If you are current on your mortgage, but could possibly lose your home to foreclosure, can you call your lender and receive a loan modification? Are banks required to issue loan mods? You may be surprised to hear the alarming answer. (more…)
If you are looking for a loan modification, there are a lot of terms you should learn, including loss mitigation. We take the definition from Wikipedia, to help you learn these financial terms so that you are not taken advantage of when dealing with financial professionals. (more…)
Federal Deposit Insurance Corp. (FDIC) proposed November 14th to use $24 billion in government funding to help 1.5 million American households avoid foreclosure.
The agency’s plan, posted on its Web site Friday, would guarantee 2.2 million modified loans — mainly risky loans made to borrowers with weak credit or small down payments — through the end of next year. Borrowers would get reduced interest rates or longer loan terms to make their payments more affordable. (more…)
If you are having trouble making your mortgage payments or are already late on your mortgage, you may want to consider when a loan modification is the best financial decision for you and your family.
If your home is to go into foreclosure, you can face bankruptcy, and have a serious scar on your FICO credit score for up to 7 years. (more…)
If you are looking for a way to save your mortgage, but have found loan modifications to cost a lot of money, there are other options. The FDIC Loan Modification program is free of charge, and allows homeowners to adjust their mortgages to payment terms that are more acceptable. (more…)
If you are looking to calculate how much your payments will be on a mortgage or loan, please use our mortgage calculator to calculate your monthly payments, and terms.
This mortgage calculator will help you calculate your monthly payments, and also show you a graph so you can see how much a new mortgage loan or payment can yield you.
The mortgage calculator has two options. It can show you how much you would owe on a mortgage, then if you hit the ‘loan’ button if will show you how much you need to pay on a loan payment.
Click the calculate button to see how it works, it’s got a nice animation effect.
If you are looking for a lawyer to help you get a loan modification in the Florida area, you may be looking for the wrong resource. There are no laws that say that the bank or mortgage owner must modify your loan, so your search for a lawyer may be fruitless. (more…)
