Obama's Loan Modification by Tiffany Nelson

When President Obama was running for office in the fall of 2008, a primary concern was the struggling United States economy, especially as it affected everyday citizens. One of his first initiatives after taking office in January of 2009 was to come up with a nation-wide plan that would help rescue floundering home owners from losing their homes due to foreclosure.

This type of program would not only help the individual home owners who would not have to suddenly leave their beloved homes and find housing elsewhere, but also the lending institutions that would be left with unpaid mortgages if the trend continued, and would assist the already overtaxed housing rental market by not suddenly flooding it with more families in need of housing. Under this program, homeowners are able to apply to their lenders for a "loan modification" on their current mortgage. This loan modification, if it is approved, would lower the interest rate on their existing mortgage, sometimes to a little as 2%, thus often significantly decreasing their monthly mortgage payments. Various financial institutions may also offer various other incentives to their borrowers that make this an even more attractive opportunity for homeowners who are facing financial difficulty.

In the course of the loan modification application process, the same factors that were considered in the initial loan application, such as debt-to-income ratio, will be considered again. Debt-to-income ratio, which is the percentage of your income that is devoted to paying off any kind of debt that you owe, is required to be less than 45%. Doing your homework on the information required to fill out the application will speed the process and make it less stressful.

There are also many sites online that will give you more information about what is involved in applying and help you through the process. Don't hesitate to seek professional help as you consider whether or not the loan modification program may be the very help you need to survive and be able to stay in your home during these troubled economic times. Many local companies and individuals, perhaps right in your own community, can also be very helpful to you in making these decisions. Even though this is a nation wide program, you may find that different lenders have a few different requirements for applying, so be sure to consult your own personal lender to be sure you will meet the criteria and have all the information you need.

Mortgage Rates Stay Down by dane

There were some expectations that mortgage rates would fall this week. Instead rates not only did not rise but fell slightly this week. The 30 year rate fell from 5.08 to 5.07 hitting a new low for the summer. The 15 year rate fell from 4.54 to 4.50. The 5 year arm fell from 4.59 to 4.51 while the 1 year arm rose slightly from 4.62 to 4.64.

The continuing fall of the 30 year rate is good news for the national real estate market which is in the midst of a lukewarm recovery. The 5 year arm is seeing more activity now that it is significantly lower than the 30 year arm. Personally I still would heavily favor the 30 year arm with the possibility of seeing double digit interest rates in 5 years because of heavy government spending. The 1 year arm since moving above the 5 year arm has moved into no mans land with there being virtually no reason to get a 1 year arm at this point in time. Below are rates for the last few weeks.

Sep 10, 2009 30-yr 5.07 15-yr 4.50 5-yr ARM 4.51 1-yr ARM 4.64

Sep 03, 2009 30-yr 5.08 15-yr 4.54 5-yr ARM 4.59 1-yr ARM 4.62

Aug 27, 2009 30-yr 5.14 15-yr 4.58 5-yr ARM 4.67 1-yr ARM 4.69

Aug 20, 2009 30-yr 5.12 15-yr 4.56 5-yr ARM 4.57 1-yr ARM 4.69

Aug 13, 2009 30-yr 5.29 15-yr 4.68 5-yr ARM 4.75 1-yr ARM 4.72

Feb 05, 2009 30-yr 5.25 15-yr 4.92 5-yr ARM 5.26 1-yr ARM 4.92

In addition to rates we like to look at actual mortgage payments to gain some more perspective on mortgage rate changes. Based on current mortgage rates we determined the mortgage payment for a 200k loan. We did the same thing with rates from 2 weeks ago and rates from 6 months ago.

Sep 10 30-yr $1082.21 15-yr $1529.98 5-yr ARM $1014.55 1-yr ARM $1030.07

Aug 27 30-yr $1090.82 15-yr $1538.17 5-yr ARM $1033.67 1-yr ARM $1036.07

Jan 29 30-yr $1085.89 15-yr $1560.82 5-yr ARM $1106.88 1-yr ARM $1061.45

Compared to 6 months ago the mortgage payment on a 200k loan is pretty much identical. The payment is $3.68 less a month or a third of one percent.

The real question of course is where mortgage rates are going. There are a few schools of thought. The first is that mortgage rates are going to skyrocket along with inflation caused by the massive government spending over the last few years. There is another school of that that mortgage rates should rise but only slightly and that massive inflation will be curbed by the Federal Reserve.

Either way no one is advocating that mortgage rates are going to fall much further. Therefore my advice would be to look at 30 year rates and to avoid 5 and 1 year arms like the plague. If the first school of thought is correct and mortgage rates rise they will probably not move dramatically until the economy recovers.

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Debt Consolidation Information To Get You Started On The Road To Good Credit Again by Daniel Major

What should you do when you find yourself drowning in debt?

Well the first thing is, try not to worry yourself into an ulcer. It took a while to get into this situation and it will take a while to get out of it again.

Probably the best place to find information is the Internet. You can do a search for the term 'debt consolidation information' and you will find many websites containing excellent information.

Your next step should be to gather all of your bills together and make a list, with those debts carrying the heaviest load of interest at the top of the list. These can include credit cards of various types.

One of the problems people run into when they are in debt is not knowing exactly how much they owe, so compiling this information is a vital step toward a healthy credit rating.

There are several ways you can go about repayment of your debt. The first method is simply paying back as much as you can on a regular basis -and this can be a successful way of doing things but not for everyone.

You are probably better off if you work with a credit counseling firm that is experienced in working with credit card companies and other debtors. They have debt consolidation information that you may not be aware of.

For example, many of us do not know that a credit card company will often agree to write off a percentage of the principal that you owe. They understand that it is to their own best interest to accept a portion of the principal rather than a whole lot of nothing.

When you're looking for debt consolidation information, look into companies that offer all possible options for repayment, whether it is simple consolidation, such as a credit counseling firm does.

Another option is the home equity loan. You can apply to your mortgage lender for that portion of your equity which will then be used to pay your debts in full.

This may not be an option for everyone and you should think carefully and explore all your other options before choosing this one. This is not a 'money for nothing' type loan; your house payment will probably go up, and there are fees associated with loan processing and closing costs.

It is certainly worthwhile to look into a home equity loan, as this may be a viable option for you.

Debt consolidation information will vary from website to website. Take your time and weigh all of your options very carefully. You have taken the first step on the road back to good credit.

Doing What it Takes to Get a Mortgage Loan by Crystal Guthrie

When it comes to getting a mortgage loan, it is important to understand that lenders consider more than just your income when determining whether or not they will give you the loan you are requesting. While there have always been other factors used when making this determination, the factors that are taken into consideration have grown even more stringent due to the current state of economy. Therefore, it is best for you to have a greater understanding of what lenders are looking for before you apply for a mortgage loan. This way, you will have the best chance of getting the mortgage loan you are after when it comes time to apply.

A Change in the Way of Thinking

Until very recently, lenders were not overly concerned about who they loaned their money to. After all, they reasoned, they would always be able to get their money back if the borrower defaults on the loan because the value of the loan is backed by the value of the property. As many lenders have now learned, however, there is no guarantee that the value of property will only go up. Therefore, when borrowers where unable to repay their loans and the value of the property had actually decreased, the lenders experienced a significant loss of money. Unwilling to get stung again, lenders are taking a far more stringent approach toward determining who they will loan their money to.

Things Taken into Consideration by Mortgage Lenders

In theory, mortgage lenders should be able to obtain all of the information they need from you by simply looking at your credit history. By looking up your credit report, the lender can determine:

* Whether or not you have a good credit score * Your job history * The amount of revolving debt you have

Still, there are other things that your lender will want to know in order to determine how much of a risk it will be to lend money to you. For example, you will need to demonstrate that you have enough money to make a down payment on the home you are purchasing. Or, if you are getting a home equity loan, you will need to demonstrate that you have built up enough equity in your home to cover the loan you are trying to get.

Your employer may also require you to provide documentation of a solid work history and income. Although some of this information may be contained in your credit report, the lender may also want to see W-2s, check stubs or other forms of documentation.

Of course, the appraisal will also play a large role in determining whether or not you receive the loan you are after. If the purchase price is less than the appraised value, you will have a far better chance of getting the loan you are after.

Making Yourself a Good Candidate for a Mortgage Loan

In addition to agreeing to a reasonable purchase price, there are a few things you can do to help improve your chance of getting approved for a mortgage loan. These include:

* Obtain a copy of your credit report and correct any mistakes that may be on it * Pay off or reduce any large outstanding balances that you may be carrying * Don't apply for any new credit cards or close old credit card accounts until after you obtain your loan

It is also in your best interest to do some comparison shopping. Just because one mortgage lender is less than thrilled by what you are bringing to the table, it doesn't mean the same will hold true for all lenders. So, if one doesn't seem interested in lending to you, find one that will!

Securing a Mortgage by Dannie Jensen

Real estate loan is what a lot of people use to buy their home. Real estate loans have been instrumental in bringing joy to people by making that unaffordable house affordable. Some real estate investors too make use of real estate loans for buying properties. However, real estate loan is not free money and anyone who buys real estate or plans to buy real estate using real estate loan must understand the concept of real estate loan very clearly.

Real estate loan (also known as mortgage) is the money that you borrow from someone (a financial institution i.e. a mortgage lender) for the purpose of buying a property. The real estate loan generally covers a part of your purchase price and the remaining portion has to be paid by you upfront i.e. as down payment. The amount (i.e. the percentage of total purchase price) that you have to pay as down payment is dependent on a number of factors and you can generally reduce it to even 5% by going for mortgage insurance. FHA and VA loans (i.e. mortgage insurances through FHA and VA) reduce the down payment requirement on real estate loan even further. Whatever you borrow from the mortgage lender as real estate loan needs to be paid back to the mortgage lender over a period of time (and, of course, you will also need to pay appropriate interest on that real estate loan). The tenure of your real estate loan and the prevailing market rate will determine the amount of interest you pay for your real estate loan. Generally, you are required to pay back the real estate loan in the form of monthly instalments which are composed of both interest and principal portions of your real estate loan.

Also, there are various types of real estate loans e.g. fixed interest rate loans and adjustable interest rate loans. So depending on what type of real estate loan you have gone for, your monthly payments might either remain constant (fixed rate) for the full tenure of the loan or keep getting adjusted periodically (adjustable rate) on the basis of a financial index. Besides that, some other costs are also associated with real estate loans e.g. there are closing costs, inspection costs, attorney fee etc. Also, in case the property needs some repairs, there will be costs associated with that too. Again, there is stamp duty and other taxes that you need to pay. So, really, you need to understand the concept of real estate loans and the related costs clearly before you actually go for the real estate loan. And understanding these concepts is really not that tough.

Foreclosure Stop Information - Stopping Foreclosure is Possible by Terry Robinson

If you're like most people, your home is your biggest investment. So when you are facing a foreclosure and the prospect of the loss of your home, you risk losing your biggest investment. Don't wait until the day before the sale if you want to stop foreclosure. If you have questions about foreclosure or bankruptcy get legal help so you know your options available to stop foreclosure as soon as possible.

If you've lost your employment, recently gone through a divorce, encountered a medical illness or other setback it's not unheard of to fall behind on your bills. But when you fall behind on your mortgage payments, property taxes, or homeowner's association dues, then the mortgage company, taxing authority, or homeowner's association can take aggressive steps to collect the debt. The most powerful tool to collect such debts is a foreclosure proceeding.

A foreclosure proceeding is a legal process by which a secured lender, be it a bank, financial institution, mortgage company, secured lender, taxing authority, or homeowner's association can terminate your legal rights or other interest in your home or other real property. The secured party then sells the property at a public auction and the proceeds go toward the debt. Depending on what state you live in a foreclosure sale usually takes place at the same time or date every month.

In a foreclosure proceeding, the homeowner has no control over the auction or sale proceeding. More often than not, the homeowner stands to lose their equity and more if the property goes to foreclosure and sells at the auction. Even when there is no equity in the property, a foreclosure sale is rarely in the best interests of the homeowner because if the property sells for less than what you owe (and it usually does), then there is a mortgage deficit, which you could still be on the hook for.

If you don't have the money to bring the loan current but you want to keep the property, you may still have options. The first option should be to contact the mortgage company to explore any programs they might be offering, such as a workout or forbearance agreement. Assuming you have already missed several mortgage payments (which is why you are in foreclosure) and you can't afford any of the options the mortgage company is offering, if any, then filing for bankruptcy may be the best option to stop the foreclosure.

Every month, tens of thousands, stop the foreclosure sale and save their homes by filing bankruptcy. Filing a Chapter 13 Bankruptcy allows a homeowner to catch up their missed mortgage payments over 3 to 5 years depending on their situation. If you file for Chapter 13 Bankruptcy to stop foreclosure, your property doesn't necessarily need to have any equity in it. However if it does have equity, you won't loose it. Many people are reluctant to file a bankruptcy because of the stigma that the media and culture have associated with it. Filing for Bankruptcy is not a criminal act and should be considered a business decision and not a moral or fashionable one. Many famous people have filed bankruptcy to save their property, reorganize, and get a fresh financial start. So if you are facing foreclosure and the prospect of losing your home, you can stop the foreclosure by filing for bankruptcy. Chapter 13 Bankruptcy was designed to help people facing loss of property and may be an option for you if you are in foreclosure. If you have disposable income and the bankruptcy means test determines you are eligible to file, and, you haven't recently filed a previous case, Chapter 13 Bankruptcy will definitely stop the foreclosure, allowing you to take 3 to 5 years to repay your past due payments. There's a catch, however. The debtor must keep current on all future mortgage payments. Failure to meet just one future payment is enough to throw the debtor out of Chapter 13 protection. That being said, Chapter 13 Bankruptcy isn't the only way to deal with foreclosure, but it is certainly an option that is based on your disposable income, and not what the lender or party foreclosing demands you to afford.

When your home is up for foreclosure, you probably want to know your legal options on how to stop foreclosure and keep your home. A Bankruptcy Lawyer can help you to determine if Chapter 13 bankruptcy is an option for you to stop the foreclosure. If Chapter13 Bankruptcy is not for you, they may be able to provide assistance in negotiating with your mortgage company, taxing authority, or homeowner's association so that you can save your home. They may also be able to assist if your home is being wrongfully foreclosed. If the mortgage company didn't follow the foreclosure process correctly, you may be able to file a wrongful foreclosure action or temporary restraining order. Once a foreclosure proceeding begins, the mortgage company is required to provide you proper notice of the sale as well as give you an opportunity to dispute the debt. In some cases the procedures for foreclosure are not followed correctly and can provide a basis for stopping the foreclosure sale.

If you choose to allow your home to sell at the foreclosure sale, and the foreclosure sale brings more for your home than the mortgage balance, taxes, liens, and any other foreclosure costs (which almost never happens), you will be entitled to those proceeds. More often than not, the property sells for much less at the foreclosure sale and the sale doesn't bring enough to pay any outstanding mortgage balance, taxes, costs, and liens that may be on the property. If that happens, there will be a mortgage deficiency, and you will be responsible for paying that deficiency, even though you won't own the house anymore. You may be able to file for Chapter 7 Bankruptcy to eliminate the mortgage deficiency.

Many people facing foreclosure wait until the last minute to get help. Like most things in life that go until the last minute you eliminate some of the options you could have taken. In other words, the sooner you get help with your foreclosure, the more options you will have. Contact an attorney in your state that regularly handles foreclosure and bankruptcy to determine all the options to save your home. While there are a lot of great self help books and free information available online, nothing really compares to a live person with years of experience. Most lawyers offer a free initial consultation so it only makes sense to get informed by a professional. Don't let your home be sold.

How to Earn Referral Business as a Loan Officer by Josh Harmatz

Being a loan officer is not an easy job. As any veteran loan officer will tell you, there are many obstacles you need to encounter before you will close that first loan: rejection, lack of prospects, discouragement, etc.

Before you go searching for referral business, you need to be armed with the right attitude. Here are a few pointers:

1. Understand the needs of your clients. Knowing your clients' needs will give you an idea on the best product that fits their needs.

2. Choose a specialty. In the mortgage business, it is important to choose a specialty to distinguish yourself from the competition. This also allows you to become an expert in one area of product knowledge.

3. Set a goal. For instance, you can ask yourself, "How many loans do I need?" If you need ten loans a month, then you need ten people who will send you at least one loan a month. Your goals must be realistic.

4. Manage your prospects. You should know who is available for business and who isn't. Follow up with people who will talk to you. Never sell to people who are not interested.

5. Manage your time properly. Your weeks should be planned in advance. This is possible with the help of an organizer or other software. Your days should be spent with a goal in mind. You should set appointments.

With the above in mind, the next thing to do is to learn how to earn referral business. Earning a referral business is not so difficult at all. It is based on this simple premise: if you provide others with referrals, you earn referrals in return. To yield better results, you must send more than enough quality referrals to others. Your goal must be to become a "referral clearinghouse," which means you must become a "go-to person" for a referral to anything in the professional world. Becoming a referral clearinghouse is not only limited to the mortgage business. Your scope should extend to other industries, such as law, interior design, carpentry, etc.

Once you have your list of preferred referral partners, inform your database through a simple letter that you are now their new referral clearinghouse. Explain in the letter, as short and as sweet as possible, that you believe in the process of referrals and that you would like to offer your services as a referral provider. Include in the letter the industries that you have provided referrals for, but without mentioning any name or contact information.

This strategy is very helpful in many ways:
1. The letter gives your clients a reason to contact you. When this happens, you are given the opportunity to introduce yourself and your business. If any of your clients' friends or relatives need mortgage advice, then you will be the first person that will come to your clients' mind.

2. Since you're not directly selling your product to your clients, they will value you more as a person and will refer you to anyone they know who needs mortgage advice.

3. There is a possibility that you will earn more referrals from new potential referral partners. If you provide quality referrals to your fellow business professionals, then they will do the same to you.

When you become a referral clearinghouse, people will know you through word of mouth. Either of these two things will happen: they will contact you or they will give you a valid reason to contact them. Either way, one thing's for sure: it means there is more business for you.

Josh Harmatz, CEO
www.VoyageHomeLoans.com
www.JoshHarmatz.com
www.JoshHarmatz.wordpress.com

About the Author

Josh Harmatz is a veteran of the lending business and is the CEO for Voyage Home Loans, a Sacramento, California mortgage business that specializes in FHA loans.

He operates his mortgage business with the highest integrity and a strong work ethic, while building reliable relationships with all of his clients. He is committed to his vision of improving business operations through technology, education, and trust.