plan will limit how much a homeowner has to pay if they have a loan from Fannie or Freddie. This states that a monthly mortgage payment should not exceed 31% of a homeowners gross monthly income. This will include taxes, home fees, and insurance. Many homeowners pay more than that, and will see a good amount of savings by using this stimulus for themselves.

Since Fannie Mae and Freddie Mac are pretty much Government funded anyway, all homeowners with them are able to use this program for themselves. The basic idea behind this program is that if someone can afford it, they will continue to make their home loan payments, and avoid foreclosure or default. Many people have used this plan for their situation, and have seen great results. However, millions more people can still benefit from this program in one way or another.

Contact Freddie Mac or Fannie Mae today and ask how you can get a mortgage modification for yourself. Save money, and your home, take action now.

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

Article Source: http://www.articlesbase.com/mortgage-articles/fannie-mae-and-freddie-mac-have-new-mortgage-modification-options-1560845.html.

A Simple Explanation of Loan Modification

2009-12-08T09:59:00.000-08:00

Author : Ginger Taylor

The crash of the housing market has sent shock waves through the economy, encouraging the spread of loan modification. Modified terms can help prevent foreclosures and bankruptcy, while also proving to the advantage of lenders. It is a win-win situation for all parties involved and can greatly benefit the economy.

Loans are offered by banks and other financial institutions. It is when money is given upfront in exchange for a contract promising repayment with interest. Over the course of many monthly payments, this advance is paid off. Until then, the lending institution holds a lien over the property. Any proceeds from sales must first be given to the lender until the remaining value of the loan is repaid.

Industry standards, government mandates, and loan defaults are the most common causes for the modification of loan terms and conditions. This is usually in response to a crisis or to address widespread consumer concerns. Sometimes, it occurs because of other economic and business factors.

There are numerous advantages for the borrower with loan modification. Better rates of interest are common. Lower cost fees and/or more favorable conditions allowing a borrower to avoid additional fees are also common. The loan can also be effectively refinanced, resetting the loan term in order to lower the individual payments by extending the time limit for paying off the loan.

The state of a loan does not impede the ability to apply for mortgage modification. Even if you have faulted on your loan or face foreclosure proceedings, you can still file an application for modification. However, even if you are up to date or ahead on your loan, you can still seek modification. Banks and finance companies are not obligated to offer modified terms, but it is often in their favor to do so. Borrowers with a good payment history are likely to refinance and pay off their original loan, depriving the bank of the loan profit. For poor payment histories, altered terms and lowered expenses make it more likely to be profitable than a costly and inconvenient foreclosing process.

There are numerous government incentives, and even some limited mandatory programs, to push lenders to engage in more loan renegotiation. These rules and laws are intended to soften the blow of the housing market crash.

For help with loan modification services contact a qualified loan modification attorney that will look out for you and your family's best interest such as Janian and Associates.

Article Source: http://EzineArticles.com/?expert=Ginger_Taylor .

Important Phrases About Loan Modification

2009-12-08T00:59:00.000-08:00

Author : George Thomsan

Most owners are generally familiar with the most basic mortgage terms. Words such as depreciation and mortgage, the APR and the refinancing programs are fairly well known. When you send a number of terms associated with loan modification, most people are not so well informed. This is one of the main reasons for the change in long-term loan is so confusing to many homes, who are looking for a lawyer to help them change the loans.

Fortunately, you do not have to be a mortgage expert to learn enough about these changes ready to make a good decision. Below are a few important terms related to a loan modification.

Terms of fundamental change in your mortgage loan

* Debt-to-income ratio: is sometimes known as Trade and Industry Ministry. Your debt to income ratio is a lot of money you pay the debt relative to total production revenue. According to FHA guidelines, your DTI ratio is 29/43%.

* Deed-in-Place: Sometimes called the Deed-in-Lieu-of-Foreclosure. This means that instead of foreclosure, the lender agrees to take into account, as well as their return should not be ruled out of the property.

* Market value: This is where the lender they are willing to sell house in a short sale. The fair value is generally determined by a broker price opinion, which is basically a real estate agent quickly carried out.

* Foreclosure: Depending on what state you live in, the entry procedure is different. Generally, the closure is where the assets are sold and the proceeds go to the lender that they can recover some losses in the loan.

* Forbearance: When the patient, but the lender agrees to revise the payment plan allows you to leave and hope to catch afterward. Patience may be associated with any number of options, including reducing the monthly mortgage payment or even to agree to suspend mortgage payments while.

* Responsible for balancing reduction: reduction of capital is one of the least popular, because of direct loss to the lender to reduce the money you owe directly to the main balance of the loan Senior discounts are usually not the primary option for lenders, loans, and they tend to change to try other options first.

* Short Sales: Sales is a common alternative foreclosure.When home is "suppressed" means that the house is sold, if the mortgage balance and any winnings are paid to the lender. Just one reason why many people want to short sell a home series vs Anna is that you can buy a house again for a shorter period.

George Thomas is Loan Modification Officer.For more information about Loan Modification Software, Best Loan Modification Software visit http://www.loanmodificationsoftwaress.com/.

Article Source: http://EzineArticles.com/?expert=George_Thomsan.

Some Tips to Select the Loan Modification Companies

2009-12-05T00:43:00.000-08:00

Author : Louis Jonson

As far as the loan modification companies are concerned they are certainly available quite easily. You will just have to pay the nominal fees as you pay to the various attorneys and the real estate agents. Those homeowners who are unable to pay their monthly mortgage amounts can take the help of such companies. However you will have to take many things into account if you want to make sure that you choose the right loan modification companies.

There are some aspects which you will have to keep in mind while choosing such companies for yourself. They are as follows:

1. You will have to make sure that you choose the company which is quite an experienced one. This is quite important. If you will not choose the right company then you might face problems afterwards. Suppose, you select some new company which is not able to present your case in front of the lender in better way, then you yourself will be the looser. However this seldom happens, but you should certainly go for the experienced company. They will be a better help for you.

2. The second thing which you should try to make sure is that you consult your friends as well as your relatives. They will definitely provide you with many ideas. Some of them might know the company which you are choosing. With the help of their comments you will be able to find the right company for yourself.

3. You should also try to contact with some of the previous clients of that company. This is certainly a must because from them you will come to know that is this company the right one. You will also come to know that how successful this company has been during the recent past. You should certainly choose the most successful company. It will be more fruitful for you.

4. The next thing which you will have to check is the fees. There is a generally very nominal fee for this job. You should make sure that you are able to understand that what the cost of this kind of services is. Generally no such company charges any money upfront. They take the fees when they are able to complete the job.

5. There are many company which promises to give the money back guarantee. They are certainly a better choice and you will certainly make the right decision by selecting them.

These are some of the tips which will help you to select the right company for loan modification.

Stop foreclosure and loan modification blog offering articles to help prevent foreclosure. If you are late on your mortgage payments, find out how to save your home.

Article Source: http://EzineArticles.com/?expert=Louis_Jonson.

Mortgage Modification Tips : How to Obtain a a Loan Modification

2009-12-02T11:16:00.000-08:00

Author : Jason Witts

Many people facing problems with mortgage payments are not sure how to obtain a mortgage modification. They do realize that if the lender could bring down the interests a bit, and prolong the term of repayment, then the equated monthly installment payable on their mortgage would come down, making it easier for them to pay the amounts every month and also help in keeping their credit score intact. But such borrowers feel diffident to approach the lender with such requests, because they don't expect lenders to be open to such ideas.

There are many reasons for lenders to be open to their requests. For starters, any foreclosure involves a lot administrative work. Lenders incur costs for complying with these procedures. In addition, lenders also have to cough up hefty foreclosure fees. Since the process itself is lengthy, lenders lose interest for the interim period. Moreover, the real estate scenario is not very robust. Because of economic crisis, many people have lost jobs, and therefore, they can't afford to buy homes. Those who continue to be employed are never too sure when they will be thrown out. Because of this uncertainty, they are hardly likely to consider taking on any new liability. This has led to drop in real estate prices across the country. What more, this demand is unlikely to pick up anytime soon. Therefore, lender can't really be certain of time line within which the loaned amounts can be recovered. If the prices have tanked drastically, then chances are that the lender might have to settle for short sales, i.e., accept to absorb some losses. These are the reasons lenders are also willing to review any proposals that the borrower can come up with.

The borrower can start by determining how much is his/her monthly income from all sources. If the borrower has taken the mortgage to purchase a home, then he/she can consider the monthly household income. From this, the borrower needs to deduct the average monthly expenses determined from the expenses of last six months. Some of the expenses may be superfluous. The borrower can check which of these can be really avoided altogether. These can be reduced for arriving at the average monthly expenses. A nominal percentage of these can be added to the average monthly expenses as provision towards any contingencies. This total can then be deducted from the monthly income to arrive at the amount that the borrower can really spare every month towards mortgage installments. The borrower may not really be an expert in such things. So taking the help of any not for profit organization for such planning is a good idea.

After having determined how much is the maximum that can be spared to cover any equated monthly installments, the borrower needs to develop a cash flow plan such that the lender is not required to absorb any losses. If the repayment period is likely to extend much too far into future, then borrower should consider liquidating some other deposit, and bringing down the principal. Alternately, the borrower can look for alternate ways of earning, and establish a couple of month's record showing steady earnings from such new source, for example online earnings. Even these cash flows and projections can be shown to the non-profit organization for debt counseling. They will review it and let the borrower know whether or not he/she is walking on thin ice. If the borrower is confident that this phase is only temporary, then he can come up with a suggestion that all the installments that are due or will become due be added back to the principal for sometime. This increased principal can then be repaid over several years in future with interest rates applicable on specific day. Effectively, the installments in future will be higher. Similarly, the borrower can request the lender to consider changing from adjustable rate mortgage to fixed interest bearing mortgage.

At times, it may be necessary to extend the term and also reduce the interest rates. Borrower's credit score is another factor that can influence the lender's decision. If the borrower has a good credit score
, lender may consider borrower's proposal, as the lender would have greater confidence in the borrower's tendency to be honest and prompt in repayment. If the lenders find the borrower's proposal fair enough, then the lender would be agreeable to any such terms including delay in payment of EMIs, or forebearance. Therefore, knowing how to obtain a mortgage modification and what can affect such negotiations is important for every borrower who has taken any mortgage loans.

For detailed information on How to Obtain a Wells Fargo, Chase, Countrywide, or Bank of America Mortgage Loan Modification, visit MortgagemodificationTips.com.

Article Source: http://www.articlesbase.com/mortgage-articles/mortgage-modification-tips-how-to-obtain-a-a-loan-modification-1528242.html.

The Government is Urging Mortgage Lenders to Help Homeowners

2009-12-01T08:17:00.000-08:00

Author : M Petrone

Due to slow results from the ongoing foreclosure prevention stimulus efforts, President Obamas administration will spend the next few months carefully checking out mortgage lenders and banks who have not done enough to help homeowners at risk of losing their home.

This past Monday, officials from the Treasury Department said that they are going t increase the pressure on over 70 companies who are taking part in the Governments $75 billion mortgage bailout program designed to prevent foreclosures. Beginning this week, small groups of Government monitors will be sent to each of the right biggest lenders and banks participating in the stimulus plan. They will monitor all of the work done in the refinancing and foreclosure departments, and get 2 reports daily on the progress of refinancing or modifications to loans helped by Government money. To make things even better for consumers, and to shame the companies who are not helping, a list will be published on the internet of companies that are not doing enough to help homeowners.

This should push lenders and banks who could do more, to do so. This means that getting a mortgage refinance right now is easier, and better, than it ever has been for millions of homeowners. That is good news, and a big relief to many people who are truly at risk of losing their home. Many homeowners are hurting from the bad economy, and worse housing market. Do not be a victim. Get the help you need today and contact a mortgage lender or bank and ask about the stimulus plan, and how it can help you.

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

Article Source: http://www.articlesbase.com/mortgage-articles/the-government-is-urging-mortgage-lenders-to-help-homeowners-1527351.html.

First Home Loan - Preparing For Your First Home Mortgage Loan Application

2009-11-12T07:04:00.000-08:00

Author : Jennifer Lynn Hanson

Buying your first house is an exciting time for any first time home buyer. For most, home ownership is the realization of the American dream. If you are applying for your first home loan, make sure that you take the following steps to not only secure a mortgage loan, but to get the best terms possible as well.

Your credit score is of paramount importance. The rules have changed recently and what used to be considered stellar credit is now considered average. You should ensure that you have a credit score of 740 or more to make sure that you qualify for the lowest interest rate possible on whatever type of loan you are applying for. There are several ways to raise your credit score quickly and consulting a credit repair specialist is an excellent idea for many.

Be prepared to put down as high a down payment as possible. The more you put down, the better your chances of being approved are, and the better your interest rate will be. Of course, keep a nest egg. Having six months of mortgage payments available to you in the bank will help you get through a loss of a job or a health issue, should either occur.

Lastly, pay attention to your debt to income ratio. This is what lenders look at to determine how much you make every month, compared to how much you owe every month. The higher the income and the lower the debt, the more attractive you are as a borrower.

For advice on securing the best terms on a new home loan, visit the free online resource, the Online Home Loan Directory.

For advice and information on refinancing, visit What is Refinancing.

Article Source: http://EzineArticles.com/?expert=Jennifer_Lynn_Hanson .