New Mortgage Loan Modification Tips [mortgageloans-protection.blogspot.com]
www.GetLoanModSecrets.org Richard Geller discussed the breaking announcement of new mortgage loan modification guidelines. This is huge if you are doing loan modifications for profit and want to know what the rules mean. Register for a free webinar on Monday 9-March 2009 tinyurl.com
mortgageloans-protection.blogspot.com Newest Mortgage Loan Modification HUGE NEWS
Mortgage loan modification is the adjustment of your loan contract in order for you to pay for you to afford the fees for your house that you purchased. This is a way to protect your home in foreclosures.
First, you need to do is to check the bank or lenders policies and guidelines in mortgage loan modification. This will help you on how you will present your application. You may also provide a detailed letter of difficulty in paying your bills for some reason that may include like if your income is too low for the loan. You can also ask the lender for other options that you can pay for your mortgage easily and plans that will work for you.
Knowing your debt and dues is one of the good things to keep track how much you need to pay and when you will pay your fees. If you are a good payer, most lenders will be happy to assist you better plus the lenders have a perspective that you are not just a good payer, but you are willing to clear the chance of losing your home that will also help you in order to have a good credit records.
Another tip is taking a note or a list of your income and expenses.
This will help you to settle your bills according to the most important down to the less important expenses. This is a way to budget how much you will earn from your business, salary, and any other source of funds and how much money will go out.Make sure that you have your files arrange in case you need them. Put all your documents in one folder or envelop that is easy to carry if you need them. Application for the modification is paperwork.
Recommend New Mortgage Loan Modification Tips TopicsQuestion by grkitalsizzlah01: Is it possible to roll K in student loans into a new mortgage loan? I plan on buying a house or a condo in the next couple of weeks. Can I roll my student loans of $ 27,000 into a new mortgage loan to consolidate? Best answer for Is it possible to roll K in student loans into a new mortgage loan?:
Answer by golferwhoworks
no you cannot. the loan will be based on the purchase price only. Now if buying way under market value then you can refinance the loan in 1 year and then include the student loan but they should have the same about rate any way if they don't get the student loans consolidated into 1 fixed note now as rates are good
Answer by Steve D
Depends on how much money you plan on putting down. You cannot have more than 100% of the value of the property outstanding, and most banks will require at least a 5% down payment (and more likely 10 to 20%) to close the loan. So, using the 5% as a minimum, on a $ 200,000 house, you could borrow no more than $ 190,000, meaning you would have to have at least $ 37,000 in cash plus closing costs to get the loan down to where you could roll the student loans in (in which case, you could just pay them off anyway). The only other option would be to find a property selling well below market value, which would give you instant equity - say a $ 200,000 house selling for $ 150,000, which gives you teh equity leeway to do what you want.
