The housing crisis that has became a huge problem in the last few years is affecting just about every part of the country. The problem started with the sub-prime market meltdown.
Even though most of the predatory lending has ceased, there are many home owners that are feeling the sub-prime melt down and the effects of it. The market will always correct itself in time. However our economy is in turmoil due to the whole sub-prime lending primarily from 2005 and 2006. Some of the states greatly affected by it are Florida, California, Arizona, and New York.
Many home owners started out with low teaser rates on their adjustable mortgages with the first few years at an attractive rate, and when that time had passed the reality of the new higher mortgage began to set in. Now some home owners are seeing their mortgages almost double in a few short year. Burrowers took on these low rates to start out with a comfortable payment hoping to get into a higher paying job or just to get some appreciation in their homes. When that does not happen then there is real trouble making the new larger house payments. The blame can not be only be placed on the predatory lender but also on individuals taking out loans they know they can not afford.
Government has been trying to give a helping hand with the 700 billion dollar bail out plan, but their efforts might not be as helpful the to average home owners as it is to the big financial institutions that the funds might be primarily allocated to. Most resident need help and they need it now.
The best ways to try to save home owners is to talk to the actual bank, mortgage companies, or their loan servicer's. For the average home owner that is in imminent danger, he/she should contact their lenders as soon as possible. Many lender are willing to work with home owners that are in serious jeopardy of defaulting on their loan. There are many programs that can be worked out to try to avoid foreclosure.
The main thing that are being offered currently are Loan modification, short sale, deed in lieu of foreclosure, principal forgiveness(even though less common):
Loan modification is generally restructuring the loan to lower the monthly payments. Generally this is a viable solution and it's common right now. The total amount past due can be rolled up into the principal balance bringing you current and lowering the monthly payments.
Short sale is selling the property to prevent foreclosure. Your lender has to approve you for this option and you get a realtor to find a buyer. Your realtor submits your prospective buyers offers to your lending and they review your offers for approvals.
Deed in lieu of foreclosure is the lender taking back the property therefore relieving you of the financial burden. These are mostly buyers with some equity in the property that ensures when the property is auctioned off they can re-coup any possible losses.
Principal forgiveness is lowering the total principal on one or more loan in the case of a 80/20 loan. Lender might be able to lower total due on one or both loan, therefore lowering the total monthly payment.
The first thing to do is to call up your lender to see what options are available before your find your self in foreclosure. Do not wait once you have figured out that there might be serious paying your mortgage in the near future. Also, for bad credit repair blueprint go to Click Here!
Mortgage Refinancing Information
Mortgage refinancing can be a wise decision. Refinancing means taking out a new mortgage loan, to pay off the original mortgage. Homeowners do this for several reasons. One reason is that they want to change the terms of their mortgage. Perhaps, your current loan is an adjustable rate mortgage (ARM), meaning the interest rate varies based on market conditions. In some cases, this can cause your rate and payments to rise dramatically, uncomfortably stretching your ability to repay the loan. By mortgage refinancing into a fixed rate loan, you can lock in an interest rate that will never change during the life of the mortgage. This will create a monthly payment amount that is not only predictable, but hopefully more affordable as well.
Another reason you might consider mortgage refinancing is to change the length of your loan. Assuming you can make the higher monthly payments, refinancing into a shorter term, like a 15-year mortgage, could end up saving you thousands of dollars in interest over the duration of your loan.
You could also refinance in order to take advantage of your home's equity. By mortgage refinancing with a loan large enough to both pay off the original mortgage and pull cash out to use for other projects, like home remodels, college tuition, or new business ventures.
However, there are a few things to consider before mortgage refinancing. There will be closing costs and fees associated with the new loan, and these fees can add up to a couple thousand dollars. In addition, you may have to pay for a current appraisal of your house, and other necessary requirements.
If you are unhappy with the terms and conditions of your existing loan, mortgage refinancing may be the right solution for your home loan needs.
Modification In/Outs
When applying for a loan modification having the right information can easily mean that you are modified easily and you do not end up getting declined. For example: When a mortgage company ask for your financial information they what to see what your personal finance currently are. They want your income and your expenses that are a certain way; Contrary to what some home owners think, having too much debt and having that as the primary reason why you should be granted a loan modification or principal reduction in most cases isn't necessarily a good enough reasons to extend payment reduction. Think about it. If a homeowner is already buried in debt already why would lowering your mortgage a few hundred dollars a month on average make much of a difference in your financial situation. You might still end up back in the same situation where you were before the payment reduction. There are many insider knowledge that give a much better advantage than what one might thing. For a truly powerful mortgage accelerator program visit Click Here! .
For example, you look more promising to a mortgage company for a loan reduction having your income to expenses ratio a certain way and not just anyway. Just knowing how mortgage companies operate and think can give you a much better chance of getting a modification completed.
Like wise if you are making twice as much as your bills why should your mortgage payments be lowered when you obviously can easily afford your bills, when there are homeowners out there that are in a more serious situation who really need help. Proof of income is required when doing a loan modification, but when it comes to your bills there are a lot of tips to get your loan a much higher chance of getting approved.
There are other factors too such as property value. If you are in an area where the property value is way down you might not be a prime candidate for a loan modification. Sometimes you might not have a whole lot of control over being accepted and approve for a loan modification; However, you can increase your odds in many different ways.
Anyone seeking professional advise for their own personal mortgage situation can contact me for help. I know the ins and outs of the mortgage industry, and have answers for a lot of the mortgage problems we are currently facing. I can give solid advise on how to stand a better chance of actually getting your mortgage loan modified and lowered quickly. I can also give advise on short sales, Deed-in-lieu of foreclosures, principal reductions, stream line modifications, and home savers advance loans. We can discuss which option might be best for you based on your own personal situation. I have expert knowledge on getting a great low interest rates on Fannie Mae and Freddie Mac loan to take care of all your back payments without ever running your credit. So guess what, you credit does not matter. I know the ins and outs and what it takes to qualify for those loan programs easily. Imagine having a Fannie or Freddie loan that is behind and then getting the right information for knowing exactly how to qualify for those loans at a very low monthly payment, and then becoming all the way current. Now you are being reported current with all the credit bureaus on your house payments. This kind of information usually cost thousands; But not with here.
There are organizations out there that can provide struggling individuals and families with mortgage help without fees, unlike attorneys, private companies, or professionals. There is the U.S Department of Housing and Urban development(HUD)or online at www.Hud.gov,they provide some counselling. Hope is also another source of help at online at www.operationhope.org. These organizations are used primarily for people who do not understand or just do not want the hassle of dealing with their mortgage company themselves. Then they can try to get help from organizations such as HUD, HOPE, Fannie Mae, and so on to try to deal directly with their loan holder for them. Or someone might just want advise on how to deal their particular situation from these organizations. However, these organizations are under strain and are overwhelmed with new callers all across the country requesting help. So you might be just another number when your call. It might be worth a try for you and your family.
Many mortgage companies have a specialized department that handle calls to help individual that there seem to be no help for. For example, if you were to call up your mortgage company and they can not seem to provide any help to you with lowering your mortgage, or just can not seem to help you out in any way at all; Then is usually another department there that mostly just the individuals inside the companies are usually familiar with, and that department usually can provide you with some real assistance if you persist. Different companies have different names for that same department. Just ask, and for the most part you will be allowed to escalate to that department that can really assist you.
Special forbearance is also another option if nothing else works for you. With special forbearance you will have to provide some extreme hardship in your household that is unlike a normal case of not being able to pay your mortgage. For example, a natural disaster, life threatening illness, death of a spouse or a major income provider in the house hold. In this type of program it is common for your mortgage to be put off for several month. Then at the end of those months you will resume paying on your mortgage, and they might be an increase in your normal payment amount for a set amount of months to play catch up, or just a balloon payment at the end of that set time frame. Each company is different so just ask for the details.
There are stream line loan modification, different from a regular loan modification. That is where the interest rate is to reset at a certain date in time if you are on an adjustable rate mortgage(ARM), and your try to stop that adjustment. Right before the time that mortgage is fixing to adjust, just call up your mortgage holder and ask for a stream line modification. Often, these are done rather quickly and it's just a matter of keeping the interest rate at the same rate for a set amount of time while still lowering your principal balance.
Most mortgage companies want to help out. They will try just about anything reasonable to keep you in your house, and keep you paying. That helps to keep jobs for their employees which helps our economy. The worst thing to do is to believe that mortgage companies just don't care about you, and they want your out of the house. Each time a mortgage company goes through a foreclosure it cost an average of $30,000-40,000 loss for the average single family home according to recent data. Sure, there are homes that make it into foreclosure and get sold and all of the mortgage is paid off due to equity being in the property. However, in today's mortgage climate that is not too common.If you have any concerns or need personal help please feel free to contact me with questions or comments anytime.
Lets assume you were a Florida property owner; You can see below the step involved a tax sale certificate with all the details for that State.
Delinquent Florida Taxes Example
Real estate taxes become delinquent on April 1st each year, with a 3% penalty and advertising fees added to the taxes. In the month of May, the delinquent taxes are advertised, according to Florida Statutes, in one of the local newspapers, on wednesday for three consecutive weeks before a tax certificate sale is held following the payment deadline. Advertising and collection fees are added to the delinquent taxpayer's bill.
Beginning on or before June 1st, the Tax Collector is required by law to hold a Tax Certificate Sale, The tax certificates represent liens on all unpaid real estate properties. The sale allows citizens to buy certificates by paying off the owed tax debt. The sale is a conducted in reverse auction style with participants bidding downward on interest rates starting at 18%. The certificate is awarded to the lowest bidder.
All unpaid tangible property becomes delinquent on April 1st each year, with a 1.5% penalty and advertising fee added each month, plus a collection fee of $2.00. Within 45 days of delinquency, the Tax Collector is required to advertise in the local newspaper all unpaid property taxes for one week. If the taxes remain unpaid, a warrant will be issued by that Tax Collector. Within 30 days of the warrant being issued, the Tax Collector applies to the courts for a hearing to be held to ratify warrants with enable a Tax Collector to seize and sell property for non-payment of the taxes.
A tax certificate, when purchased, becomes an enforceable 1st lien against the real estate. The holder of the certificate is actually paying the taxes for a property owner in exchange for a competitive bid rate of return on his/her investment. For the lien to be removed, the property owner must pay the Tax Collector all delinquent taxes, accrued interest, penalties, and advertising fees. The Tax Collector then notifies the certificate holder of any certificates redeemed and a refund check is then issued to the certificate holder and the lien is released.
A tax certificate is valid for 7 years form the date of issuance. The certificate holder may begin tax deed proceedings against the property on April 1st, 2 yrs from the year the certificate was issued. If the property owner fails to redeem the tax deed application, the property is sold at public tax deed auction.
Exampe of Delinquent Property Taxes in California
In California, property taxes can remain unpaid for a maximum of five years following tax delinquency before any tax sale proceedings begin. Homeowners are eligible to pay prior year delinquent taxes over a five year period. So many lender will not loose properties in California due to delinquent taxes.
In addition, most of the homeowners in California are on an installment plan. This plan allows homeowners to pay the current year taxes and the installment plan payment before the economic loss date to avoid their payment plan.
Properties cannot be sold at a public auction or acquired by a public agency as long as the homeowner does not default on the installment plan.
There are many tax purchasing companies out there that operate similarly to Property Tax Finance Companies, because they pay the homeowners delinquent taxes and allow the homeowner to repay them back. There are all over the country and there are great benefits in helping out the homeowner. Most importantly, there usually create another lien against the property; So if the homeowner does not pay back the property tax loan, then they can eventually foreclose to reclaim any losses.
Myself and other professionals are assisting many homeowners. We are helping homeowners wanting to try to have their mortgage lowered. Maybe, you do not have the time, you don't understand how mortgage companies and lenders work, or you do not want to have to deal with your mortgage company on your own. My team and I will take the time to contact your mortgage holder, and negotiate a lower mortgage payment arrangement for you. You will have real professionals who work with mortgage companies on a daily basis and know the in and outs of getting a lower house payment. We will work tirelessly to make sure that you get real help. You might be pleasantly surprised at how much lower your payment could have been all this time while you were paying more, when you did not have to. There are some necessary items that are needed from you below:
1. Your Mortgage Lender or Mortgage Servicer's name, and their Contact Information.
2. Provide the your name, your property address, your contact #'s, any other
name on the mortgage, and the last four #'s of the social security #('s) on the
mortgage loan.
3. A letter of Authorization Allowing myself to work on your behalf with your
mortgage company, one on one. In your letter where you say who you are
authorizing to negotiate for you, please leave a blank space for our
information.
3. They amount of payment lowering of your mortgage that you are requesting.
4. A letter stating why you are needing this loan modification(or lowering of
payment, usually meaning lowering of your interest rate)and how it will Help
you out, and address it to your mortgage company.
5. Your Financials on a sheet of paper, meaning your monthly income on one side and
all your expenses(everything)on the other side.
6. 2 months proof of income. For example: 2 months paystubs, award letter, workmans
comp, property rental checks or bank statments to show you are able to afford making
a certain monthly payment.
So for a limited time, I am offering personal assistance with loan modifications for a one time one time low fee of $399 , $379 for Fannie Mae/Freddie Mac new loan help, or $329 for a quicker stream line loan modification help. Many mortgage professionals, mortgage companies and attorneys are charging thousands for this same service, and many times they are not fully experienced in these areas. They might not know all the ins and out as well as our professionals do, however they will usually charge a lot more due to our national mortgage crisis. We are here to help the homeowners. We will keep in regular contact with you and your mortgage company. We will let you know what is going on with your loan modification, it's progress, expected completed date. That way you do not have to hassle with your mortgage company. We handle all the work, and we know how to deal with your mortgage company.
This can be paid in a money order, cashiers check, credit card, or personal check. That's an unbelievable low fee! For high quality professional assistance that will usually get you a great new lower mortgage rate for many years to come. You will be happy you did it. The average mortgage modification takes about 2-3 months to be completely modified once the process starts. However, a streamline mortgage modification is a bit faster, and that's just re-setting a mortgage that is getting ready to adjust upwards. I will keep you informed on the progress. Modifications are not necessarily a guaranteed, however, with knowledgeable professionals working on your behalf you can be assured you stand a great chance of getting you money's worth many times over, a new lowered payment for many years to come. So just make your payment and please include all of the information listed above to prevent any delay with your modification. You can view other loan modification programs, or talk to a foreclosure attorney to see that they charge a lot more! And a lot of time you end up getting less. Take it from someone who understands the mortgage business. Your information can be mailed to the address below, faxed toll free at 1-888-430-0604, or emailed to us at oswingrant@yahoo.com to get started on lowering your house payment. Don't hesitate, get started now! You will be glad you did.
Or Send payments to:
Teisha Rogers
19922 Shore Meadows Lane
Richmond, Tx. 77469
For any questions or comments you may respond by email at oswingrant@yahoo.com before proceeding.
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