Archive for May, 2009
May
11
Posted under
Uncategorized If you have picked up a newspaper lately you have noticed that there is always an article on companies that are offering loan modifications and then not doing anything for the client. I currently work for a company that offers a money back guarantee and stands behind it. I think the articles make it sound like it is a simple process for the borrower to call his or her lender and get their loan modified right away. I also think that many people have no idea of how hard it is to get the modification done and that all lenders are not willing participants to do a modification. I do agree that there are a lot of companies out there that take your money and do nothing, and that you should be selective when dealing with them. If you are paying for a modification, try using a credit card if you can. If a company claims that they can modify your loan with out a problem, then beware. As I stated before, all lenders are different on loan modifications and no one can give that guarantee. That is why I work at Sterling Loan Modification and we will give you 100% of your money back if your current lender will not modify your existing loan.
Posted by Charles Peterson
May
08
Posted under
loan modification This is becoming the million dollar question. Should I miss a payment on my mortgage to help get my loan modified. The answer is…. No one really knows. Under the new home affordable plan you do not have to be late to have your loan modified. But most banks are working on the homes that are near foreclosure or seriously delinquent. If you are not worried about your credit score and want to get results faster, then go ahead and miss a payment or two. It may get your file looked at sooner then later. But also understand that if your financials show that you can easily afford to make the payment, most lenders will not modify your loan if you are late or current. The best bet is to contact a loan modification company and have them review your information. Loan Modifications are the new wave of refinancing for homes that are upside down or people that cannot qualify for a new loan if they have equity.
Posted by Charles Peterson
May
06
Posted under
Housing Bill for Homeowners The Senate passed a bill today that would allow homeowners with riskier credit to lower their mortgage interest rate. This is a good step in the right direction. Unfortunately the banks have been moving at a snails pace to help homeowners right now. In fact the HOPE FOR HOMEOWNERS plan was supposed to help over 400,000 families stay in their home, but in actuality it has only helped one homeowner and 51 are still in the works. That is a far cry from 400,000.
Posted by Charles Peterson
