In what could be a huge boost to the housing market, HUD Secretary Shaun Donovan’s has decided to allow florida mortgage company to use the $8,000 home purchase credit to help cover their down payment and closing costs on Florida FHA mortgage loans.
One of the biggest challenges for first time home buyer is saving up enough money for a downpayment on their home. The FHA program in particular requires the borrower to come to closing with 3.5% of the purchase price as their downpayment. Often borrowers have to borrow these funds from work to supply home buyers with short-term or “bridge loans” of up to 10% of the purchase price, up to the amount of the $8,000 tax credit.
Longer term loans secured by second liens can also be used by government agencies and FHA-approved non-profit organizations to facilitate home sales. Several state housing finance agencies have introduced such programs and a number of agencies are considering that possibility.
More information about these programs can be found on the National Council of State Housing Agencies Web site at www.ncsha.org/section.cfm/3/34/2920.
Previously, the home buyer would have been unable to access the home purchase credit until they filed their next annual tax return or an amended 2008 tax return and received the refund from the IRS. Until then they borrowed the funds from family and friends with the understanding that they would be able to pay it back after they filed their income taxes.
The next step is to see how florida fha-approved lenders use HUD’s new guidelines to actually monetize the tax credit for first-time home buyers and structure the payback provisions of the loans. NAHB encourages lending institutions to act promptly to put these provisions into place.
To qualify for the first time home buyer credit, first-time home buyers must actually close on their home purchase by Dec. 1, 2009. Buyers can take the credit on their 2008 or 2009 income tax return.
Information about the details of exactly how this program will be rolled out are still forthcoming. We do know that there are many states such as Missouri that are already offering some type of bridge loan program utilizing the first time home buyer credit for down payment assistance.
For further information on the $8,000 first time homebuyer home purchase credit and how you can use it to help you get an FHA financed loan with no money down please either call us immediately at 800-871-2636 or apply online at http://www.fivestarsmortgage.com and a representative will go over your information with you in detail.
Wednesday, May 20, 2009
Saturday, May 16, 2009
Mortgage Modification Information For The Average Person
Are you late on your payments?
Are you upside down on your house?
Is your rate adjusting?
Have you tried to refinance, but have been declined?
Do you fear foreclosure?
A loan modification company is the best tool if you are behind on your mortgage and are headed towards foreclosure. With a attorney loan workout, the mortgage loan is renegotiated to a more affordable payment then what you already have.
Here at http://www.CallALMS.com, our contracted Attorney’s negotiate successful mortgage loan mod on your behalf with your bank to save your house. Our Attorney’s are retained by you and have a 99% success rate in their negotiations, else your money back!
Here are some answers to questions that may help you:
What is a loan mod?
A loan modification to an existing loan made by a lender in response to a borrower's long-term inability to repay the loan. loan modification company typically involve a reduction in the interest rate. These loan workout sometimes take your arrears and forgive them or add them on to the existing balance of the loan. The key thing to remember is you are brought current and get a fresh new start with a payment that is more affordable. A lender might be open to modifying a loan because the cost of doing so is less than the cost of default.
How can I save my home from foreclosure?
If you and your family can no longer pay the mortgage due to higher interest rates or you can not refinance because you owe more than your house is worth, take action now! We can not only take the stress off your shoulders at a time like this, but also get it done. We have top negotiators and most importantly our Attorney’s know WHO to negotiate with at the lenders.
These three basic things are usually required in order to qualify for a loan mod:
1. Desire to Keep the House
2. Experienced a Financial Hardship
3. Income/Employment - Able to continue making lower payments
The actual loan modification company agreement itself will vary from servicers, but the key is getting a payment that is more affordable for you. Work with someone that is experienced that can get the best rate/program for you.
Most loans needing attorney loan modification are conforming loans put together by popular big banks like; HSBC, CitiMortgage, Wachovia, ASC, HFC, Countrywide, Household, IndyMac, JPMorgan Chase, Wells Fargo, Washington Mutual, Aurora and Bank of America and based on Fannie Mae and Freddie Mac guidelines.
If you are late on your mortgage or even if you’re current but it’s becoming a financial strain… http://www.CallALMS.com can help you! You can qualify online right now using our fast and secure loan modification form.
Are you upside down on your house?
Is your rate adjusting?
Have you tried to refinance, but have been declined?
Do you fear foreclosure?
A loan modification company is the best tool if you are behind on your mortgage and are headed towards foreclosure. With a attorney loan workout, the mortgage loan is renegotiated to a more affordable payment then what you already have.
Here at http://www.CallALMS.com, our contracted Attorney’s negotiate successful mortgage loan mod on your behalf with your bank to save your house. Our Attorney’s are retained by you and have a 99% success rate in their negotiations, else your money back!
Here are some answers to questions that may help you:
What is a loan mod?
A loan modification to an existing loan made by a lender in response to a borrower's long-term inability to repay the loan. loan modification company typically involve a reduction in the interest rate. These loan workout sometimes take your arrears and forgive them or add them on to the existing balance of the loan. The key thing to remember is you are brought current and get a fresh new start with a payment that is more affordable. A lender might be open to modifying a loan because the cost of doing so is less than the cost of default.
How can I save my home from foreclosure?
If you and your family can no longer pay the mortgage due to higher interest rates or you can not refinance because you owe more than your house is worth, take action now! We can not only take the stress off your shoulders at a time like this, but also get it done. We have top negotiators and most importantly our Attorney’s know WHO to negotiate with at the lenders.
These three basic things are usually required in order to qualify for a loan mod:
1. Desire to Keep the House
2. Experienced a Financial Hardship
3. Income/Employment - Able to continue making lower payments
The actual loan modification company agreement itself will vary from servicers, but the key is getting a payment that is more affordable for you. Work with someone that is experienced that can get the best rate/program for you.
Most loans needing attorney loan modification are conforming loans put together by popular big banks like; HSBC, CitiMortgage, Wachovia, ASC, HFC, Countrywide, Household, IndyMac, JPMorgan Chase, Wells Fargo, Washington Mutual, Aurora and Bank of America and based on Fannie Mae and Freddie Mac guidelines.
If you are late on your mortgage or even if you’re current but it’s becoming a financial strain… http://www.CallALMS.com can help you! You can qualify online right now using our fast and secure loan modification form.
Thursday, May 7, 2009
Loan Modification Facts Vs The Myths
Myth: Do you have to be late on your payments to get approved for a loan modification company ?
Fact: No, you do not have to be late, but it helps. You will get more attention and help from your servicer if you’re late.
I have seen it done many times when a home owner was not behind, but it is a lot more difficult.
If a person plans on trying it themselves get a thick skin to do this, as persistence is key. It’s not unusual for the mod process to take 3-6 months of calls, faxes, emails, letters and more to get help before you get relief. On average expect to spend 25 to 30 hours of your time and frustration.
If a person doesn’t have the time or energy to tackle the ever changing minds of the mortgage company, contact an Attorney Backed mortgage modification Company as they can complete this process quicker and get better rates then you as a home owner could ever negotiate. The money is well worth it, as well as the sanity to know a professional with a team of loan mod blog will be acting on your behalf and harassing the bank for you!
Myth: Hope Now programs are here to protect your best interests.
Fact: Kind of.
I say “kind of” because they help mostly with counseling but they only go half way with their assistance for the struggling homeowners. This program does not yet have servicer participating and it was rolled out in 2008. So the reality is that you talk to a government employee that is really going to refer you out to talk to someone else. In the end, the home owner may be better off contacting professional help in this area since the program is not fully functioning.
Myth: Your mortgage company will give you a principle reduction on your loan.
Fact: Yes, this is true but not necessarily guaranteed.
This is usually done when a borrower has a 1st and 2nd mortgage and the 2nd is negotiated down or settled for less than is actually owed on the note. Obtaining a principle reduction on the first mortgage is much more difficult and there are no guidelines that state when one is warranted. The banks are being to do more of these reductions; however, there has been no word from the Obama Administration to enforce a principal reduction guideline at the lender.
These negotiations are very tricky and the best way to get it negotiated is to hire a professional that knows the in’s and out’s of the bank modification. Just remember there is no guarantee of a principal reduction.
Myth: bank are doing everything they can to assist struggling homeowners.
Fact: That is not true at all!
They are giving the media, our government and the people of this great country nothing but lip service. The same employees that made these loans are now laid off, and now these millions of loans are going bad. The bank that sold you this bad loan is not really there to help you with a mortgage modification or really analyze your current financial position to see if you can afford a change in payment. First of all, bank don’t have the staffing for it or the qualified staff to handle the business, nor do they really want to.
In most cases, the mortgage company denies the home owner the loan modification or barely lowers the interest rate. In turn, 5 to 6 months down the road the homeowner will re-default on that loan that was just modified. Now, this should make every home owner think, what is going on. It is obvious that the servicer are protecting themselves, only to keep the home owner paying so that the mortgage company is not flooded with foreclosures and crash the banking system. However, the price for this is millions of people hanging on for dear life, unable to afford their payments, and the lender taking the last few dimes from the home owner. The home owner is then left with nothing at the time of foreclosure to move and is then found on the streets or calling family and friends for help.
ALMS have contracted with Attorney’s that have experience and will represent you with your servicer. These Attorney’s have the relationships and have been conducting modification business with these mortgage company for years and know how to get the best modification possible. All modifications are 100% guaranteed! No money is collected up front! We are always more than happy to provide documentation of successful loan workout to potential clients. For immediate assistance, please fill out our loan modification inquiry form (http://www.callalms.com/secure-online-application). This will provide us with the basic information we need to evaluate your situation and begin the mortgage workout process for you.
Fact: No, you do not have to be late, but it helps. You will get more attention and help from your servicer if you’re late.
I have seen it done many times when a home owner was not behind, but it is a lot more difficult.
If a person plans on trying it themselves get a thick skin to do this, as persistence is key. It’s not unusual for the mod process to take 3-6 months of calls, faxes, emails, letters and more to get help before you get relief. On average expect to spend 25 to 30 hours of your time and frustration.
If a person doesn’t have the time or energy to tackle the ever changing minds of the mortgage company, contact an Attorney Backed mortgage modification Company as they can complete this process quicker and get better rates then you as a home owner could ever negotiate. The money is well worth it, as well as the sanity to know a professional with a team of loan mod blog will be acting on your behalf and harassing the bank for you!
Myth: Hope Now programs are here to protect your best interests.
Fact: Kind of.
I say “kind of” because they help mostly with counseling but they only go half way with their assistance for the struggling homeowners. This program does not yet have servicer participating and it was rolled out in 2008. So the reality is that you talk to a government employee that is really going to refer you out to talk to someone else. In the end, the home owner may be better off contacting professional help in this area since the program is not fully functioning.
Myth: Your mortgage company will give you a principle reduction on your loan.
Fact: Yes, this is true but not necessarily guaranteed.
This is usually done when a borrower has a 1st and 2nd mortgage and the 2nd is negotiated down or settled for less than is actually owed on the note. Obtaining a principle reduction on the first mortgage is much more difficult and there are no guidelines that state when one is warranted. The banks are being to do more of these reductions; however, there has been no word from the Obama Administration to enforce a principal reduction guideline at the lender.
These negotiations are very tricky and the best way to get it negotiated is to hire a professional that knows the in’s and out’s of the bank modification. Just remember there is no guarantee of a principal reduction.
Myth: bank are doing everything they can to assist struggling homeowners.
Fact: That is not true at all!
They are giving the media, our government and the people of this great country nothing but lip service. The same employees that made these loans are now laid off, and now these millions of loans are going bad. The bank that sold you this bad loan is not really there to help you with a mortgage modification or really analyze your current financial position to see if you can afford a change in payment. First of all, bank don’t have the staffing for it or the qualified staff to handle the business, nor do they really want to.
In most cases, the mortgage company denies the home owner the loan modification or barely lowers the interest rate. In turn, 5 to 6 months down the road the homeowner will re-default on that loan that was just modified. Now, this should make every home owner think, what is going on. It is obvious that the servicer are protecting themselves, only to keep the home owner paying so that the mortgage company is not flooded with foreclosures and crash the banking system. However, the price for this is millions of people hanging on for dear life, unable to afford their payments, and the lender taking the last few dimes from the home owner. The home owner is then left with nothing at the time of foreclosure to move and is then found on the streets or calling family and friends for help.
ALMS have contracted with Attorney’s that have experience and will represent you with your servicer. These Attorney’s have the relationships and have been conducting modification business with these mortgage company for years and know how to get the best modification possible. All modifications are 100% guaranteed! No money is collected up front! We are always more than happy to provide documentation of successful loan workout to potential clients. For immediate assistance, please fill out our loan modification inquiry form (http://www.callalms.com/secure-online-application). This will provide us with the basic information we need to evaluate your situation and begin the mortgage workout process for you.
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