Do you know how to sell your house that has no equity with zero costs to you? If not, then it's time for you to learn the little known secrets that Realtors hope you never learn. Also learn how to keep or repair your credit and most of all avoid the 5 cardinal sins sellers regularly make.
Little Known Secrets Revealed!
Repair nightmare, tenant terrors, back payments, taxes, foreclosure, fire damaged house, probated or inherited houses - These are common problems that can happen to anyone. What can you do? Wait for a real estate agent to sell your home? And, if you do not have much equity in your house, your options are even more limited. You may have to come to closing with a great big check. But that is even worse than losing equity.
Sometimes the homeowner just wants to get away and start over. The fact is nobody wants to deal with a lot of hassles when it comes to selling house. If you do not wish to have Realtors tying up your house for 6 months, which is time you don't have or run ads or place For Sale signs everywhere, or worse avoiding to answer the phone for fear of it being the bank... again, then all you need to do is find the right buyer and be sure to make a good deal. For sure you would not wish to have strangers coming through your home for an open house, constantly answer the door or the phone from investors looking to "Buy" your house and clean up in a mad whirlwind frenzy to get the house ready for a showing.
We Buy Houses!
Fortunately, there are a lot of options available just around the corner. You may even see a number of signage such as "We Buy Houses in Houston, Kingwood, Humble and Atascocita", "We Buy Houses," and so on and so forth. When you've finally found the right deal then you can start selling your property. You can relax and pay no Realtor commissions or fees, close when you are ready, and move when you are ready.
On the other hand, you may simply need a little FREE advice on how to deal with your lender and work out a reinstatement program that does not require refinancing. Remember that you have nothing to lose and everything to gain by just taking a few minutes for a FREE consultation. You do have a lot to lose by doing nothing: your home, your credit, your peace of mind and your future.
About the Author
If you need to sell your house quick, there is only one person to call - Terry Wygal. Terry also known as The Quick House Buyer, as the name suggests, will buy your house quickly. Terry offers solutions to your problems and help you Stop Foreclosure wherever you are in Houston, Spring, Atascocita, Kingwood and Humble Texas areas.
Saturday, January 10, 2009
South Florida And Miami Commercial Real Estate Outlook 2009 by Mike Smith
South Florida's residential and commercial real estate markets suffered in 2008, and the New Year doesn't figure to offer much relief. Continued foreclosures and weak economy will continue having an impact on prices and number of properties available with only aggressive sellers disposing of properties.
Although home sales started picking up this summer, the beleaguered housing market has been hammered by foreclosures and falling prices. Meanwhile, the sputtering economy has local businesses retrenching and cutting jobs, dealing a blow to the retail, office and industrial sectors. All this carnage creates an opportunity for those positioned to take advantage of the adjustment in prices, and higher expected returns.
What follows is an outlook of the region's commercial real estate markets as 2009 approaches:
Commercial Real Estate
As far as commercial real estate goes, retail, office and industrial markets in South Florida started 2008 fresh off a historic run-up in prices that saw signature properties fetch top dollar.
However this year businesses have cut jobs, leading to more office, retail and industrial vacancies. Ultimately, landlords will be forced to reduce rents, which will mean a decline in property values. As fewer tenants look for new digs more commercial projects are expected to stall. Some observers believe that building sales will increase in 2009, but only because bargains will be plentiful.
On the retail front, small and large merchants are struggling to stay in business. General Growth Properties, the nation's second-largest mall owner, warned in November that it could file for bankruptcy protection. Foreclosures of Commercial properties such as hotels, offices etc. are expected to rise because building owners don't have the cash flow to pay their mortgages as tenants struggle to pay the rent.
Paralyzed by the credit crisis, the commercial real estate industry is the latest to seek a government bailout of sorts. In November, a dozen real estate development groups banded together to ask Uncle Sam for help avoiding looming defaults, foreclosures and bankruptcies.
Some of the country's biggest developers have asked Treasury Secretary Henry Paulson to be included in a $200 billion loan program recently created by the government. The program, the Term Asset-Backed Securities Loan Facility, was intended to support the market for car loans, student loans and credit card debt.
In a letter to Paulson, commercial property leaders warned that thousands of properties are in danger of foreclosure because current financing is coming due and new financing is hard to come by.
Unlike residential mortgages, which can have up to 30-year repayment schedules, commercial mortgages are repaid over five-, seven- or 10-year terms, with balloon payments at the end of the term. If refinancing is unavailable, an owner would be faced with a distress sale or losing the property in foreclosure.
In commercial real estate's most recent heyday, the commercial mortgage-backed securities (CMBS) market provided easy money for purchases and refinancing. That market disappeared in the summer of 2007.
About the Author
A variety of Miami Real Estate and Miami Commercial Properties are available at great prices at ConstecRealty.com. Miami Condos and real estate in other Florida areas such as South Beach, Aventura and Key Biscayne are also available for the taking.
Although home sales started picking up this summer, the beleaguered housing market has been hammered by foreclosures and falling prices. Meanwhile, the sputtering economy has local businesses retrenching and cutting jobs, dealing a blow to the retail, office and industrial sectors. All this carnage creates an opportunity for those positioned to take advantage of the adjustment in prices, and higher expected returns.
What follows is an outlook of the region's commercial real estate markets as 2009 approaches:
Commercial Real Estate
As far as commercial real estate goes, retail, office and industrial markets in South Florida started 2008 fresh off a historic run-up in prices that saw signature properties fetch top dollar.
However this year businesses have cut jobs, leading to more office, retail and industrial vacancies. Ultimately, landlords will be forced to reduce rents, which will mean a decline in property values. As fewer tenants look for new digs more commercial projects are expected to stall. Some observers believe that building sales will increase in 2009, but only because bargains will be plentiful.
On the retail front, small and large merchants are struggling to stay in business. General Growth Properties, the nation's second-largest mall owner, warned in November that it could file for bankruptcy protection. Foreclosures of Commercial properties such as hotels, offices etc. are expected to rise because building owners don't have the cash flow to pay their mortgages as tenants struggle to pay the rent.
Paralyzed by the credit crisis, the commercial real estate industry is the latest to seek a government bailout of sorts. In November, a dozen real estate development groups banded together to ask Uncle Sam for help avoiding looming defaults, foreclosures and bankruptcies.
Some of the country's biggest developers have asked Treasury Secretary Henry Paulson to be included in a $200 billion loan program recently created by the government. The program, the Term Asset-Backed Securities Loan Facility, was intended to support the market for car loans, student loans and credit card debt.
In a letter to Paulson, commercial property leaders warned that thousands of properties are in danger of foreclosure because current financing is coming due and new financing is hard to come by.
Unlike residential mortgages, which can have up to 30-year repayment schedules, commercial mortgages are repaid over five-, seven- or 10-year terms, with balloon payments at the end of the term. If refinancing is unavailable, an owner would be faced with a distress sale or losing the property in foreclosure.
In commercial real estate's most recent heyday, the commercial mortgage-backed securities (CMBS) market provided easy money for purchases and refinancing. That market disappeared in the summer of 2007.
About the Author
A variety of Miami Real Estate and Miami Commercial Properties are available at great prices at ConstecRealty.com. Miami Condos and real estate in other Florida areas such as South Beach, Aventura and Key Biscayne are also available for the taking.
Bad Credit Loans-Refinancing Loans For You by Gordon Parkes
Copyright (c) 2009 Gordon Parkes
When you have bad credit, it can be difficult to find a loan. This can be frustrating if you need extra cash for essentials such as home repairs or improvements.
However, there are bad credit loans available. In fact, there are numerous lenders who will pay out even if you have CCJs, mortgage arrears or have defaulted on previous loans.
If you have a poor credit rating and are beginning to be overwhelmed by existing debts, one of the ways to get back on track is by taking out a refinancing loan, which can be used to pay off the existing debts.
As refinancing loans often have a low rate of interest, the repayments will be reduced. In turn, this means you will save more money and the loan will be easier to repay.
Refinancing can also help reduce your stress levels. Being in debt is undoubtedly a worry and trying to juggle several different loans is even worse. By replacing these with one simple repayment, you will be taking a weight off your shoulders.
What's more, successfully paying off a bad credit loan is one way to help repair your credit rating.
Employing a broker is probably the easiest way to find a bad credit loan that meets your needs. They will compare interest rates, fees, charges, repayment terms and conditions for you, ensuring that you have access to a low-cost loan that suits your needs.
Working with a broker reduces the stress of searching for a loan, as you won't have to contact numerous loans companies and you will only have to fill in one application form.
If you do choose to search for a loan yourself, you will have to compare numerous different figures and deals, which will quickly become highly complicated and time consuming.
Your broker will even be able to help when you are filling in that one form. They will be available to answer any questions you might have, and can also help ensure you have all the necessary paperwork. Usually, you will require:
- Payslips or account references.
- Bank statements from the last three months.
- Recent utility bills.
- Proof of identification, containing your photograph and address.
Whatever purpose you are taking a refinancing loan for, a broker will be able to search through the market quickly and thoroughly, to find the bad credit loans that meet all your requirements.
A low-cost refinancing loan can help you pay off high-interest loans and escape the cycle of debt.
About the Author
Gordon Parkes is an expert author and has written many articles about the loans industry. Find out at http://www.ezinearticles.com/?Bad-Credit-History-Loan---How-to-Successfully-Apply&id=1771499 or http://www.ezinearticles.com/?Bad-Credit-Financing-and-Refinancing-Loans---Beating-the-Credit-Crunch&id=1771486 .
When you have bad credit, it can be difficult to find a loan. This can be frustrating if you need extra cash for essentials such as home repairs or improvements.
However, there are bad credit loans available. In fact, there are numerous lenders who will pay out even if you have CCJs, mortgage arrears or have defaulted on previous loans.
If you have a poor credit rating and are beginning to be overwhelmed by existing debts, one of the ways to get back on track is by taking out a refinancing loan, which can be used to pay off the existing debts.
As refinancing loans often have a low rate of interest, the repayments will be reduced. In turn, this means you will save more money and the loan will be easier to repay.
Refinancing can also help reduce your stress levels. Being in debt is undoubtedly a worry and trying to juggle several different loans is even worse. By replacing these with one simple repayment, you will be taking a weight off your shoulders.
What's more, successfully paying off a bad credit loan is one way to help repair your credit rating.
Employing a broker is probably the easiest way to find a bad credit loan that meets your needs. They will compare interest rates, fees, charges, repayment terms and conditions for you, ensuring that you have access to a low-cost loan that suits your needs.
Working with a broker reduces the stress of searching for a loan, as you won't have to contact numerous loans companies and you will only have to fill in one application form.
If you do choose to search for a loan yourself, you will have to compare numerous different figures and deals, which will quickly become highly complicated and time consuming.
Your broker will even be able to help when you are filling in that one form. They will be available to answer any questions you might have, and can also help ensure you have all the necessary paperwork. Usually, you will require:
- Payslips or account references.
- Bank statements from the last three months.
- Recent utility bills.
- Proof of identification, containing your photograph and address.
Whatever purpose you are taking a refinancing loan for, a broker will be able to search through the market quickly and thoroughly, to find the bad credit loans that meet all your requirements.
A low-cost refinancing loan can help you pay off high-interest loans and escape the cycle of debt.
About the Author
Gordon Parkes is an expert author and has written many articles about the loans industry. Find out at http://www.ezinearticles.com/?Bad-Credit-History-Loan---How-to-Successfully-Apply&id=1771499 or http://www.ezinearticles.com/?Bad-Credit-Financing-and-Refinancing-Loans---Beating-the-Credit-Crunch&id=1771486 .
Top 10 Reasons To Buy A Home by Mike Cole
Though the housing market has been turned on its ear, this is a great time for anyone thinking of buying a home. Yes, it may be more difficult to get the credit that you may need; it is still possible, and now prices are so low you may not need as much financing as you originally thought. If you are on the fence, here are some reasons to consider buying a home sooner than later.
Favorable Interest Rates
One of the greatest and most obvious reasons to consider buying a home is the interest rates. Interest rates today, are some of the lowest rates that we have seen in years. It is possible that they will go even lower. You may think that getting a home loan in order to take advantage of these rates is impossible. Although credit standards and loan approval may be higher than before, obtaining a loan is well within the reach of homebuyers with a good credit rating and a steady income that can support the monthly mortgage payments.
Tax Benefits
The second best reason to buy a home is the tax savings. For most workers buying a home may not only allow them to deduct the mortgage interests, it also gives them the ability to itemize their deductions, which they may not have been able to do previously. Once you have lived in your home for two years, you are able to exclude an amount of profit from your capital gains. In addition, you are able to take advantage of this exclusion every two years, even if you decided to sell the home after you have lived there for at least two years.
Appreciation
Unlike cars, houses appreciate over time. Therefore, your house will more than likely be worth more in a few years than you paid for it. Some people take full advantage of the appreciation factor and sell their homes for a profit.
Plenty to Choose From
However, another great reason to buy a house now is the selection. Unfortunately, due to rising foreclosure, there are numerous houses on the market in every state. Regardless of your tastes or preferences, you should be able to find just what you are looking for.
Acquire Equity
Houses are also good sources for future credit and or financing. Homeowners are able to turn the equity that they have in their home into a loan or line of credit through refinancing. This benefit has proven to be important, in a down economy or in situations where medical bills are unmanageable, home repairs or improvements are needed, or kids need funds for college. Personal Reasons
However, it may be a larger factor for some more than others there are personal and family related reasons for buying a home. The family reasons are usually the most obvious and typically include the need for additional space due to a growing family or relocation for a job or business opportunity. Yet, personal reasons are not always considered. For many, the desire to be able to customize a living space without asking for permission is strong and often a great motivator for young adults to buy their first home. Others grow tired of the noise, neighbors, and cramped quarters of apartments and/or dorm life.
Owning your Home
One of the more traditional reasons for buying a home is that you are purchasing property that you can actually own rather than paying for the use of someone else's property. As we start to get older, the desire to have a place to settle down and retire in becomes more pressing. If you buy a home, you own property that you can not only retire into; but also, pass on to your children.
Asset Ownership
The idea of owning property that can be passed down is the reason many people work and save, which leads us to the next reason to buy a home. There is a pride and peace of mind that comes with owning a house. This is the ability to see why you go to work day in and day out, work two or jobs, or work two or more shifts. This sense of accomplishment cannot be duplicated when renting.
Becoming Part of a Community
If you are searching for a strong sense of community, than you need to consider buying a home. When you own a home in a good neighborhood, you take the time to meet and get to know your neighbors. In addition, you are more likely to become involved in neighborhood activities and community programs.
Flexibility
If you have entertained the idea of starting your own home based business, you may find that it is much easier to convert an extra room in your home into a home office than it is in a rental or apartment setting. You may be able to have a designated entrance for clients, as well as space for a small waiting area. However, depending on the type of business you are considering more elaborate modifications may be required. For example, you may need to bring a restroom up to ADA standard or install an additional sink.
About the Author
Mike Cole is a freelance writer who writes about topics and financial products pertaining to the mortgage industry such an adjustable rate mortgage available from a mortgage lender.
Favorable Interest Rates
One of the greatest and most obvious reasons to consider buying a home is the interest rates. Interest rates today, are some of the lowest rates that we have seen in years. It is possible that they will go even lower. You may think that getting a home loan in order to take advantage of these rates is impossible. Although credit standards and loan approval may be higher than before, obtaining a loan is well within the reach of homebuyers with a good credit rating and a steady income that can support the monthly mortgage payments.
Tax Benefits
The second best reason to buy a home is the tax savings. For most workers buying a home may not only allow them to deduct the mortgage interests, it also gives them the ability to itemize their deductions, which they may not have been able to do previously. Once you have lived in your home for two years, you are able to exclude an amount of profit from your capital gains. In addition, you are able to take advantage of this exclusion every two years, even if you decided to sell the home after you have lived there for at least two years.
Appreciation
Unlike cars, houses appreciate over time. Therefore, your house will more than likely be worth more in a few years than you paid for it. Some people take full advantage of the appreciation factor and sell their homes for a profit.
Plenty to Choose From
However, another great reason to buy a house now is the selection. Unfortunately, due to rising foreclosure, there are numerous houses on the market in every state. Regardless of your tastes or preferences, you should be able to find just what you are looking for.
Acquire Equity
Houses are also good sources for future credit and or financing. Homeowners are able to turn the equity that they have in their home into a loan or line of credit through refinancing. This benefit has proven to be important, in a down economy or in situations where medical bills are unmanageable, home repairs or improvements are needed, or kids need funds for college. Personal Reasons
However, it may be a larger factor for some more than others there are personal and family related reasons for buying a home. The family reasons are usually the most obvious and typically include the need for additional space due to a growing family or relocation for a job or business opportunity. Yet, personal reasons are not always considered. For many, the desire to be able to customize a living space without asking for permission is strong and often a great motivator for young adults to buy their first home. Others grow tired of the noise, neighbors, and cramped quarters of apartments and/or dorm life.
Owning your Home
One of the more traditional reasons for buying a home is that you are purchasing property that you can actually own rather than paying for the use of someone else's property. As we start to get older, the desire to have a place to settle down and retire in becomes more pressing. If you buy a home, you own property that you can not only retire into; but also, pass on to your children.
Asset Ownership
The idea of owning property that can be passed down is the reason many people work and save, which leads us to the next reason to buy a home. There is a pride and peace of mind that comes with owning a house. This is the ability to see why you go to work day in and day out, work two or jobs, or work two or more shifts. This sense of accomplishment cannot be duplicated when renting.
Becoming Part of a Community
If you are searching for a strong sense of community, than you need to consider buying a home. When you own a home in a good neighborhood, you take the time to meet and get to know your neighbors. In addition, you are more likely to become involved in neighborhood activities and community programs.
Flexibility
If you have entertained the idea of starting your own home based business, you may find that it is much easier to convert an extra room in your home into a home office than it is in a rental or apartment setting. You may be able to have a designated entrance for clients, as well as space for a small waiting area. However, depending on the type of business you are considering more elaborate modifications may be required. For example, you may need to bring a restroom up to ADA standard or install an additional sink.
About the Author
Mike Cole is a freelance writer who writes about topics and financial products pertaining to the mortgage industry such an adjustable rate mortgage available from a mortgage lender.
Finance Made Easy by Dave Kent
Finance and money management has been a topic of debate in recent weeks. Understanding the complex nature of credit ratings, organizing bills, or selecting the right financial insurance can be made simple if an inquirer receives the correct information. Log onto www.EveryTip4u.com/finance there are hundreds of links that lead to tips and information that can help your financial situation. Finance is a very important subject and individuals should be able to rely on a website that can provide a wide spectrum of answers to finance questions.
The wide range of finance subject options can often be confusing, but EveryTip4u.com/finance has a variety of links to answer any question imaginable. With the current international banking crisis and mortgage financing melt down real estate has many individuals questioning if they have made the right decisions concerning their home ownership contract and/or finance options. This site offers solutions and other helpful hints about lender financing and other real estate and financial funding methods, many more avenues of finance can be explored on the site as well.
EveryTip4u.com/finance provides key helpful tips and hints, the latest article "10 Easy Ways To Organize Your Business Finances" will give a new outlook on any finance situation. In today's economy businesses have come to rely on receiving business finance information in a timely manner. This finance website has links to literally hundreds of solutions for any possible question an individual may have about finance. This financial site offers creative solutions for home owner financing and personal finance. WWW.EveryTip4u.com/finance even has a neat link to help individuals who are uncertain what their next move should be in making a financial decision. The link is cleverly labeled "What's The Truth Behind Your Finances?". An individual that is looking to make finance look easy first needs to figure out what the underlying financial problem is.
Finance made easy may not come about so simply for every business, but every business will be able to use the resources and suggestions from this website to manage their finances successfully. Businesses now have a financial information outlet that can help them make decisions regarding refinancing, financing education to further one's career, and even creative solutions and tips for financing an online business. Of course there are hundreds of suggestive links on this site for any given financial topic. Individuals should explore this site often, it will take time to digest all of the finance information and resources it has to offer.
About the Author
This article is freely distributable as long as this Resource Box is kept intact.
I wish you much success,
Dave Kent
http://www.EveryTip4u.com/finance
The wide range of finance subject options can often be confusing, but EveryTip4u.com/finance has a variety of links to answer any question imaginable. With the current international banking crisis and mortgage financing melt down real estate has many individuals questioning if they have made the right decisions concerning their home ownership contract and/or finance options. This site offers solutions and other helpful hints about lender financing and other real estate and financial funding methods, many more avenues of finance can be explored on the site as well.
EveryTip4u.com/finance provides key helpful tips and hints, the latest article "10 Easy Ways To Organize Your Business Finances" will give a new outlook on any finance situation. In today's economy businesses have come to rely on receiving business finance information in a timely manner. This finance website has links to literally hundreds of solutions for any possible question an individual may have about finance. This financial site offers creative solutions for home owner financing and personal finance. WWW.EveryTip4u.com/finance even has a neat link to help individuals who are uncertain what their next move should be in making a financial decision. The link is cleverly labeled "What's The Truth Behind Your Finances?". An individual that is looking to make finance look easy first needs to figure out what the underlying financial problem is.
Finance made easy may not come about so simply for every business, but every business will be able to use the resources and suggestions from this website to manage their finances successfully. Businesses now have a financial information outlet that can help them make decisions regarding refinancing, financing education to further one's career, and even creative solutions and tips for financing an online business. Of course there are hundreds of suggestive links on this site for any given financial topic. Individuals should explore this site often, it will take time to digest all of the finance information and resources it has to offer.
About the Author
This article is freely distributable as long as this Resource Box is kept intact.
I wish you much success,
Dave Kent
http://www.EveryTip4u.com/finance
Why Do Homeowners Refinance? by Krista Scruggs.
Getting the initial mortgage in the first place was a lot of work, took a lot of effort, and by no means could it have been considered a lot of fun. Yet the refinance industry is booming, begging the question why do homeowners refinance their loans? Secondly, is refinancing a worthwhile and money saving process?
The answer of course is a definite maybe. Generally speaking, the majority of homeowners refinance their mortgages when interest rates drop and fall below the interest rate they currently have on their home loan. Since the interest rate determines the cost of the loan, it is a money saving idea to get as a low a rate as is possible, and with dropping rates it is smart to seek out cheaper mortgage products.
In some cases the reason why a homeowner might have gotten a less than advantageous interest rate is based solely on a less than perfect credit score. Over time, the credit score might have risen to the level that would make the borrower eligible for a better loan product. When the refinance takes place, the overall monthly mortgage payment is lowered, and this greatly increases the monthly cash flow for the borrower.
Getting out from under the wrong loan product is the second most commonly cited reason for a refinance of a home loan. Lately this has been the case with droves of homeowners whose adjustable rate mortgages threatened to make their homes unaffordable and therefore sought to refinance their homes with a fixed rate mortgage which - although higher in interest than the initial adjustable rate mortgage - promised stability in a market where interest rates were beginning their steady trek upward.
The final reason why homeowners will refinance their existing home loans is for the sake of the equity. Perhaps the home owner needs some ready cash, wants to send the kids off to college, or wants to consolidate debts using the equity of the home; in such cases the cash out refinance option provides an easy way to access a large amount of money in a short period of time.
Lenders have certain restrictions that apply to this last form of refinance; you need to have a certain percentage of equity built up before you can cash out; in some cases you need to have a reserve that will remain in place when the transaction is completed. Since refinance loans vary, it is wise to shop around and understand the restrictions of different products.
About the Author
Krista Scruggs is an article contributor to Lender 411 . Whether you are looking for fixed mortgage rates, variable adjustable mortgage rates (ARM), jumbo loans,interest only or even specialized mortgages such as bad credit mortgage or reverse mortgages, we will match you with up to 4 qualified lenders with 4 mortgage quotes.
The answer of course is a definite maybe. Generally speaking, the majority of homeowners refinance their mortgages when interest rates drop and fall below the interest rate they currently have on their home loan. Since the interest rate determines the cost of the loan, it is a money saving idea to get as a low a rate as is possible, and with dropping rates it is smart to seek out cheaper mortgage products.
In some cases the reason why a homeowner might have gotten a less than advantageous interest rate is based solely on a less than perfect credit score. Over time, the credit score might have risen to the level that would make the borrower eligible for a better loan product. When the refinance takes place, the overall monthly mortgage payment is lowered, and this greatly increases the monthly cash flow for the borrower.
Getting out from under the wrong loan product is the second most commonly cited reason for a refinance of a home loan. Lately this has been the case with droves of homeowners whose adjustable rate mortgages threatened to make their homes unaffordable and therefore sought to refinance their homes with a fixed rate mortgage which - although higher in interest than the initial adjustable rate mortgage - promised stability in a market where interest rates were beginning their steady trek upward.
The final reason why homeowners will refinance their existing home loans is for the sake of the equity. Perhaps the home owner needs some ready cash, wants to send the kids off to college, or wants to consolidate debts using the equity of the home; in such cases the cash out refinance option provides an easy way to access a large amount of money in a short period of time.
Lenders have certain restrictions that apply to this last form of refinance; you need to have a certain percentage of equity built up before you can cash out; in some cases you need to have a reserve that will remain in place when the transaction is completed. Since refinance loans vary, it is wise to shop around and understand the restrictions of different products.
About the Author
Krista Scruggs is an article contributor to Lender 411 . Whether you are looking for fixed mortgage rates, variable adjustable mortgage rates (ARM), jumbo loans,interest only or even specialized mortgages such as bad credit mortgage or reverse mortgages, we will match you with up to 4 qualified lenders with 4 mortgage quotes.
Florida Foreclosures-Resue Act And Other Help by Marty Orefice
The new Foreclosure Rescue Fraud Prevention Act of 2008 that was just signed into law in Florida is good news for homeowners facing foreclosures. But is it enough? While it does help homeowners who are facing foreclosures be informed of their rights, it does nothing to stop foreclosures. Protects from PredatorsHomeowners facing foreclosure are very susceptible to predators who attempt to take advantage of them while they are face a financial crisis. The legislation that passed will require that homeowners who are under the threat of losing their homes to foreclosure will have to be informed about their rights before signing a contract with a foreclosure rescue business entity. Options AvailableWhen homeowners are facing a possible foreclosure they are under a lot of stress. They don't know whether to sell their home or whom to contact for assistance. Selling using a traditional Real Estate Broker can be too time consuming, and there are very few companies that can offer foreclosure assistance to people who may be able to save their homes. There may other options available to homeowners who are facing a possible foreclosure. Companies such as US Home Assist will work with financially strapped homeowners to help them avoid foreclosure and a possible bankruptcy. RefinancingIf a homeowner is already in financial distress it may be almost impossible for them to get refinancing at a lower interest rate or other help to save their home. In many cases they may decide to sell their home. There are ways to refinance without going through a bank, Mortgage Company or other financial institution even if you are self-employed, have bad credit, or are facing foreclosure. There are options. Some companies offer plans that offer private financing to help struggling homeowners get back on their feet. Sometimes the only option is to walk away from a home. If you use one of the companies that buys homes fast homeowners can leave their home with some money in their pocket and their dignity intact. While the new Florida Foreclosure Rescue Act of 2008 goes a long way to assist homeowners by protecting them from predators, there is still much work to be done. A homeowner facing foreclosure has other options such as private financing and the option to sell their home fast using a reputable home buying company.
About the Author
Martin Orefice the president of www.USHomeAssist.com, a group of professional home buyers that purchase houses nationwide. Visit http://www.USHomeAssist.com to find out how to sell your house fast, and even stop foreclosure.
About the Author
Martin Orefice the president of www.USHomeAssist.com, a group of professional home buyers that purchase houses nationwide. Visit http://www.USHomeAssist.com to find out how to sell your house fast, and even stop foreclosure.
How Will The Terms And Conditions Of Your Existing Home Loan Affect Your Refinance? by Zeng Han Jun
By: Zeng Han Jun, CPCG, Singapore
Every housing loan product has its own set of terms and conditions. The loan product that you take up is of course, underwritten by your lender, therefore the terms and conditions are to your lender's favor, not yours. After all, they are the ones taking up the risk by lending you the sum of money to buy your dream house ,and that is the least, they can do to mitigate the risk. Ten out of ten banks will underwrite their home loan in the same manner, to protect themselves, but does that mean as a consumer, you can do nothing about it? The least that you can do is to pay attention to the details, as they always say "The devil is in the details."
Being alert to the terms and conditions of your existing home loan can prevent nasty consequences to you in the future when you refinance. Each and every housing loan product that has been underwritten, has its own set of terms and conditions. These clauses can actually restrict you from performing certain actions with your home loan and if you do, you might get lashed with monetary penalties. Nobody wants that to happen, unless there is really no choice.
The bank wants you to stay with them as long as possible. The longer you stay with them, the more interest they can earn from you. That is of course very beneficial to them. Some banks may not want your business even after you have told them that you are going to refinance to another bank. There is a reason for it but I will leave it to another discussion. When you refinance, your business relationship with your lender ends and the clauses underwritten with your existing housing loan are just to prevent that.
Sometimes, the next housing loan product that you are looking at, is just too attractive. It may be able shave off to more than over 100 basis points! It gets so attractive that you forget about the clauses of your existing home loan. What happens is that you get penalized by the bank and have to pay them a sum of fees before you can refinance. After paying that sum of penalty, you start to cool off from the notion of shaving away 100 plus basis points and think "Hey, after paying the penalties to XXX bank, it might not be such a good idea to refinance at all!"
There are several methods to prevent this from happening:
Be aware of the clauses
Read the details. The housing loan contract, also known as the "Letter of Offer" comprises of different sections. You may not have to read all of it, but do pay attention to the more important sections to determine your standing and your options. Your housing loan may be your largest ticket item that you may have, in your entire life. It is therefore logical and sensible to pay the most attention to it.
Engage the service of a mortgage adviser
The mortgage adviser can be your mortgage consultant or mortgage broker. They can help you determine your different logical ways of exit from your existing housing loan, and effectively direct you to the best home loan product for your credit profile. Best of all, their service is free and engaging them does not increase your closing cost at all. Their service is also especially useful when you need to have independent third party advice on your refinancing option.
Remember, before taking any action with your existing housing loan. Talk to a mortgage specialist who can truly guide you to make an informed decision. If not, at least make the effort to read the contract. Such measures can definitely reduce your risk with whatever action you may perform with your existing home loan.
This article from CPCG is currently being protected by Singapore and International Copyright Laws. However please feel free to republish this article, provided that you include working links to our website: http://www.cpcgonline.com and http://www.cpcgonline.blogspot.com. We appreciate your kind gesture. For any enquiries, please email us at enquiries@cpcgonline.com.
About the Author
Mr. Zeng Han Jun, is one of the leading mortgage financing specialist in Singapore. He specialises in financing commercial, residential and land properties. He has also been writing articles on business and finance, in order to increase the financial awareness of his readers. Till date, he has helped numerous clients in arranging financing for commercial, residential and land mortgages.
Every housing loan product has its own set of terms and conditions. The loan product that you take up is of course, underwritten by your lender, therefore the terms and conditions are to your lender's favor, not yours. After all, they are the ones taking up the risk by lending you the sum of money to buy your dream house ,and that is the least, they can do to mitigate the risk. Ten out of ten banks will underwrite their home loan in the same manner, to protect themselves, but does that mean as a consumer, you can do nothing about it? The least that you can do is to pay attention to the details, as they always say "The devil is in the details."
Being alert to the terms and conditions of your existing home loan can prevent nasty consequences to you in the future when you refinance. Each and every housing loan product that has been underwritten, has its own set of terms and conditions. These clauses can actually restrict you from performing certain actions with your home loan and if you do, you might get lashed with monetary penalties. Nobody wants that to happen, unless there is really no choice.
The bank wants you to stay with them as long as possible. The longer you stay with them, the more interest they can earn from you. That is of course very beneficial to them. Some banks may not want your business even after you have told them that you are going to refinance to another bank. There is a reason for it but I will leave it to another discussion. When you refinance, your business relationship with your lender ends and the clauses underwritten with your existing housing loan are just to prevent that.
Sometimes, the next housing loan product that you are looking at, is just too attractive. It may be able shave off to more than over 100 basis points! It gets so attractive that you forget about the clauses of your existing home loan. What happens is that you get penalized by the bank and have to pay them a sum of fees before you can refinance. After paying that sum of penalty, you start to cool off from the notion of shaving away 100 plus basis points and think "Hey, after paying the penalties to XXX bank, it might not be such a good idea to refinance at all!"
There are several methods to prevent this from happening:
Be aware of the clauses
Read the details. The housing loan contract, also known as the "Letter of Offer" comprises of different sections. You may not have to read all of it, but do pay attention to the more important sections to determine your standing and your options. Your housing loan may be your largest ticket item that you may have, in your entire life. It is therefore logical and sensible to pay the most attention to it.
Engage the service of a mortgage adviser
The mortgage adviser can be your mortgage consultant or mortgage broker. They can help you determine your different logical ways of exit from your existing housing loan, and effectively direct you to the best home loan product for your credit profile. Best of all, their service is free and engaging them does not increase your closing cost at all. Their service is also especially useful when you need to have independent third party advice on your refinancing option.
Remember, before taking any action with your existing housing loan. Talk to a mortgage specialist who can truly guide you to make an informed decision. If not, at least make the effort to read the contract. Such measures can definitely reduce your risk with whatever action you may perform with your existing home loan.
This article from CPCG is currently being protected by Singapore and International Copyright Laws. However please feel free to republish this article, provided that you include working links to our website: http://www.cpcgonline.com and http://www.cpcgonline.blogspot.com. We appreciate your kind gesture. For any enquiries, please email us at enquiries@cpcgonline.com.
About the Author
Mr. Zeng Han Jun, is one of the leading mortgage financing specialist in Singapore. He specialises in financing commercial, residential and land properties. He has also been writing articles on business and finance, in order to increase the financial awareness of his readers. Till date, he has helped numerous clients in arranging financing for commercial, residential and land mortgages.
Invest In A Home Equity Loan by Amanda Hash
Most people talk about loans to pay off debt, to buy or improve a home, for a business startup, or cover an emergency. What very few people think about, without having a real need, is to use it as an investment. Under determined conditions it can produce juicy dividends, if you are watchful enough and ready to take action at the right moment.
Most Things Devaluate As Time Goes By
Right. In the case of a car, for example, unless you keep it for donkey's years until it has the value of an antique. Land, instead, is always acquiring more value, with some very rare exceptions. In the same time a car depreciates to half its value, a piece of land can rise to double its original amount.
What Makes This Happen?
Land is valued for its environment. Therefore, if the land is far from downtown or any commercial center, its cost is very low. When somebody is brave enough to start building, the value begins to grow and other people follow suit. Soon, a rugged hillside is transformed into a beautiful postcard picture.
Will You Be One Of The Lucky First?
Lucky is just a way of saying, mind you, it is all in your capacity to discover the possibilities. Just be on the look-out for opportunities and go for a good piece of land or, according to your available cash, more than one. This is the cue for the home equity loan to come on stage. Do your math, make sure that you will be able to pay comfortably and begin your financial growth.
Buy The Land And Build
Once you have got the land, you can start building. The faster you start, the faster the land will appreciate. The broker you bought it from will make sure that he will get a better price for the land as soon as he knows you are building.
The Race For Land
You have actually helped to trigger off a race to get the remaining land, before the cost gets too high. Now, take it easy, do not mix the cash. Your day job must provide the payment of the loan and the cash from the loan is for the land, materials and builders.
Every so often check out how the property appreciates. Match it against the outstanding balance of the loan and see if it is worth while to sell. Hold on until you can get a good amount or finish building. Then sell.
The Profit
The profit will allow you to buy double the land you bought and start two houses. Do you begin to get the picture? Do not attempt to pay off the loan, because in some cases you would even have to pay some compensation to the lender. So, let the loan be paid in the normal term and use the cash to invest.
You will always have a home to live in, as well as increasing your capital on a daily basis. Oh, I am sorry, yes the loan! home equity loan can give you the opportunity to grow faster than ever. Just be wise. The health and the wealth will come alone.
About the Author
Amanda Hash is an expert financial consultant who specializes in Bad Credit Personal Loans and Personal Loan Approval. By visiting http://www.yourloanservices.com/ you'll learn how to get approved and recover your credit.
Most Things Devaluate As Time Goes By
Right. In the case of a car, for example, unless you keep it for donkey's years until it has the value of an antique. Land, instead, is always acquiring more value, with some very rare exceptions. In the same time a car depreciates to half its value, a piece of land can rise to double its original amount.
What Makes This Happen?
Land is valued for its environment. Therefore, if the land is far from downtown or any commercial center, its cost is very low. When somebody is brave enough to start building, the value begins to grow and other people follow suit. Soon, a rugged hillside is transformed into a beautiful postcard picture.
Will You Be One Of The Lucky First?
Lucky is just a way of saying, mind you, it is all in your capacity to discover the possibilities. Just be on the look-out for opportunities and go for a good piece of land or, according to your available cash, more than one. This is the cue for the home equity loan to come on stage. Do your math, make sure that you will be able to pay comfortably and begin your financial growth.
Buy The Land And Build
Once you have got the land, you can start building. The faster you start, the faster the land will appreciate. The broker you bought it from will make sure that he will get a better price for the land as soon as he knows you are building.
The Race For Land
You have actually helped to trigger off a race to get the remaining land, before the cost gets too high. Now, take it easy, do not mix the cash. Your day job must provide the payment of the loan and the cash from the loan is for the land, materials and builders.
Every so often check out how the property appreciates. Match it against the outstanding balance of the loan and see if it is worth while to sell. Hold on until you can get a good amount or finish building. Then sell.
The Profit
The profit will allow you to buy double the land you bought and start two houses. Do you begin to get the picture? Do not attempt to pay off the loan, because in some cases you would even have to pay some compensation to the lender. So, let the loan be paid in the normal term and use the cash to invest.
You will always have a home to live in, as well as increasing your capital on a daily basis. Oh, I am sorry, yes the loan! home equity loan can give you the opportunity to grow faster than ever. Just be wise. The health and the wealth will come alone.
About the Author
Amanda Hash is an expert financial consultant who specializes in Bad Credit Personal Loans and Personal Loan Approval. By visiting http://www.yourloanservices.com/ you'll learn how to get approved and recover your credit.
Terms To Watch Out For On Credit CardContracts by Amanda Hash
There are many predatory lenders on the credit card business. Not all credit card issuers comply with the regulations that protect consumers. Some find legal or apparently legal ways of bypassing certain restrictions by concealing additional costs that raise the overall charges without showing on the APR. Analyzing the credit card contracts carefully prior to signing will help you avoid such abuses from credit card companies.
There are several terms that you need to watch out for when considering a particular credit card offer. If you choose to make inquiries with the credit card agent prior to signing, make sure to request him to answer your questions in written. That way you'll avoid surprises when you are handed over the credit card contract or later on when the agreement is already producing its effects. As the old saying states, better to be safe than sorry.
The APR or Annual Percentage Rate
The APR is a rate that includes many figures, it includes the interest rate charged for financing unpaid balances, plus the insurance for the unpaid balance, plus any other costs that are calculated as a percentage of the amount remaining to be paid or that can be added to it without disrupting the calculations.
Credit Limit or Maximum Amount for Purchases
Since credit cards are actually lines of credit, there is a maximum amount you can spend that will determine the money that is available to you. Bear in mind that this amount is only for purchases. Most credit card issuers define other amounts for withdrawals and different interest rates for that purpose too.
Insurance Fees Not Included in The APR
These fees and costs need to be controlled because it is possible that your credit card company is charging you other insurance fees than the one included in the APR which assures the repayment of the remaining balance in the event of death of the credit card holder. These additional insurance costs, though they may seem to be small amounts, can represent excessive payments in terms of percentages.
Penalty Fees Charged For Late Payments or Exceeding Credit Limit
It is important too to control the fees charged as penalties for paying late (usually more than a day or two late) or due to exceeding the credit limit on your credit card contract (usually more than 10% of the overall credit). Though it is perfectly legit for the credit card issuers to penalize the lack of compliance with the credit card agreement, certain percentages or fees are simply abusive and thus, we suggest turning down credit card offers that overcharge on these topics as this is an example of predatory lending.
Conclusion
As you can see, there are several topics that need to be controlled when analyzing credit card offers. Credit card issuers will never lose, that is a fact. What you need to see is that the terms are advantageous enough for your particular needs so you do not lose money either by using that particular credit card. You can always get another card and transfer the balance but watch out for balance transfer fees and costs too.
About the Author
Amanda Hash is an expert financial consultant who specializes in Bad Credit Student Loans and Unsecured Bad Credit Loans. By visiting http://www.yourloanservices.com/ you'll learn how to get approved and recover your credit.
There are several terms that you need to watch out for when considering a particular credit card offer. If you choose to make inquiries with the credit card agent prior to signing, make sure to request him to answer your questions in written. That way you'll avoid surprises when you are handed over the credit card contract or later on when the agreement is already producing its effects. As the old saying states, better to be safe than sorry.
The APR or Annual Percentage Rate
The APR is a rate that includes many figures, it includes the interest rate charged for financing unpaid balances, plus the insurance for the unpaid balance, plus any other costs that are calculated as a percentage of the amount remaining to be paid or that can be added to it without disrupting the calculations.
Credit Limit or Maximum Amount for Purchases
Since credit cards are actually lines of credit, there is a maximum amount you can spend that will determine the money that is available to you. Bear in mind that this amount is only for purchases. Most credit card issuers define other amounts for withdrawals and different interest rates for that purpose too.
Insurance Fees Not Included in The APR
These fees and costs need to be controlled because it is possible that your credit card company is charging you other insurance fees than the one included in the APR which assures the repayment of the remaining balance in the event of death of the credit card holder. These additional insurance costs, though they may seem to be small amounts, can represent excessive payments in terms of percentages.
Penalty Fees Charged For Late Payments or Exceeding Credit Limit
It is important too to control the fees charged as penalties for paying late (usually more than a day or two late) or due to exceeding the credit limit on your credit card contract (usually more than 10% of the overall credit). Though it is perfectly legit for the credit card issuers to penalize the lack of compliance with the credit card agreement, certain percentages or fees are simply abusive and thus, we suggest turning down credit card offers that overcharge on these topics as this is an example of predatory lending.
Conclusion
As you can see, there are several topics that need to be controlled when analyzing credit card offers. Credit card issuers will never lose, that is a fact. What you need to see is that the terms are advantageous enough for your particular needs so you do not lose money either by using that particular credit card. You can always get another card and transfer the balance but watch out for balance transfer fees and costs too.
About the Author
Amanda Hash is an expert financial consultant who specializes in Bad Credit Student Loans and Unsecured Bad Credit Loans. By visiting http://www.yourloanservices.com/ you'll learn how to get approved and recover your credit.
Wednesday, January 7, 2009
Loan Mortagage Modifications Advice by Law Office of Goldstein And Clegg,LLC
If you are behind on your mortgage payments or are struggling to stay current on your loan payments, you may have considered refinancing your loan. However, if you have been turned down for a refinancing, and your home is worth less then you owe on it, you may be able to modify your loan. Below are several tips to successfully modify your existing loan, even if you do not have good credit.
Prepare a detailed document listing all of your income, assets and debts both secured and unsecured. More specifically, you should list out any income from wages, investments, social security, etc. You should also list any assets you have, such as investments, stocks, bonds, money in any checking or savings account, 401K, and fair market value of any additional real estate. You should list out all secured debts, such as 1st and 2nd mortgages, car loans, and any credit cards that use property as collateral, such as jewelry. Finally, you should list your home expenses, such as utilities, credit card bills, educational expenses and any other monthly expense that you incur.
Draft a short hardship letter. Every loan modification has a story behind it. You need to tell the most compelling story as to why you can not stay current with your mortgage, or why you need to modify the loan to enable you to conduct some other life necessity.
Prepare all of your financial documents such as: two years of tax returns, six months of bank statements, three months of pay stubs, Proof of home insurance.
Form your negotiation strategy
You want the bank to believe it is in their interest to modify the loan. As such, you want to remind the bank that you do want to remain in the home, but should no modification be entered into, you may have to file bankruptcy and force the lender to foreclose on your home, thereby incurring all of the legal fees and financial losses of selling your home in a depressed market.
Always ask for more then you expect or want (It never hurts to ask)
You want to leave room to negotiate to your eventual goal
Typically start at 70% of your goal.
When forming your offer, make sure you have thrown in a few items, you do not need, but can use a bargaining chips by taking them off the table.
When the bank makes their first offer, you want to counter without emotion. For example you can say “let me see if that number will work for me, I need to run my numbers and get back to you with in 48 hours. I will need to speak to my attorney or broker first.”
As discussed earlier, when negotiating with a bank, you may want to imply that should the loan modification or short sale not work out at the walk away price, the bank will end up taking the property and incur all the foreclosure sale fees involved. This is especially important in a depressed market, where it is unlikely the bank will recoup their return on investment. Banks do not want to owe properties in this market.
If after talking with your lender you have not received the results that you need, please feel free to contact our law office at 781 595 3800 or check us out online at www.goldsteinandclegglaw.com.
About the Author
This article was drafted by the Law Office of Goldstein and Clegg, LLC, a debt relief agency and Massachusetts bankruptcy law firm.
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What Is An FHA Loan And How Can Arizona Resident Benefit? by Gen Wright
The Federal Housing Administration (FHA) offers mortgage assistance throughout the United States by insuring mortgages that are provided by lenders. FHA loans are not loans from the government, rather they are insurance for the loans that you receive from a lender, such as a bank.
FHA loans have allowed Americans to borrow money for home buying that they may not otherwise be able to afford. The FHA loan program started in 1934 during the Great Depression when foreclosures were at an all time high and many people were defaulting on their mortgages. FHA loans were put in place to provide lenders with insurance for home owners. At the time, some of the FHA loan programs were subsidized by the US government, however the long-term goal was to make the program self supporting based on the premiums paid by the borrowers.
Later on in the years, private mortgage insurance companies came to fruition making the FHA a primary service for people who can't afford a standard down payment or who do not qualify for private mortgage insurance.
In 2007, many borrowers were hurt by the subprime mortgage financial crisis, and on August 31 of that year, the FHA added FHA-Secure, a new refinancing program.
For many Americans, the reasons for using FHA loans include: Purchasing a home, including first time buyers Repairing or renovating a home they currently own Making a home more energy efficient.
Lenders can offer potential home buyers better deals when their mortgage is insured through the FHA loan program. With FHA loans you will find: Lower down payment requirements Lower closing costs Easier qualification for mortgages based on credit.
The FHA can help you to purchase your first home as well by offering down payments as low as three per cent of the price of the home. Another benefit of FHA loans is that the majority of the closing costs associated with buying a home can be included in the loan - this means less money out of pocket for you when closing the deal on your new home.
If you're looking to purchase an older home that needs some renovations, you can purchase the house, fix it and include the reparation costs all in one loan. Likewise, if you own a home that requires renovations, your FHA loan can refinance your current mortgage and include more funds for the costs of repairs all in one loan.
The FHA also offers an energy efficiency loan to make your home more efficient in the usage of energy. You can even use an FHA loan to purchase mobile or manufactured homes, even those that are, or will be, located in a mobile home park.
For seniors over the age of 62 who live in their own home, own it outright or have a low balance on their loan, the FHA offers a reverse mortgage to allow seniors to convert some of the equity built into the home into much needed cash.
FHA loans help Americans own the homes of their dreams in an affordable way - you can own your own home in Arizona today with an FHA secured loan.
About the Author
Joel McLaughlin / DataFlurry Learn more about Arizona FHA Home Loans, Mortgage Refinance & Home Equity Dataflurry is an internet marketing & search engine optimization firm
FHA loans have allowed Americans to borrow money for home buying that they may not otherwise be able to afford. The FHA loan program started in 1934 during the Great Depression when foreclosures were at an all time high and many people were defaulting on their mortgages. FHA loans were put in place to provide lenders with insurance for home owners. At the time, some of the FHA loan programs were subsidized by the US government, however the long-term goal was to make the program self supporting based on the premiums paid by the borrowers.
Later on in the years, private mortgage insurance companies came to fruition making the FHA a primary service for people who can't afford a standard down payment or who do not qualify for private mortgage insurance.
In 2007, many borrowers were hurt by the subprime mortgage financial crisis, and on August 31 of that year, the FHA added FHA-Secure, a new refinancing program.
For many Americans, the reasons for using FHA loans include: Purchasing a home, including first time buyers Repairing or renovating a home they currently own Making a home more energy efficient.
Lenders can offer potential home buyers better deals when their mortgage is insured through the FHA loan program. With FHA loans you will find: Lower down payment requirements Lower closing costs Easier qualification for mortgages based on credit.
The FHA can help you to purchase your first home as well by offering down payments as low as three per cent of the price of the home. Another benefit of FHA loans is that the majority of the closing costs associated with buying a home can be included in the loan - this means less money out of pocket for you when closing the deal on your new home.
If you're looking to purchase an older home that needs some renovations, you can purchase the house, fix it and include the reparation costs all in one loan. Likewise, if you own a home that requires renovations, your FHA loan can refinance your current mortgage and include more funds for the costs of repairs all in one loan.
The FHA also offers an energy efficiency loan to make your home more efficient in the usage of energy. You can even use an FHA loan to purchase mobile or manufactured homes, even those that are, or will be, located in a mobile home park.
For seniors over the age of 62 who live in their own home, own it outright or have a low balance on their loan, the FHA offers a reverse mortgage to allow seniors to convert some of the equity built into the home into much needed cash.
FHA loans help Americans own the homes of their dreams in an affordable way - you can own your own home in Arizona today with an FHA secured loan.
About the Author
Joel McLaughlin / DataFlurry Learn more about Arizona FHA Home Loans, Mortgage Refinance & Home Equity Dataflurry is an internet marketing & search engine optimization firm
Housing Market Crisis by Oswin Grant
Housing Crisis Solution
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 servicers. 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.
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 to be pretty similar; 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 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. It is much better for you to be just a bit under or over extended on your income vs your obligations.
For example, you look more promising to a mortgage company for a loan reduction having $8,000 as income and $8,000 as bill monthly, than you do having $8,000 as income and $10,000 as bills monthly. Simarily , if your income is $10,000 a month and your expenses are $5,000 you might not be the best candidate for a mortgage reduction. You don't want to appear to over extended or too under obligated either, balance is the key. So any bills that are adjustable or bills with a minimum payment might be used in your financials as to not appear too over extended.
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.
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 also. Sometimes you might not have a whole lot of control over being accepted and approve for a loan modification; Regardless there are ways to improve your odds of being accepted.
Anyone seeking help with getting 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 alot 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. I can also give advise on short sales, Deed-in-lieu of foreclosures and principal reductions and discuss which option might be best for you based on your situation. This kind of informations usually cost thousands, currently at no cost to you.
About the Author
I have been blogging now for about a year, I really enjoy writing and sharing any helpful information that I have with anyone interested.
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 servicers. 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.
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 to be pretty similar; 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 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. It is much better for you to be just a bit under or over extended on your income vs your obligations.
For example, you look more promising to a mortgage company for a loan reduction having $8,000 as income and $8,000 as bill monthly, than you do having $8,000 as income and $10,000 as bills monthly. Simarily , if your income is $10,000 a month and your expenses are $5,000 you might not be the best candidate for a mortgage reduction. You don't want to appear to over extended or too under obligated either, balance is the key. So any bills that are adjustable or bills with a minimum payment might be used in your financials as to not appear too over extended.
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.
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 also. Sometimes you might not have a whole lot of control over being accepted and approve for a loan modification; Regardless there are ways to improve your odds of being accepted.
Anyone seeking help with getting 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 alot 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. I can also give advise on short sales, Deed-in-lieu of foreclosures and principal reductions and discuss which option might be best for you based on your situation. This kind of informations usually cost thousands, currently at no cost to you.
About the Author
I have been blogging now for about a year, I really enjoy writing and sharing any helpful information that I have with anyone interested.
We Buy Houses In Houston,Kingwood, Humble And Atascocita
Has your lender declared war on you and your family by placing a lien notice or Notice of Default on your property with the County Clerks office? Do you think a foreclosure can't be stopped, and that your situation is beyond hope? Are you beginning to look for that We Buy Houses in Houston, Kingwood, Humble and Atascocita signage? You may have reached the point where you have lost your remaining hopes but believe it or not you can actually Stop that Foreclosure, Save your Home, Save your Credit and Save your Equity.
Well, come to think of this, if you are headed toward foreclosure, or already in foreclosure, you need to know the rights and options available to you now. Don't lose your hope that easy as you can absolutely stop that foreclosure. Sometimes the hardest aspect of having to move is actually having your home up for sale and your life in limbo. I am sure you have heard the saying,"Sometimes the not-knowing is the hardest part!" When you agree to sell to the right buyers, you will know that your payments and home are taken care of so you can start over and have that peace of mind.
When it comes to foreclosures, there are a few options, and seeking a little advice on how to deal with your lender and work out a reinstatement program that does not require refinancing is just one of them. Or you may be better off by selling your home and starting fresh. This opens up a lot of possibilities and should be discussed immediately. You may also look out for We Buy Houses in Houston, Spring, Atascocita, Kingwood and Humble Texas offers and there are several options available to you. Just make sure to deal with the right buyers.
Remember that it is not merely looking for that We Buy Houses in Houston, Kingwood, Humble and Atascocita ad and believing that the problem stops there. The fact is that the solution just starts from that point. Having to deal with the right buyers or agents means finding those who are qualified to provide a quick fix with the kind of situation you are in right now. Be certain to choose those who have established their relationship with special loan programs, those who possessed the knowledge and experience with real estate, and those who are willing enough to buy your house if you wish. Not making the right choices will only make things worse and complicate the problem.
About the Author
If you need to sell your house quick, there is only one person to call - Terry Wygal. Terry also known as The Quick House Buyer, as the name suggests, will buy your house quickly. He can also help you save your house from foreclosures. Terry offers solutions to your problems and help you Stop Foreclosure in Houston, Spring, Atascocita, Kingwood and Humble Texas areas.
Well, come to think of this, if you are headed toward foreclosure, or already in foreclosure, you need to know the rights and options available to you now. Don't lose your hope that easy as you can absolutely stop that foreclosure. Sometimes the hardest aspect of having to move is actually having your home up for sale and your life in limbo. I am sure you have heard the saying,"Sometimes the not-knowing is the hardest part!" When you agree to sell to the right buyers, you will know that your payments and home are taken care of so you can start over and have that peace of mind.
When it comes to foreclosures, there are a few options, and seeking a little advice on how to deal with your lender and work out a reinstatement program that does not require refinancing is just one of them. Or you may be better off by selling your home and starting fresh. This opens up a lot of possibilities and should be discussed immediately. You may also look out for We Buy Houses in Houston, Spring, Atascocita, Kingwood and Humble Texas offers and there are several options available to you. Just make sure to deal with the right buyers.
Remember that it is not merely looking for that We Buy Houses in Houston, Kingwood, Humble and Atascocita ad and believing that the problem stops there. The fact is that the solution just starts from that point. Having to deal with the right buyers or agents means finding those who are qualified to provide a quick fix with the kind of situation you are in right now. Be certain to choose those who have established their relationship with special loan programs, those who possessed the knowledge and experience with real estate, and those who are willing enough to buy your house if you wish. Not making the right choices will only make things worse and complicate the problem.
About the Author
If you need to sell your house quick, there is only one person to call - Terry Wygal. Terry also known as The Quick House Buyer, as the name suggests, will buy your house quickly. He can also help you save your house from foreclosures. Terry offers solutions to your problems and help you Stop Foreclosure in Houston, Spring, Atascocita, Kingwood and Humble Texas areas.
Why You Would Refinance Your Home Loan by Derek Farley
People hear about mortgage refinancing all the time but some people wonder why they would need to refinance their home loan at all. There can be a great many reasons why you would do this and as long as you are making sound financial decisions with the terms of your loan then there is no such thing as a bad reason to refinance your home loan.
The most common reason causing some people to choose to refinance is that their existing interest rate needs to be changed. People with variable interest rates may want to get into a mortgage with a fixed rate and people with a higher fixed rate may want to lower their rate and lower their monthly payment.
People will also refinance their home loan to get extra spending money for a large debt they either have incurred or will incur. Since a home equity loan is a variable interest rate mortgage product many people prefer to refinance with a fixed mortgage rate on a standard loan than take a chance with variable rates on a home equity loan.
In some cases people refinance to remove someone from their mortgage that they do not want on the paperwork anymore. For example, if a couple divorces and the husband gets the home then the wife may agree to sign a quit claim deed to give him full rights to the property. However the wife is still on the loan until the husband refinances and if the husband defaults on the loan then the wife will be liable. So in a divorce it is usually in both party's best interest to get the mortgage refinanced in the person's name who will be keeping the home unless the other party is ordered to make the mortgage payments in which case a separate agreement will be needed.
About the Author
People hear about mortgage refinancing all the time but some people wonder why they would need to refinance their home loan at all. There can be a great many reasons why you would do this and as long as you are making sound financial decisions with the terms of your loan then there is no such thing as a bad reason to refinance your home loan.
The most common reason causing some people to choose to refinance is that their existing interest rate needs to be changed. People with variable interest rates may want to get into a mortgage with a fixed rate and people with a higher fixed rate may want to lower their rate and lower their monthly payment.
People will also refinance their home loan to get extra spending money for a large debt they either have incurred or will incur. Since a home equity loan is a variable interest rate mortgage product many people prefer to refinance with a fixed mortgage rate on a standard loan than take a chance with variable rates on a home equity loan.
In some cases people refinance to remove someone from their mortgage that they do not want on the paperwork anymore. For example, if a couple divorces and the husband gets the home then the wife may agree to sign a quit claim deed to give him full rights to the property. However the wife is still on the loan until the husband refinances and if the husband defaults on the loan then the wife will be liable. So in a divorce it is usually in both party's best interest to get the mortgage refinanced in the person's name who will be keeping the home unless the other party is ordered to make the mortgage payments in which case a separate agreement will be needed.
About the Author
People hear about mortgage refinancing all the time but some people wonder why they would need to refinance their home loan at all. There can be a great many reasons why you would do this and as long as you are making sound financial decisions with the terms of your loan then there is no such thing as a bad reason to refinance your home loan.
Foreclosure Options For Desperate Home Owners by Gwen Eckley
Foreclosures are a major problem facing many people; especially home owners with equity. With the tight global economic situation, we have outlined several viable options along with some of its brief characteristics.
The first option listed here is known as Reverse Mortgage. For homeowners with equity in their homes; especially those aged 62 years and above. Reverse Mortgages need not be repaid unless owner of the home moves, sells the home, or in the event of death. There are basically 3 different kinds of Reverse Mortgage home loans to consider from:
--Single Purpose Reverse Mortgage
Generally a low cost loan is not readily available in every city. It is also normally used for specific purposes such as repairs and home improvements and in some cases, shortage of property taxes. This form of loan is usually available from government agencies and in some cases, non-profit organizations.
--Proprietary Reverse Mortgage
Owned or backed by private companies, this is the most expensive of the 3 loans available. Without the backing of any government and non-profit organizations, these forms of loans are generally offered with the purpose of making money. The characteristics of this loan is similar to that of the Federal Insured reverse mortgage.
--Federal Insured Reverse Mortgage
Backed by the US Department of Housing and Urban development (HUD), it appeals to the low income group as there is no need for medical and income requirements. Also known as home equity conversion mortgage or HECM, it may lead to a high cost (more than single purpose loans) if home owners do not stay for long periods. Can be used for any purpose and easily available in most US cities.
Another viable option is the balloon payment loan. This type of loan usually means the monthly payments are low and if paid within a few years, one can refinance their home to avoid balloon payments. However, it is this very method that has caused as much as 46% of homeowners to end up in foreclosures. It is a tempting but risky option.
The balloon payment loan relies on property values to rise above the initial loan as well as interest rates to be at a place where refinancing is a viable option. Herein lies the problem. What happens if by the time the balloon payment is due, your home value is less than required to refinance? Suddenly your stuck with a huge payment due and no way to cover this payment from a refinance.
The other difficulty can come with an increase in interest rates. Refinancing your home at a higher interest rate can create problems by increasing your monthly payment beyond your ability to keep up with the payments. Before considering this type of loan, make sure you speak to someone who has "your" best interests as the first priority, not the banks.
There are several other options available such as credit line, taking a second loan and enduring a prepayment penalty. Each and every of these methods comes with its pros and cons. There are always two sides to a coin and the best is to be armed with the knowledge and weigh the options carefully before arriving at a solution to combat foreclosures.
It is wise to learn as much as you can before discussing your financial options with your bank. When you have knowledge of your options, it is easier to ask the right questions.
About the Author
Gwen Eckley is working to help people understand their options when under financial stress. Her research includes options for home owners facing foreclosure and other financial difficulties. Visit Reverse Mortgage Pros Cons for more financial options.
The first option listed here is known as Reverse Mortgage. For homeowners with equity in their homes; especially those aged 62 years and above. Reverse Mortgages need not be repaid unless owner of the home moves, sells the home, or in the event of death. There are basically 3 different kinds of Reverse Mortgage home loans to consider from:
--Single Purpose Reverse Mortgage
Generally a low cost loan is not readily available in every city. It is also normally used for specific purposes such as repairs and home improvements and in some cases, shortage of property taxes. This form of loan is usually available from government agencies and in some cases, non-profit organizations.
--Proprietary Reverse Mortgage
Owned or backed by private companies, this is the most expensive of the 3 loans available. Without the backing of any government and non-profit organizations, these forms of loans are generally offered with the purpose of making money. The characteristics of this loan is similar to that of the Federal Insured reverse mortgage.
--Federal Insured Reverse Mortgage
Backed by the US Department of Housing and Urban development (HUD), it appeals to the low income group as there is no need for medical and income requirements. Also known as home equity conversion mortgage or HECM, it may lead to a high cost (more than single purpose loans) if home owners do not stay for long periods. Can be used for any purpose and easily available in most US cities.
Another viable option is the balloon payment loan. This type of loan usually means the monthly payments are low and if paid within a few years, one can refinance their home to avoid balloon payments. However, it is this very method that has caused as much as 46% of homeowners to end up in foreclosures. It is a tempting but risky option.
The balloon payment loan relies on property values to rise above the initial loan as well as interest rates to be at a place where refinancing is a viable option. Herein lies the problem. What happens if by the time the balloon payment is due, your home value is less than required to refinance? Suddenly your stuck with a huge payment due and no way to cover this payment from a refinance.
The other difficulty can come with an increase in interest rates. Refinancing your home at a higher interest rate can create problems by increasing your monthly payment beyond your ability to keep up with the payments. Before considering this type of loan, make sure you speak to someone who has "your" best interests as the first priority, not the banks.
There are several other options available such as credit line, taking a second loan and enduring a prepayment penalty. Each and every of these methods comes with its pros and cons. There are always two sides to a coin and the best is to be armed with the knowledge and weigh the options carefully before arriving at a solution to combat foreclosures.
It is wise to learn as much as you can before discussing your financial options with your bank. When you have knowledge of your options, it is easier to ask the right questions.
About the Author
Gwen Eckley is working to help people understand their options when under financial stress. Her research includes options for home owners facing foreclosure and other financial difficulties. Visit Reverse Mortgage Pros Cons for more financial options.
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