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Loan Modification Eligibility Requirements under Making Home Affordable Program

Article by Simon Volkov Borrowers who desire a loan modification might qualify for Obama’s Making Home Affordable programs. Lender participation is voluntary, so borrowers should first contact their mortgage service provider. Once lender participation is verified, borrowers should take time to understand how Making Home Affordable programs work and the process involved.   Homeowner’s must meet loan modification eligibility requirements and undergo a financial audit. Mortgage lenders must verify income to determine if borrowers can afford modified loan payments. Borrowers are subjected to a loan approval process similar to the one they underwent when originally applying for the home loan. Homeowners should organize financial records prior to apply for a loan modification. Lenders usually require payroll records, bank statements, list of expenses and a current tax return. Some lenders require borrowers to provide IRS … Read entire article »

Filed under: Mortgage Refinancing

Effective Mortgage Refinancing

Rising ARM rates are causing plenty of concern amongst home owners that are struggling to cope with the rising interest rates that are way above market rates. The fact that your monthly payments increase in tandem with the raise in ARM rates forces home owners to look for alternatives to help them service mortgage loans. The slowly-recovering economy is not helping home owners much as well, considering that many are already facing foreclosure proceedings as they missed several payments in their mortgage loan deals without being able to recover on the payments. One of the quickest and most effective solutions to your mortgage woes is to refinance mortgage! Refinancing your mortgage could allow you to have more financial freedom, as you could end up paying lower monthly amounts to service … Read entire article »

Filed under: Mortgage Refinancing

Credit Card Debt Negotiations

There are many people today who are having problems with debts and credit card debt negotiations are one of the alternatives that you can find in order to solve these debt problems. Credit card debt is one of the more insidious debts because if you cannot pay for one month or two months the interest just keeps building up. Eventually your credit card debt can spiral completely out of control leaving you with a debt that you will never be able to pay. So what is the answer to this by adding debt problem? The answer is credit-card-debt negotiations. In order for you to begin your credit card debt negotiations you must first understand exactly what your financial position is. This means that you have to establish exactly how much money … Read entire article »

Filed under: Credit Card Consolidation

Questions About Student Loan Refinancing Interest Rates

Should I refinance my new car now, with mediocre credit, or wait a year until my situation improves? I bought a 2009 Mitsubishi Eclipse back in April. Not my best decision ever– it’s $680 a month at 16.9% interest (yeah I know :/ ). My situation now: I make about $20,000 a year at my job. I have maxed out credit cards totaling about $7,000 and lots of student loans. My situation December of 2010: I will be graduating from school then, and hopefully find a teaching job. My salary will go from $20,000 to about $31,000. All of my credit cards will be paid off (I already cut them up). My question is: Should I try to refinance now, in spite of my poor credit, just so that I can reduce my car … Read entire article »

Filed under: Questions & Answers

Questions About Student Loan Refinancing Options

Stupidly co-signed for an irresponsible friend, now what? A few years ago, I did something very stupid and co-signed a sizable student loan for a friend to go to school. He couldn’t get the loan on his own and I had good credit; he was supposed to be done with school in a year and would then be able to land a job making $80,000-100,000 annually, so he would be more than capable of paying it back. I was very hesitant to co-sign, but he literally had no one else that could help him out with this and really needed to finish his education. Long story short, his “one year” of school turned into two and a half years, he ran out of money and still didn’t finish his degree. He was … Read entire article »

Filed under: Questions & Answers

Mortgage Refinancing Made Easy

You have decided to re-finance your current home mortgage. You want a lower rate, to take out equity or to get cash out. So what do you need to do now? Be prepared. Mortgage refinancing is structured. It is more so today than when you got your current loan. If you have not already done so, get a copy of your credit report. Inaccurate marks on the report can lower you credit score, which can increase the interest rate and affect the Loan to Value (LTV) you may be able to obtain when mortgage refinancing. Correct the mistakes on this report if you find any. You will be asked to explain, in writing, adverse marks on the report. Gather up your employment record information. You will need last years W-2 and current pay … Read entire article »

Filed under: Mortgage Refinancing

Modification Mortgage Loans: Modifies Your Mortgage

The modification mortgage loans are those loans which are being applied by the borrowers in those particular situations when it gets tough for them to pay off their loans or mortgages. It may happen to you as well that you find it really tough at times to maintain regularity of installments or arranging cash further gets difficult and in such situations; you can opt for a settlement with the lender. Through a certain negotiation and settlement between the borrower and the lender, the amount to be paid off can be lowered together with the rate of interest to be paid every month. It is this process only that is known as modification. There are generally, several reasons that encourage one to get the modification mortgage loans. Some of the noteworthy grounds … Read entire article »

Filed under: Foreclosure Help

How Does a Short Sale Work Under Making Home Affordable?

Article by Simon Volkov Homeowners are curious about how does a short sale work under Making Home Affordable. This government sponsored program was initiated in 2009 as a means to help homeowners save their home through loan modification or mortgage refinance. The program now offers foreclosure alternatives including short sales and deed in lieu of foreclosure. To provide a precise answer to how does a short sale work is difficult because every lender adheres to different protocol. Even lenders that participate in the Home Affordable program do not follow exact guidelines. However, there are some basics that nearly every lender requires. The best place to start is the Making Home Affordable website. Homeowners can review a list of participating lenders and review short sale eligibility criteria. It is advantageous to apply for mortgage … Read entire article »

Filed under: Mortgage Refinancing

Mortgage Refinancing Tips

The process of mortgage refinancing can be confusing, and it can often work against the borrower if they are not careful. It is essential to fully inform yourself before you embark upon a mortgage refinance. Doing it without having first done steady research puts you at the very real risk of being exposed to a shaky deal which will leave you out of pocket in the long run. You also need to ask yourself some questions. These will guide you in your search for the best mortgage refinancing deal. For one question, you should ask yourself whether you are planning to stay in the house for the foreseeable future. There are exceptions to this, but if you are looking at moving any time soon, then it would be unlikely that refinancing … Read entire article »

Filed under: Mortgage Refinancing

Are You Having A Difficult Time With Credit Card Debt?

Article by Are You Having A Difficult Time With Credit Card Debt?Danial Swanzon Do you find yourself in credit card debt? if you do, then you are most likely an American. For most of us, however, we charged these things for items that we had to have. We had no choice in getting them – they were necessary to survival. The thing is, over time, these prices and charges build up to the point that we can’t possibly pay them off in a reasonable amount of time. this is article is to show you some ways to aggressively deal with creditors and their companies. Contact them directly. This puts a face to your number, and can provide much in terms of willingness to work with you now that you have taken the … Read entire article »

Filed under: Credit Card Consolidation

Mortgage Refinancing Leads to Lower Interest Rates

Article by David Nalin Typically, most Australians religiously made monthly instalment repayments until a home loan is paid. However, mortgage refinancing has become a popular option for homeowners seeking to save money. The average duration for an Australian home loan has been reduced to between four to five years in the past decade. There are many reasons Australians seek mortgage refinancing. Getting a Better Deal The prevalent reason for mortgage refinancing is to get a better deal. Many people believe finding a lower interest mortgage financing is that better deal but there are other aspects about securing mortgage refinancing that need to be considered such as the fees accompanying any loan transaction. Any consumer considering mortgage refinancing needs to examine each and every aspect about a particular loan to determine if it is, … Read entire article »

Filed under: Mortgage Refinancing

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