Loan Modification – Avoid The Scams
Posted on July 12, 2009 - Filed Under Business | Leave a Comment
If you are behind in your mortgage payments, you will be contacted by many people who will offer to provide a loan modification with your lender.
What is a Loan Modification? That is where you and your lender agree to modify one or more of the terms of your home loan. The terms could be a lower interest rate, an extension of the length of the loan (like making a 30 year loan into a 40 year loan), a conversion of an adjustable rate loan (called an ARM) to a fixed rate, the deferring of some of your payments, or any other modification of loan terms.
The goal of a Loan Modification is to help you keep your home and to give you a real, meaningful, sustainable, and long-term adjustment to your current home loan that works for your financial situation.
Quick Look at Mortgage Refinancing
Posted on July 4, 2009 - Filed Under mortgage | Leave a Comment
Most house owners these days are on a look out for good mortgage refinance deals.One of the most important questions they ask themselves before applying for such schemes is - Should I?
Chase loan modification
Posted on May 12, 2009 - Filed Under Finance | Leave a Comment
Now-a-days homeowners who have difficulty in making their loan payments might be able to gain the support they want by knowing about ...
What Happens After The Foreclosure Sheriff Sale
Posted on December 8, 2008 - Filed Under Business | Leave a Comment
A great number of homeowners are simply unable to stop foreclosure on their homes by the time of the sheriff sale of the property. When they are unable to find some way to postpone the foreclosure auction, state foreclosure law will take over to determine the next steps in the foreclosure process and how much longer the foreclosure victims have to stay in their homes. In some cases they will have to be out of the home within a few weeks, while other states allow for a period of time in which they can put together the funds to pay off the house, thereby redeeming it and maintaining the right of ownership of the property.
Getting Ready To Face Foreclosure
Posted on December 3, 2008 - Filed Under Business | Leave a Comment
As interest rates have risen nationwide, and the real estate market has begun to stagnate or drop, foreclosures have become a rising problem. While there are many resources available for homeowners to save their homes, there are just as many scams out there. Many of these scam companies offer to help homeowners work with their lender to establish a repayment plan. In nearly every instance, unfortunately, these companies are only providing clients with options that they would be better off doing themselves.
However, most homeowners are drawn in by these scams because they are too unnerved by their current situation to contact their lender. They are afraid of admitting their failure, and are easily tricked into asking for help. The purpose of this article is to show homeowners in foreclosure how to approach their lender when attempting to work out a solution.
The Short Sale Bpo Agent Evaluation Model And Perspective – Everything You Thought You Knew
Posted on November 29, 2008 - Filed Under Business | Leave a Comment
It is good to understand the general perspective of the agent conducting a BPO. Did you know the BPO Agent usually only makes $40-50 for each BPO the lender orders? Consider that for a moment. The BPO Agent has to drive out to property, spend 30 minutes or more inspecting it, take 10-20 pictures, drive back to their office (which many work from home), spend ANOTHER two-three hours putting together all the data they collected and uploading the pictures and information to company the lender used to order the BPO. All of that work for $40-50 buckos. The reality is the BPO Agents do not make any money if they have to spend A LOT OF TIME with one BPO. They have to burn thru as many BPO’s as possible to at least make a few hundred bucks every two weeks. This doesn’t mean they do not do a good job conducting one. In my opinion they are simply not motivated enough to spend the required time to produce an accurate value on the property every time. Hence, here is where investors can make more profit.
Prepare Now Before Foreclosures Get Even Worse
Posted on November 28, 2008 - Filed Under Business | Leave a Comment
The current foreclosure crisis was completely avoidable in theory, but there were too many concurrent events that led to everyone in the real estate and mortgage industry enjoying the loose lending and overvalued properties. Real estate agents made boatloads of money in commissions from selling properties that were way too expensive, lenders made money by originating loans that they could sell to investors, and hedge funds made money by taking the payments on these properties and selling the properties that ended up in foreclosures because values were rising so quickly.
Is New York In The Midst Of A Foreclosure Meltdown?
Posted on November 7, 2008 - Filed Under Business | Leave a Comment
It may have taken a bit longer than the rest of the country but the sub-prime cloud is casting its shadow over the Empire State.
The entire state registered a rise in foreclosures of over 22% from July 2006 – July 2007. No place was spared it seems. In Queens the number of foreclosure filings rose 126% in one month, while Staten Island reported in with an increase of 102%. Scarier still is these two boroughs weren't even the hardest hit. that distinction belongs to Staten Island which got hammered with a 184% increase in foreclosures in the previous 12 months. All told the five boroughs showed an increase of 55% over the past year.
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