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Posts Tagged ‘loan modification’
It’s no secret that the United States and its people have suffered as a result of the global economic mess, and particularly because of the mortgage crisis. Layoffs and salary cuts have made it nearly insurmountable for many people to repay existing loans on time.
In fact, many Americans are facing the threat of home foreclosures. In such scenarios, loan modification program introduced by the Obama government has come as a huge relief.
The plan outlines several terms for helping homeowners avert forclosure.
Aspects of the Program:
Home loan modifications are being provided to homeowners, who are unable to pay their loans on time.…
A Simple Explanation Of Loan Modification
In: Mortgage
23 Dec 2009With the recent economic troubles, loan modification becomes increasing important for many people seeking to reduce their mortgage payments and keep their homes. It is a process where revised loan terms are negotiated between a lender and borrower. This occurs with a wide variety of loan, but it usually involves the revision of mortgages.
With a normal loan, payments are made on a regular scheduled basis. The payments continue until the loan is completely repaid, including interest charges and other fees. Until the loan is completely repaid, the lending company holds a claim over the home or other collateral. If the…
Recently, Monique had the following question about an Eviction Process:
“I have six months not paying my mortgage, and I am worried about it. My question is if the sheriff can take me out with my family anytime now?”
Answer: It will depend in your state. Some states are under a Judicial foreclosure and others under a Non-Judicial foreclosure system. You may want to understand the Foreclosure Process and the Eviction Laws of your state. Look at foreclosurelaw.org
First of all, check the following points that are very common in a FORECLOSURE PROCESS for many states, although every state use to change the…
Eviction Notice: Everything You Need To Know
In: Mortgage
9 Oct 2009The Eviction Laws can be misunderstood by many homeowners and an Eviction Process can be really intimidating for many home owners in default. I received recently, a question from a homeowner in stress:
“If you live in a house and are losing it , have been living in it for 6 months paying no mortgage, will they just show up at our door and say ok you have to leave? or will we get some kind of 30 notice to leave?”
My response was: Nobody can take out you from your home if they dont have an EVICTION NOTICE FROM…
The Short Sale Process - My Safety From Foreclosure?
In: Mortgage
8 Oct 2009The short sale process is long and difficult. The homeowner is in a situation where their mortgage value is higher than that of their home - the short sale definition. Most of the time homeowners comes very close to foreclosing before admitting that the time has come to begin the short sale process.
Before initiating the short sale process, both sides must agree to it. It is a contract between two parties as to exactly how the debt will be settled - with all of the various aspects of home ownership dealt with. Avoiding foreclosure is probably the…
Is a Loan Modification right for you?
In: Mortgage
24 Apr 2009A loan modification is often times the most desirable solution for those homeowners for whom refinancing is not an option. The modifications popularity has exploded as a solution for those homeowners facing financial difficulties in the current market.
The importance of doing it right. While it is possible to negotiate directly with your lender, it is generally not recommended. There are many pitfalls that can cause your modification attempts to go awry. A professional loss mitigation specialist can help you navigate through the process and ensure that you do everything right.
The lender’s process must be stictly followed as…
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