Sunday, November 28
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Mortgage Refinance

How Can I Stop My SBA Lender From Foreclosing on My Home?

How Can I Stop My SBA Lender From Foreclosing on My Home?

Mortgage Refinance
I got a call this week from a guy who is going to lose his house next month. He had a $500,000 SBA loan which he defaulted on a few years back. Since then, the business has closed, and there is no collateral remaining except for his house that he pledged at the beginning of the process. He went on to tell me that he's desperate for a way to avoid foreclosure, but his attorney told him it was pretty hopeless. Except for the SBA loan, he had no other liens on the home, which meant that all the proceeds from a foreclosure would go to the SBA Lender. Below you will find my advice to him, and answers to his major questions: 1) My Advice: SBA Lenders are willing to make reasonable business decisions, therefore if you offer an amount equivalent to the equity in your home, there is a chance ...
Opt For Refinancing – Save Money on Your Mortgage Payment

Opt For Refinancing – Save Money on Your Mortgage Payment

Mortgage Refinance
If you're unable to make payments for your existing mortgage loan or find that the interest rate in the market has fallen than the rate you are paying on your current mortgage, you can opt for refinancing. You may get a new loan of the same amount, keeping your same property as collateral. Why should you opt for refinancing? People opt to get refinance on their mortgage for several reasons. You may opt for refinancing, for any one of the following situations: 1.If you have an adjustable-rate mortgage and you want to convert to fixed rate mortgage 2.If you want to convert your short term loan to long term, as you want to reduce your monthly payments 3.If you want to change your current high interest rate mortgage to a lower interest rate mortgage 4.If you have more than on...
Mortgage Refinancing – How Does it Work?

Mortgage Refinancing – How Does it Work?

Mortgage Refinance
A home loan is a long term commitment. For most people, signing on the dotted line is a 30-year contract. In this amount of time many things can change. Many people will outgrow their home and sell their house. Sometimes people also outgrow their mortgage. In this instance, mortgage refinancing can be useful. Benefits of a Mortgage Refinance There are many reasons why people decide to refinance their home. As you pay off your home loan, the principle of your loan reduces while the value of your property increases. The difference between these two figures is known as equity. When you refinance your home, the bank may give you a home equity loan. You can use this money to improve or enlarge your home, pay for tuition, or even take a holiday. Sometimes, as a home loan decreases, home...

Loan Modification Assistance – 5 Options That Could Change Your Life

Mortgage Refinance
A loan modification is basically a change to your current loan agreement that will make your payments more affordable. This will prevent you from going into default and keep the banks and the lenders happy. You see, in most cases, the bank would rather do a loan modification then take the chance of you filing bankruptcy or them having to go through another foreclosure proceeding.So what do you need to do in order to get a loan modification? Well the first step is to simply ask. As the good book says, you have not because you ask not. Just call up your bank and let them know you are having some financial difficulties. Be honest and let them know you are not able to make your payments right now. Each bank has a different set of requirements so the only way you will know if you qualify is to ...

Tips on How to Compare Home Loans For That Perfect Deal

Mortgage Refinance
There's a lot of variables to take into consideration when you compare home loan offers, especially when looking for the deal which matches your financial predicament. Here are some elements that you need to be considering when looking to get the most beneficial offer:1. What's your current financial predicament? You need to take a look at exactly where you are in terms of the present debt you're required to cover and just how much extra debt you can manage.2. Are you currently confident with a adjusting loan payment? To put it differently, could you take into consideration a variable rate mortgage or a fixed. A variable rate usually offers a lesser rate when you begin the loan but can frequently rise better through the term of the loan. That's well and proper if you happen to expect your ...

Mortgage Trigger Leads

Mortgage Refinance
Mortgage trigger leads are summarized credit reports generated from a consumer applying for a home refinance or home purchase. The trigger itself comes from an actual credit report being run for a mortgage loan. The information from the credit report is summarized into a spreadsheet and then sent to a competing lender the following day as a batch of leads. These are all qualified borrowers because they have had their credit run for a mortgage loan and they have been filtered by credit score and loan amount. Additional filters include LTV, loan history and revolving debt.For many firms, using mortgage trigger leads is a less expensive alternative than to have the full campaign costs of direct mail, email, etc... Instead of paying for the full cost of the campaign, one is only paying for the...

How to Improve Your Score for a Mortgage Loan

Mortgage Refinance
Many people have heard that their credit score could have a major impact on the decision of a lender to give them certain kind of loans, but they don't know exactly how that could occur.Basically, your credit score is an important piece of information that your scoring system lenders will provide you with; the credit score determines a lender's financial risk in granting you certain kinds of loans or a credit card.There are several credit bureaus of consumer reporting agencies (CRA) which handle collecting all the information, summarizing it and selling what they call you credit report or your credit profile to any company that searches for information about your financial status. Basically, this information helps them make out your financial profile and decide how safe it would be to appr...

Reverse Mortgage – A Boon For Senior Citizens

Mortgage Refinance
A reverse mortgage, in reality, is a loan that is available to the senior citizens which is generally used to release the equity of the property into multiple payment options. These kinds of mortgages have become very popular with senior citizens as they give freedom to the landlords to use the loan amount for any purpose they wish. However, it is important to understand the ramifications and the alternatives available when you choose this loan.Reverse mortgage options in Miami provide senior citizens an option to live a financially secure life and be monetarily independent after retirement. It helps them to turn their equity into cash. The mode of payment is done in a number of ways from regular monthly installments to one-time payment. Senior citizens can use these funds in a variety of ...