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By Jenny Evans
With the current economic crisis, many homeowners are considering loan modification as a way to avoid foreclosure. But even the most educated people sometimes have mistaken impressions about loan modification. Here are 5 of the most prevalent myths concerning loan modification.
Myth #1: Lenders would rather foreclose than modify your loan.
By Paul Louis
Banks are often limited with the types of loans they can originate. But their fees and closing costs are usually the lowest. Mortgage lenders sometimes have regional retail offices. They do have a variety of home loan programs that exceed what most banks can deliver. A mortgage broker can shop a lot for you if that broker is connected to enough different lenders.
By Asa Ghaffar
According to the February 2009 Halifax House Price Index, the average cost of buying a house is now £160,327. This represents an annual fall of 17.7% with further falls expected during 2009. Home affordability has increased for first-time buyers, but high income multiples and house deposits still make getting a foot on the property ladder extremely difficult.
Home Affordability a Major Issue for Financial Services Authority
The Financial Services Authority (FSA) has come under considerable criticism for allowing the house price crash. Several lenders were offering income multiples of up to 6 times earnings making home affordability difficult. The Bradford & Bingley and Northern Rock were even offering 125% mortgages. This meant: no house deposit, instant negative equity and home repossession for many. Both banks are now nationalised.
By Asa Ghaffar
Most people need to borrow money at some point in their life. Payday loans and pawnbroker loans both charge a high APR of upwards of 1000%; this can serve to exacerbate a personal debt problem. It is possible to borrow money and even get an interest-free loan in the form of a bank overdraft or family loan. Others choose to perform a credit card balance transfer and benefit from up to 12 months of interest-free credit.
By Patti Ziemke
In California, as in other states, housing prices are rapidly falling. Mortgage rates are good and some people, especially couples who make over $250,000 and have good credit, may be looking to get in on the deal. However a recent proposal of cutting the mortgage interest tax deduction may squash their plans.
Rate Reduced
The cut is only intended to impact the top two percent of households, but for states such as California and New York, the results may be more wide-spread. According to the Realtors' Association approximately 500,000 people in California who claim the deduction will be affected.
By Cassiano Travareli
JPMorgan Chase has stepped up its foreclosure help efforts as it announced last 31st of October its plan to address the foreclosure problem being experienced by the nation through freezing foreclosures for the coming two months and restructuring loans.
The report of Business Week said that JPMorgan Chase wishes to restructure loan terms, which affects 400,000 homeowners, amounting to $70 billion outstanding loans. Some moves include changes in loan terms before default, removal of ineffective “pay option” loans, and joining to their staff 300 more loan counselors.
By Cassiano Travareli
It is a known fact that lots of Americans are experiencing difficulties particularly due to the mess in the housing industry that has caused home prices to plummet. To make matters worse, the collapse of the financial market has caused the unemployment rate to rise. With such bleak economic outlook, it is not surprising that many distressed homeowners are no longer able to pay their mortgage dues and will be soon entering foreclosure territory.
Basically, states have different foreclosure laws but here are the things that you could usually expect if you miss your mortgage payments:
By Leticia Carvalho
Moving to a new hometown is indeed exciting for it entails the start of a new life. However, before you contact any moving company or hire movers to help you pack your things, there is still one thing that you need to take care of choosing your new hometown.
Obviously, this is easier said than done. Experts will certainly frown on random choices. Since you will basically be wiping your slate clean, it is best that you think carefully before making a decision.
By Teo Zhenjie
Buying rental property is an important long term investment and you have to know your facts before you jump into it. Find out how you can become the proud landlord of a profitable rental property now.
Make Sure You Buy a Rental Property that You Can Afford
One important difference between buying rental property and other types of investment is that you will most likely be taking a loan to pay for it.
By Leticia Carvalho
Florida Governor Charlie Crist has taken back his proposal of suspending foreclosures across the state during the holidays after meeting with Alex Sanchez, the president of the Florida Bankers Association.
Sanchez has apparently explained the position of the banking industry very well because Crist backtracked on the moratorium that he had discussed in several occasions. The Florida foreclosure rate is the third highest in the country. In October this year, the state had 54,324 foreclosure filings, 13 percent higher from the previous month and 80 percent higher from October 2007.
