Tuesday, March 9, 2010
In talks with a law firm to help people with foreclosures(not modifications)
We are currently working with a law firm based in southern California get local help with foreclosure. They do not help with modifications in any way. They deal only with people who have received a foreclosure notice and need help with foreclosure.
Working out the details
We have been talking with the CEO of Modification Service Inc, a California based modification company to try to get things smoothed out so that we, at mortgagePaymentModification.com, can work faster to get you help.
Saturday, November 21, 2009
Hardship Letter
There are two more pages that we just added to help people who are considering writing a hardship letter to their lender. These pages outline what should be on a hardship letter. The first page goes over the general feel of the letter and gives some very general guidelines. See How to Write a Letter of Hardship
The second page shows you what a hardship letter should look like and gives several sample texts to help people in different circumstances. See Sample hardship Letter
Both of these pages are meant to get you on the right track and are not meant to be used in place of your own hardship letter.
The second page shows you what a hardship letter should look like and gives several sample texts to help people in different circumstances. See Sample hardship Letter
Both of these pages are meant to get you on the right track and are not meant to be used in place of your own hardship letter.
Refinancing
There is now a refinancing page on MortgagePaymentModification.com to help people understand what refinancing means and does and if it would be the better option for them. Here is a link to the refinance page: Refinance Mortgage
We hope everyone finds this useful!
We hope everyone finds this useful!
Tuesday, October 27, 2009
How To Obtain the Particulars About A Home Mortgage Loan
How To Obtain the Particulars About A Home Mortgage Loan
Exploring and locating a lender for your home mortgage loan can turn out to be an intimidating task. Incorporate complex terms and conditions and you would become more puzzled. A dictionary for home mortgage terms can be a useful resource to know various mortgage terminologies. Understanding what queries to make to your lender prior to applying for a home mortgage can help you realize precisely what type of an offer you are receiving.
Plan
Make a list of queries for your home mortgage lender. Your queries must be comprehensive and include every prospective element of the loan you’re exploring.
Gather the Details
Make an information sheet for every mortgage lender from which you’d be gathering details. If you have one fill up the gaps information sheet, then it would be simpler for you to compare one loan with the other.
Your information sheet must incorporate the following details:
Name of the mortgage lender
Name of the borrower and property address
Loan amount
The type of loan the lender is arranging for you
The loan is __% of the appraised value of the property
Date your rate might go up
Starting interest rate – for how much time is this rate beneficial?
Present approximation of how high the interest rate can go (completely indexed rate)
The monthly income your mortgage loan is founded on
Maximum potential rate on your mortgage loan
What your monthly mortgage payment would be on the basis of your starting rate
What your monthly payment would be on the basis of your starting rate along with insurance (PMI) and taxes
What your monthly mortgage payment would be on the basis of completely indexed rate
What your monthly payment would be on the basis of completely indexed rate along with PMI and taxes
Is there a balloon payment? When it is payable?
Is there a prepayment penalty? What is that and why it needs to be paid?
The precise amount payable for discount points on your mortgage loan and fees and costs payable at closing
What Do All These Mortgage Terms Signify?
You’re not finished with the discussion till you know everything to your contentment. If the lender states something that you find difficult to comprehend, request them to clarify.
Contact
Take down the name, telephone number as well as the e-mail address of the individual assisting you with your mortgage. It might be a wise step to have him go through your information sheet for correctness and sign at the end.
Post by guest author: Pamela Martize
Exploring and locating a lender for your home mortgage loan can turn out to be an intimidating task. Incorporate complex terms and conditions and you would become more puzzled. A dictionary for home mortgage terms can be a useful resource to know various mortgage terminologies. Understanding what queries to make to your lender prior to applying for a home mortgage can help you realize precisely what type of an offer you are receiving.
Plan
Make a list of queries for your home mortgage lender. Your queries must be comprehensive and include every prospective element of the loan you’re exploring.
Gather the Details
Make an information sheet for every mortgage lender from which you’d be gathering details. If you have one fill up the gaps information sheet, then it would be simpler for you to compare one loan with the other.
Your information sheet must incorporate the following details:
Name of the mortgage lender
Name of the borrower and property address
Loan amount
The type of loan the lender is arranging for you
The loan is __% of the appraised value of the property
Date your rate might go up
Starting interest rate – for how much time is this rate beneficial?
Present approximation of how high the interest rate can go (completely indexed rate)
The monthly income your mortgage loan is founded on
Maximum potential rate on your mortgage loan
What your monthly mortgage payment would be on the basis of your starting rate
What your monthly payment would be on the basis of your starting rate along with insurance (PMI) and taxes
What your monthly mortgage payment would be on the basis of completely indexed rate
What your monthly payment would be on the basis of completely indexed rate along with PMI and taxes
Is there a balloon payment? When it is payable?
Is there a prepayment penalty? What is that and why it needs to be paid?
The precise amount payable for discount points on your mortgage loan and fees and costs payable at closing
What Do All These Mortgage Terms Signify?
You’re not finished with the discussion till you know everything to your contentment. If the lender states something that you find difficult to comprehend, request them to clarify.
Contact
Take down the name, telephone number as well as the e-mail address of the individual assisting you with your mortgage. It might be a wise step to have him go through your information sheet for correctness and sign at the end.
Post by guest author: Pamela Martize
Thursday, October 22, 2009
Mortgage Refinancing
MortgagePaymentModification.com is now offering mortgage refinancing. Depending on your situations, you may be better off with a mortgage refinance. We are continuing to expand our operations and networks. Please give us a call to find out what's best for you!
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