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If you're facing foreclosure, you can get help from your mortgage insurer. Surprised? Even I was surprised when I heard of it. Most of the mortgage insurance companies have loss-mitigation departments. The loss mitigation experts try to negotiate with the lenders and borrowers for various repayment plans.
Loan modifications may or may not affect your credit score. Generally it is believed that a loan modification will have a positive impact on a borrower’s credit score. In case, if the lender has reduced the principle amount of your loan, it will also help you in reducing your debts. Also, if you pay off your debts on time after the loan modification for the next 6 to 12 months, your credit rating will start improving.
Hello friends,
Hi All,
It’s my pleasure to inform you that one of the MortgageFit members, Ken Lambert just received US Patent status for his mortgage product – Alternative Mortgage Fund (AMF) which would hit the market in the next 6 months.
President Barack Obama had announced Home Affordable Refinance and Loan Modification program in order to help homeowners avoid foreclosure. These programs compensated lenders who lowered the loan payments of borrowers and most of the big lenders agreed to participate.
After years of overbuilding, over-investing, quick-flipping, and credit over-extension, we are now facing the real estate crisis - a crisis which has been created due to our own faults. As a result, the real estate market has been re-priced. Now, it's high time that we go back to the fundamentals of mortgage and follow them to save ourselves from further crisis.
Here are 5 tips which you may consider before you take a mortgage for your dream home:
Hi all,
For the first time in MortgageFit, we have a member making more than 4000 posts!!
It's my pleasure to announce that George M Akerley, one of our moderators have reached this mark.
George has been an active participant of the community since 2007. It's been a long participation with the community and lots of members and visitors have received his help and support while dealing with mortgage issues.
Mortgage interest rates are at record low and you must be planning to refinance your mortgage to take advantage of the low rates. With a good credit score and stable financial situation, you can definitely go ahead and refinance your properties. But again, you should also have a clear idea about the worth of the property. If you do not have equity in the property, lenders won’t refinance your property.
5 Things to keep in mind before you refinance:
New set of credit card reforms have been announced by the federal regulators which will come into force from July 1, 2010. The new set of rules will give the credit card users more time to pay their monthly bills, greater advance notice of changes in credit card terms, to avoid retroactive interest rate increases on existing card balances. Apart from this, credit card users will have fewer penalty fees, late charges and interest payments.
Highlights of the new credit card reforms:
Check out the highlights of the new credit card reforms as given below.
The Obama administration has come up with new guidelines for the foreclosure prevention program. It concentrates mainly on how to deal with borrowers who have home-equity loans or other second mortgages.
