Big Banks (the company you make your mortgage payments to) or your friendly, knowledgeable Mortgage Broker — Who is better?
Duration : 0:1:49
Big Banks VS Mortgage Brokers – Michigan Home Loans
Mortgage Loan Modification – How Do Mortgage Loan Modifications Work?
http://www.REIClub.com – How Do You Stop Your Home From Going Into Foreclosure? Here’s How A Mortgage Loan Modification Works…
Hi, this is Frank Chen with REIClub.com, the only site you need as a real estate investor. Today I’ve got quick video on mortgage loan modifications.
What is a Mortgage Loan Modification?
- Re-negotiating one or more terms of a mortgage
- Reduce interest rate of the mortgage
- Change the mortgage product from adjustable to a fixed rate
- Extend the term of the mortgage
- Add delinquent payments to overall mortgage balance
- Potentially Helps Credit Score
- NOT easily granted, must be justified
Step 1: Eligiblity before contacting lender
- steady income
- positive budget/balance
- unemployment benefits do not qualify
- must own your primary residence
Tips before contacting lender:
- Survival budget – backup plan
- Prioritize your Mortgage over car/credit card payment
Step 2: Action Plan
- Hardship letter – explains why you fell behind, and how to manage it
- Reduce your expenses
- Possible downpayment to secure Loan Modification
- Manage finances – eliminate excess
Step 3: Fannie Mae or Freddie Mac?
- May Qualify for Making Home Affordable Program
- HAMP – Home Affordable Modification Program
– www.makinghomeaffordable.gov
- If niether, look for other loan modification programs
Step 4: Call Lender
- Mortgage Statement for Lender #
- New to process – Loss mitigation department
- Have questions, be assertive
- Have budget and expenses
- Straight to the point, no life stories
Requirement: (Text only)
- Income verification (2 current paystubs)
- A hardship letter
- A positive household budget
- Two current bank statements
- Most recent tax return (for up to two years possibly)
- IRS form 4506T
- IRS form 4506EZ
Step 5: Send Documentation
- Don’t miss your deadlines
- Certify mail
- Follow-up – If lender says 2 weeks, call in 2 weeks
Step 6: Be Patient and Save money
- 90-180 days to complete
- Deferment of foreclosure proceedings
- Lenders and LMD need to communicate
- Enough for down payment
Remember, when you speak with your lender, keep your conversation focused on your real estate mortgage, your request for a mortgage loan modification, avoid complicated conversations about personal issues and be weary of foreclosure rescue scams. Mortgage loan modifications can be tedious process, but creates a possible solution to keeping your home from going into foreclosure.
Again, this is Frank Chen with REIClub.com. Please take the time to leave your comments for this video below and please subscribe to our YouTube channel so you’ll be automatically notified when we upload more quick video tips for you. Take care and good investing.
Duration : 0:6:8
The Renno Team – Loan Process Video
The Renno Team of Pacific Funding Mortgage Division explain the loan process from pre-qualifying through funding. Contact Santa Clarita’s direct mortgage lender for more information or for an interest rate quote.
Duration : 0:6:59
Real Funding Partners Business Model Informational Call
Join us for an informational call on the business model of our commercial lending company, Real Funding Partners. We have employment opportunities for associates to join us in offering our comprehensive business solutions. For more information please call 206-984-4336 or email susan@wladirect.com
Duration : 0:38:11
Mortgage Loan Modification companies scam 1.mp4
Loan modifications scams are changing every day.
Every 13 seconds in America, there is foreclosure filing. There are more than 6,000 home foreclosure filings per day. 4.5 million households are currently at risk of foreclosure. Expert are predicting between 1.5 and 2.0 million new foreclosures in 2010 and an estimated 8.1 million foreclosures by 2012. Florida is number one regarding to 2009 foreclosure rates by state 18.81% so that’s why we have a lot of scams. homeowners at risk of foreclosure and looking for loan modification guidance should avoid an company or person who: Ask for fees in advance, Guarantees that they’ll stop a foreclosure or modify a loan, or Tells you to stop paying your mortgate company and to pay them instead. What services did the company or individual offer? Loan modification assistance/consulting, Legal representation. Reverse mortgage . Foreclosure relief/consulting . Bankruptcy. Refinancing. “Ask Me About Foreclosure alternative” Short Sales
“Ask Me How My Designations Benefit You”
CIAS Certified Investor Agent Specialist
CDPE Certified Distressed Property Expert
“The Best Compliment You Can Give Me Is The Referral of Your Friends and Family!”
Duration : 0:2:8
Processing and underwriting of your Wisconsin mortgage loan and what it involves
After you get an accepted offer you want to contact your mortgage lender immediately to sign the loan application. In this video I discuss what is all involved in the processing and underwriting of your loan
Duration : 0:2:52
Two-thirds of Hungarian mortgage loans are denominated in Swiss francs
Hungary’s Quick-Fix To Swiss Franc Mortgages Could Devastate Its Economy
Last month we wrote about Hungarians bucking under Swiss Franc denominated mortgage loans. Two-thirds of Hungarian mortgages are denominated in Swiss francs and there’s been a lot of chatter about officials coming to the rescue of borrowers. The latest move has taken markets by surprise.
The government is letting borrowers who make payments on time, the opportunity to pay a fixed rate of 180 Hungarian forint to a Swiss Franc and 250 forint to a Euro, with banks taking a massive blow. Officials also have a temporary break on evictions, and have introduced early repayment options………….
Read more: http://tinyurl.com/83nw6rl
Duration : 0:7:7
Mortgage Loan Modification In Minnesota
Do Mortgage Loan Modifications In Minnesota Work is a question the Pomerleau Team gets a lot? Tune in today as Minnesota Short Sale Experts Josh and Sarah with the Pomerleau Team at Keller Williams Realty talk about Mortgage Loan Mofication In Minnesota and what their past clients have said about the Loan Modification Process.
If you have any Minnesota short sale questions or would like more information about qualifying for a short sale in Minnesota contact the Pomerleau Team at 763-463-7580 or submit a contact form at http://shortsaleshift.com by clicking the red “Start Button” and scrolling to the bottom of the page.
Duration : 0:5:0
Couple’s crazy struggle to keep their house
After encountering financial difficulty, Tim and Robin Riley asked their mortgage lender, Bank of America, to lower their interest rate. What followed was a two-year battle with bank bureaucracy. Elaine Quijano reports on one couple’s crazy struggle to keep their house.
Duration : 0:2:44
Lady flips out on mortgage loan officer voice mail
Actual voice mail of a lady flipping out over a delay in getting her loan documents. Many feel her frustration with the loan process with all of the over regulation that causes delays to perfectly good, qualified, home buyers. While it’s pretty funny to listen to, it’s hard not to understand her anger under the circumstances.
Duration : 0:0:28