leighlababy2002 asked:


Hello,

Does anyone know what the procedure is for a loan modification in New York State? Is there a certain amount of income that you have to make to qualify? Just what are the guidelines for a loan modification & are there reasons why someone would be turned down? Also, is it better to try a work out a modification with my current mortgage company or should I seek out another lender?

Lois

ArchaicRevivalx2012 asked:

Peter Schiff sees socialization of United States bubble economy will sink the Federal Reserve Note.

US mortgage giants Fannie Mae and Freddie Mac are facing growing pressure as fears intensify about a potential calamity at the firms, which underpin trillions of dollars in home loans.

Together they own or guarantee some US$5.2 trillion in loans, or about 40 per cent of the total value of home loans in the United States.

Peter Schiff at Euro Pacific Capital said the two giants were likely to need government bailouts in view of the “dubious quality of their mortgage portfolios”.

“Together both firms have less than US$90 billion in capital reserves to ensure losses on more than US$5 trillion in mortgage debt … Clearly, Fannie and Freddie would have no ability to survive without a government bailout. This means that taxpayers will be on the hook for hundreds of billions of losses, perhaps even more than one trillion.”

Cindy

Kristin Abouelata - Home Loans asked:


When deciding upon a home mortgage, one of the most common options to consider other than a fixed rate loan is an ARM loan. ARM is an acronym for adjustable rate mortgage. With this product, a starting rate is fixed for a certain period of time, and then when that time is up, the rate can adjust depending upon a pre-determined index and margin. This period can be from anywhere of 1 month or 10 years, and can reflect principal and interest or sometimes interest only payments. The adjust results in the mortgage payment either increasing or decreasing. There is also a cap on how much the interest rate can go up or down.

Many people today are afraid of ARM loans and automatically only consider a fixed rate loan when applying for a mortgage. Depending on the market, this philosophy is sometimes the most economical route. But many times it may be worth your while to consider an ARM loan.

Within the past year or so, there wasn’t any real discernable advantage to considering an ARM over a fixed rate loan. The rates were comparable. But lately, the rates in general have crept up and, when comparing them, the ARM rates can have a healthy edge.

When I take a loan application, I ask my customer what their future plans are. Only going to be in town for a couple of years? Do you work for a company that relocates often? Do you plan to expand your family any time soon? Answering yes to any of these questions is a trigger for me to present an ARM loan as an option. The average homebuyer only stays in their home 7.5 years. I recently had a customer who knew she would be in town for only 3-4 years. The difference between a fixed rate and an ARM rate was .375%. The ARM rate was fixed for 5 years before any adjustment would occur. No brainer.

There are a myriad of mortgage products out there for the consumer to consider. Ask questions of your loan officer, and more importantly, expect your loan officer to ask questions of you. And if you can’t sleep at night because you know that one day that ARM loan can adjust, just remember one thing. You can always refinance your loan when that time comes. Now, get some sleep.

Kristin Abouelata mortgage website



Antonio

Austreverto N asked:


Thank you! so much, I need the information for an ariticle im writing.

Joy

sick asked:


i am so upset, i havent bought a house yet because i know what i can and can not afford, all these people went and got a loan that they couldnt pay and now they get to get help. iam so upset, the lender told me i was approved for up to 200,000 but i knew i couldnt afford it so i didnt take it, these people obviously did. they are dumb and should not get any free anything.

Maria

Simon Peyton asked:


A home can be a basic and most important asset of every individual. It is not at all an easy task to buy a new dream home in such a high inflation age. It has put the tenants and non homeowners in the stressful situation. But secured home loans have made the impossible thing possible for you and that too in an effective way.

The secured home loans are designed for the borrowers need funds either for a home or against a home. Under these loans a borrower is required to pledge collateral against the loan amount. Generally this collateral is in form of a home which the borrower possesses or he/she is planning to buy. Though the borrower is allowed to live in the house placed as security, but the title of the house will be transferred back to his name after complete repayment of the loan amount.

The borrowers can attain secured home loans for any of their needs. These loans do not curtail the borrowers to use the loan amount for the purchase or construction of a new home but also for small purposes like renovation, extension, land purchase, and even the stamp duty.

The secured home loans allow the borrowers to apply for a loan amount ranging up to £75000 or even more. The loan amount is directly proportionate to the market value of the house is higher. The borrower can easily repay these loans at a very low rate of interest within a repayment term of 5-25 years.

While availing the secured home loans, the borrowers get an opportunity to choose the repayment option as per their needs and preferences. The borrowers may repay the loan with fixed or variable interest rate. By opting for a fixed option, the borrower is required to pay a fixed amount during the loan period. This option is advantageous if the interest rates rise. While in case of a variable option, the interest rate may vary in accordance with the changes in the loan market. Hence, secured home loans give immense satisfaction to the borrowers as they allow them to easily own an asset and use their valuables to the maximum extent.

 



Hector

Maria Mbura asked:


 

With the advent of the current credit crisis there are many individuals who due to bad credit and other unusual circumstances have been told by the mainstream banks and prime lenders that they cannot qualify to get home loans.

But now it is possible to access these loans through rescue me home loan who specialize in helping individuals with low credit rating obtain home loans.

Many people who have either defaulted on a loan or have been through a bankruptcy find that it is not an easy task to get a home loan. The major banks or prime lenders will often decline an application for a home loan from a person with a bad credit history.

However there are many sub-prime lenders who want to assist these type of customers to access money to buy a home. You can research online for capable mortgage consultants who at no extra cost to you would be able to obtain for you the loan required at the best available terms and interest rate.

If you are thinking of refinancing your home loan or looking into consolidating your debt or reducing your total debt repayments then look for a rescue me home loan which offers low credit programs to help individuals with low credit scores.

Some of these programs include no money down home loans, VA homes loans and low income home loans among others. Try and get from these online websites as many quotes as you can to compare and select the best package for you.

Rescue me home loan tries to deal with people who have suffered from credit problems and assist them purchase properties.

 

 



Harvey

Kim asked:


i have a 1st with wells fargo and a heloc with chase. I want to try loan modification but I don’t know what to say of if it is worth it?

Grace

<3333:] asked:


I found my dream home and it costed around 150k. I went to Chase bank and World Savings. The problem is they need me to give them a down payment of 25%. I dont have that kind of money, so I was wondering if anyone knew of a Home Loan place or anything that would lend me ALL the money….please include a telephone number.
Thank you.

Ralph

?Sweet? asked:


How much more affordable did a loan modification make your mortgage payments and what terms were changed on your loan?

Manuel