By Toni Tanner
If You Need Help, You are not alone
If you are struggling to pay your mortgage you are not alone. Authorities project that over 2 million homes will go into default this year. One out of every 18 homeowners is behind on their mortgage payments. That's bad news.
Help Is Available
The good news is that many real estate professionals as well as the government and lending and banking institutions, are very interested in helping you save your home. On the average, a home foreclosure reduces the surrounding property values by $17 to $18 thousand dollars - within a five mile radius of the property. Every home saved means fewer vacant homes, which supports higher property values, a stronger community, and an improved local economy.
Real Estate and Financial Professionals Can Help
Many Real estate and financial professionals realize that some in their communities are going through difficult times and it is affecting their ability to make their mortgage payments, avoid foreclosure and save their homes. Saved homes mean stronger communities that have a greater need for their services.
The US Government Wants To Help
The housing market is an important sector of the economy and the government wants reduced foreclosure rates and increased property values to strengthen the economy. The government has helped by coming up with new loan programs that make it a little easier for homeowners to refinance into a loan with better interest rates, which translates to lower mortgage payments. However, not all mortgage brokers keep track of these programs. It's important to work with a broker who specializes in this area because he or she can stay up to date on these new developments.
The Banking and Lending Institutions Can Help
The banking institutions are often willing to negotiate with homeowners who are behind on their payments, or whose interest rates are adjusting to the extent that they won't be able to make their payments any longer. The banks would often prefer to have a paying homeowner on modified terms, rather than end up with a vacant house on their books which they have to pay to fix up and sell.
Use A Team Of Experts For Best Results
You can of course talk to your lender and try to make an arrangement on your own. However, there are professionals who have become expert at these types of negotiations and know exactly how best to present your case to your lender to get you the best possible terms of loan reinstatement or interest rate reduction. The end result of a successful negotiation can be a lower mortgage rate but there is no guarantee. Timing and strategy are important. This is where having a professional in this area is the key.
By the same token, you could try to find out about all the latest loan programs and decide which one is best for you, but working with the right mortgage broker will keep you from having to 'reinvent the wheel', as the saying goes.
Seniors Have A Special Advantage
Seniors are a special case. If you are a senior, it may be possible to eliminate your mortgage payments altogether with a mortgage product that actually pays you every month, instead of you paying a mortgage. It's called a reverse-mortgage. It's not for everyone, but it may be exactly what you need to be comfortable during your retirement years. Even if you have applied for a reverse mortgage in the past and been denied, there are some new loan products evolving that may be even better suited to your situation.
Action Plan To Reduce Your Mortgage and Save Your Home
Now is the time to empower yourself by taking constructive action.
If you are a homeowner who is saying "I need to lower my mortgage payments or I will not be able to avoid house foreclosure." Here's what I would suggest you do next. Take the 8 Steps below that spell:
M-O-R-T-G-A-G-E
M - MOVE IT!: - Make sure you take action as soon as possible. The quicker you act, the more choices you have
O - ORGANIZE YOU DOCUMENTS: Have you been letting those scary letters pile up in the corner? Make sure you have organized all related files and paperwork so you can get your hands on what you need, quickly. This also increases your sense of control over your situation.
R - RECRUIT YOUR TEAM: Look for an experienced team of real estate and financial professionals that is working together in your best interest. Start by asking to your friends and family for recommendations and searching offline as well as online. Remember that in the financial world you are not limited geographically. Your best team members may be hundreds of miles away. Keep searching until you are certain you have the right group. Good advisors often work together. Sometimes the key is to find one team member that you know is the right fit for you and he or she can lead you to others.
T - TAKE ADVANTAGE OF ALL RESOURCES: Keep an open mind. Work with your team to explore all of your options for yourself and your family. The solution may or may not be straightforward. Make sure you clearly communicate the issues that are most important to you. Brainstorm. Ask questions. You will often find that the best strategy will present and confirm itself as you keep cycling through this process.
G - GAIN FAMILY CONSENSUS: Discuss options with all concerned and affected by your decision. (well maybe not the dog, but everyone else). Talking it through will help to eliminate some of the stress and provide needed support when everyone is on the same page. It's amazing how much more you can accomplish when you have full cooperation of the most important people in your life.
A - ACT: Take a deep breath, take action and make your best choice. Don't give in to analysis paralysis. At a certain point, you have to pull the trigger and make a decision.
G - GIVE YOURSELF A BREAK: Go easy on yourself, knowing you have done your best for yourself and your family. Guilt, anger, and frustration only sap your creative problem solving energy.
E- EXPECT TO SHARE YOUR KNOWLEDGE: When you are ready, pass on the knowledge you have gained to others worthy of your wisdom. Remember when you were at the team recruitment stage and were asking around for recommendations? Now it's your turn to 'pay if forward' and share your experience so it benefits others. Word of mouth travels. You may be the reason someone else can save their home by lowering their mortgage payments!
So there you have it. If you get:
Moving,
Organize all of your documents,
Recruit your dream team,
Take advantage of their wisdom,
Gain your family's consensus and support, take
Action,
Give your self a serious break, and
Expect to share your knowledge with someone else who needs help,...
You will be amazed at how smoothly you can come up with a workable solution... with a little help from your friends!
I hope you have gained some useful knowledge. May you and your loved ones have all the best for your future!
If you would like more information and my other recommendations, go to: [http://SaveUSHomes.com/]
Toni T. has been a real estate professional since 1999. She specializes in developing creative solutions for homeowners primarily by networking and by creating strategic alliances with other real estate professionals nationwide - and within the local real estate market of Southern California. She lives in the Los Angeles Area.
Article Source: [http://EzineArticles.com/?Help-Lower-My-Mortgage-Payments-to-Avoid-House-Foreclosure---With-8-Steps-That-Spell-M-O-R-T-G-A-G-E&id=1265757] Help Lower My Mortgage Payments to Avoid House Foreclosure - With 8 Steps That Spell M-O-R-T-G-A-G-E
Thursday, September 23, 2010
Wednesday, September 22, 2010
Hope For Homeowners Plan - Revamped Bad Credit Home Finance
By Julian Lim
A bad credit home finance loan could be the ideal way out from problems regarding possible foreclosure. It has been made less strenuous and much better by the government.
A Timely Option
There is no doubt that today is the most appropriate time to explore options regarding bad credit home finance. Many homeowners and consumers are currently facing the stress and anxiety from a pending house foreclosure. This is not surprising because the recent recession has left thousands of people with financial troubles up to this day. If you are among those people who are having difficulty in repaying home loans and who have incurred poor credit scores due to inevitable instances, there is hope.
Bad credit home finance loans have been available across the market for some time now. The products were logically developed, designed, and created to give assistance to borrowers who are finding it hard to repay mortgages and who are at the same time suffering from poor credit status. However, through the years, loan applicants have been complaining about how difficult it is to apply for and qualify for the loans.
Hope For Bad Credit Mortgage Borrowers
The US government has launched a federal mortgage program that is aimed at improving how such loans are provided to needy borrowers. The program is called 'Hope for Homeowners Plan' because it literally provides hope for home loan borrowers who are finding it harder these days to repay existing mortgages. The program is in line with the government's initiative to help save homes.
The scheme is typically aimed at assisting homeowners who now owe lenders more than the actual valuation of their homes. It is also for borrowers who now find it very difficult to pay monthly amortizations due to financial distress. There is no doubt that the program is veiled with all the best and most humanitarian intentions. Through it, home loan borrowers could now avoid getting into defaults or foreclosures even if they are suffering from poor credit standing.
Available options
The special bad credit home finance program provides poor credit home loan borrowers access to a list of imperative options. First, the scheme could help any borrower to secure interest rates that are significantly lower compared to the standard loan rates in the market. It could be surprising how several bad credit home refinance loans take interest rates that are comparably lower than those of the original mortgage.
The refinance program could also help borrowers erase portions of their existing debts. This is to be fair to borrowers who have been diligent in paying amortizations until the onset of the recent financial recession. Lastly, the bad credit home finance program is designed to help borrowers attain loan reduction, and in some cases, loan forgiveness. On top of these all, the loan could also serve as an opportunity to clean up or improve the borrower's poor credit scores.
'Hope for Homeowners Plan' is a revamped form of [http://www.bad-credit-home-mortgage-loan-refinance.com]Bad Credit Home Finance loans. Find out how it could be helpful to you by visiting the link [http://www.bad-credit-home-mortgage-loan-refinance.com]Home Refinance Bad Credit today.
Article Source: [http://EzineArticles.com/?Hope-For-Homeowners-Plan---Revamped-Bad-Credit-Home-Finance&id=4837262] Hope For Homeowners Plan - Revamped Bad Credit Home Finance
A bad credit home finance loan could be the ideal way out from problems regarding possible foreclosure. It has been made less strenuous and much better by the government.
A Timely Option
There is no doubt that today is the most appropriate time to explore options regarding bad credit home finance. Many homeowners and consumers are currently facing the stress and anxiety from a pending house foreclosure. This is not surprising because the recent recession has left thousands of people with financial troubles up to this day. If you are among those people who are having difficulty in repaying home loans and who have incurred poor credit scores due to inevitable instances, there is hope.
Bad credit home finance loans have been available across the market for some time now. The products were logically developed, designed, and created to give assistance to borrowers who are finding it hard to repay mortgages and who are at the same time suffering from poor credit status. However, through the years, loan applicants have been complaining about how difficult it is to apply for and qualify for the loans.
Hope For Bad Credit Mortgage Borrowers
The US government has launched a federal mortgage program that is aimed at improving how such loans are provided to needy borrowers. The program is called 'Hope for Homeowners Plan' because it literally provides hope for home loan borrowers who are finding it harder these days to repay existing mortgages. The program is in line with the government's initiative to help save homes.
The scheme is typically aimed at assisting homeowners who now owe lenders more than the actual valuation of their homes. It is also for borrowers who now find it very difficult to pay monthly amortizations due to financial distress. There is no doubt that the program is veiled with all the best and most humanitarian intentions. Through it, home loan borrowers could now avoid getting into defaults or foreclosures even if they are suffering from poor credit standing.
Available options
The special bad credit home finance program provides poor credit home loan borrowers access to a list of imperative options. First, the scheme could help any borrower to secure interest rates that are significantly lower compared to the standard loan rates in the market. It could be surprising how several bad credit home refinance loans take interest rates that are comparably lower than those of the original mortgage.
The refinance program could also help borrowers erase portions of their existing debts. This is to be fair to borrowers who have been diligent in paying amortizations until the onset of the recent financial recession. Lastly, the bad credit home finance program is designed to help borrowers attain loan reduction, and in some cases, loan forgiveness. On top of these all, the loan could also serve as an opportunity to clean up or improve the borrower's poor credit scores.
'Hope for Homeowners Plan' is a revamped form of [http://www.bad-credit-home-mortgage-loan-refinance.com]Bad Credit Home Finance loans. Find out how it could be helpful to you by visiting the link [http://www.bad-credit-home-mortgage-loan-refinance.com]Home Refinance Bad Credit today.
Article Source: [http://EzineArticles.com/?Hope-For-Homeowners-Plan---Revamped-Bad-Credit-Home-Finance&id=4837262] Hope For Homeowners Plan - Revamped Bad Credit Home Finance
Tuesday, September 21, 2010
Home Loan Modification Help - Why Most People Are Denied and How You Can Avoid This & Be Successful
By Jason A Baker
Applying and qualifying for a loan modification program is a lot more serious than you think. It's the key to making you feel a lot less burdened when it's time to pay your mortgage.
So you must take it seriously because most homeowners who applied for it get rejected most of the time. Some of those who applied for the second time get rejected again and again. Luckily, there are tips to avoid this. Read on and find out how.
Why You Get Rejected
Before you can borrow money, the lender will first see your ability to pay on time. This includes your job, your monthly income and your expenses. If you're able to pay with interest, then you qualify for a loan.
If not then you don't qualify. It may seem unfair but if you put yourself in the place of the lender, it's purely business. So before entering this kind of situation, know your limitations. How much can you really afford to pay?
Considering your life's situation, your family needs and other expenses in your life, can you really afford to loan? Remember that you are borrowing money with interest and you don't pay back exactly what you borrowed. It grows.
Don't lie about your financial status when you fill out an application form for loans. Lenders have their own way of determining your real situation. Most homeowners who seek a loan modification fail to see the real meaning of a loan.
To lenders, a loan is still a loan. Most homeowners ask for money because they want to add things to improve their home to add value to it. However, it does not work at all. The value remains the same and to lenders this is not a valid reason to modify your loan.
What If you're Not Able to Qualify?
It's no surprise that many homeowners seeking for a loan modification get turned down. There are many ways to avoid being turned down. One way is to hire a professional from a firm that specializes in loan modifications.
However, these firms implement strict laws which just show their professionalism. So be sure that you provide them with relevant and true information when you seek help from them. Tell them all the details that they need to know to make the process easier.
Aside from qualifying you for a loan modification, they can also work to lower the interest rates on your loans. When you qualify for a loan modification and you get lower interest on your loans, you can really save a lot than what you used to.
Actually, you have better chances if you go through your Loan Modification Process yourself, most Loan Modifications Agencies & Attorneys will charge you large sums of money for something that you can do it on your own.
Of course you will need to be 'ARMED' with the right Information & Tools in order to be successful. Visit [http://www.mortgagemodificationdiy.info]60-Minutes Loan Modification to get everything you need. I strongly urge you to [http://www.mortgagemodificationdiy.info]Click Here Now! To see what you can accomplish with the right info.
Article Source: [http://EzineArticles.com/?Home-Loan-Modification-Help---Why-Most-People-Are-Denied-and-How-You-Can-Avoid-This-and-Be-Successful&id=4925684] Home Loan Modification Help - Why Most People Are Denied and How You Can Avoid This & Be Successful
Applying and qualifying for a loan modification program is a lot more serious than you think. It's the key to making you feel a lot less burdened when it's time to pay your mortgage.
So you must take it seriously because most homeowners who applied for it get rejected most of the time. Some of those who applied for the second time get rejected again and again. Luckily, there are tips to avoid this. Read on and find out how.
Why You Get Rejected
Before you can borrow money, the lender will first see your ability to pay on time. This includes your job, your monthly income and your expenses. If you're able to pay with interest, then you qualify for a loan.
If not then you don't qualify. It may seem unfair but if you put yourself in the place of the lender, it's purely business. So before entering this kind of situation, know your limitations. How much can you really afford to pay?
Considering your life's situation, your family needs and other expenses in your life, can you really afford to loan? Remember that you are borrowing money with interest and you don't pay back exactly what you borrowed. It grows.
Don't lie about your financial status when you fill out an application form for loans. Lenders have their own way of determining your real situation. Most homeowners who seek a loan modification fail to see the real meaning of a loan.
To lenders, a loan is still a loan. Most homeowners ask for money because they want to add things to improve their home to add value to it. However, it does not work at all. The value remains the same and to lenders this is not a valid reason to modify your loan.
What If you're Not Able to Qualify?
It's no surprise that many homeowners seeking for a loan modification get turned down. There are many ways to avoid being turned down. One way is to hire a professional from a firm that specializes in loan modifications.
However, these firms implement strict laws which just show their professionalism. So be sure that you provide them with relevant and true information when you seek help from them. Tell them all the details that they need to know to make the process easier.
Aside from qualifying you for a loan modification, they can also work to lower the interest rates on your loans. When you qualify for a loan modification and you get lower interest on your loans, you can really save a lot than what you used to.
Actually, you have better chances if you go through your Loan Modification Process yourself, most Loan Modifications Agencies & Attorneys will charge you large sums of money for something that you can do it on your own.
Of course you will need to be 'ARMED' with the right Information & Tools in order to be successful. Visit [http://www.mortgagemodificationdiy.info]60-Minutes Loan Modification to get everything you need. I strongly urge you to [http://www.mortgagemodificationdiy.info]Click Here Now! To see what you can accomplish with the right info.
Article Source: [http://EzineArticles.com/?Home-Loan-Modification-Help---Why-Most-People-Are-Denied-and-How-You-Can-Avoid-This-and-Be-Successful&id=4925684] Home Loan Modification Help - Why Most People Are Denied and How You Can Avoid This & Be Successful
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