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What interest rate are you qualified for? Well, that depends on whether you are trying to refinance or get a loan modification. I’ve spoken to many borrowers that are pursuing a loan modification because they feel their interest rates are high. They also feel they should be approved for the best rates offered under refinancing guidelines. That’s not how it works. In fact, if you are pursuing a loan modification, you could very well be approved for an interest rate well below the current market rate.
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Loan Modification firms don't modify loans, BANKS DO! When you do a search online or in the phone book for companies that offer loan modification service, you'll find that there is no shortage of companies and law firms offering this service. Some of... -
MHA Trial Plan Most banks are currently offering loan modifications in one form or another and many are participating in the Government's MHA - Making Home Affordable modification program. Also known as the Obama Plan or the HAMP... -
Obama's Program: Better or Worse? The Obama Program or The Making Homes Affordable (MHA) was introduced by Obama in March 2009. Is this program making things worse? Watch this clip. What do you think? The graph below illustrates how poorly... -
Hardship Letter Hardship Letter Guidelines I've read several blogs on the internet on what a hardship letter is and how you should write a hardship letter for a loan modification. A hardship letter for a loan modification... - Loan Modification: Mortgage relief or grief? What homeowners go through while waiting for their permanent modification... This article tells it all: Chase Modification Process Unfortunately, what this couple has already gone through is exactly what hundreds of thousands of homeowners across America...
- Spenders Get the Gold Mine, Savers Got the Shaft Some of you may be old enough to remember Jerry Reed of "Smoky and the Bandit" cinematic fame. Sadly, Jerry died recently, leaving a musical legacy that includes his 1982 classic "She Got the Gold...
- When An Adjustable Rate Mortgage Isn't Financial Suicide The credit crunch has made borrowing unfashionable and I'm sure I will be viciously attacked for this, but yes, the much-maligned adjustable rate mortgage does have a place in post-crash society! That's not to say...
- What Are My Options For Refinancing A Home Loan With A Low Credit Score? As lenders begin to tighten their hold on their purse strings and restrict lending to fewer and fewer borrowers, it is becoming more difficult for homeowners to obtain loans to refinance their homes. Homeowners with...
- The Dangers of Financial Illiteracy Financial illiteracy is a growing problem throughout the world, and as the recent housing crisis has brought to light, it can have dangerous consequences. There are a few basic financial tips that everyone can use...
- Weakon 131: Mortgages Previously, I talked about how the mortgage industry works. Today I want to talk about how mortgages work. We must start by making a few distinctions. A mortgage is not a loan. A mortgage is...
