You don’t have time to waste when foreclosure is looming on the horizon. Although home loan modification does tend to slow down the process, there won’t be too many options left if you wait too long. However, not all banks and lending institutions have the experience or the manpower to handle loan modifications, and even if you hire a capable lawyer, the entire process can take several months to complete. But the good news is that there are a number of things you can do once the process starts to save time and get it over as quickly as possible.
The first thing to do is to document everything. It isn’t exactly unknown for lenders to misplace your loan modification process. Delays can be prevented if you record all your efforts and keep it on file. Make sure you keep track of all the calls that you receive from or make to the lender and lawyer. Keep all the receipts of your transactions and have several copies so in case the originals are lost or misplaced. Prepare a financial statement for yourself. Every mortgage modification has its own financial worksheet, which is the main basis for your qualification. Lending institutions will have their own, but preparing one for yourself can be very useful too. This way you will have all relevant information at your fingertips.
Try to include as many details as possible. It is better to provide too much information so that you don’t have to waste time in case the lender asks for further details. A typical loan modification worksheet usually includes the following information: the borrower’s contact information, the estimated cost and other information about the borrower’s property, the current income, and additional income, if any, of the borrower, the estimated value of all the assets owned by the borrower, current liabilities like loans, medical expenses, etc.
Try to be as open and honest as possible and be sure to provide verifiable information regarding your financial circumstances. This will help in improving your chances for qualifying for loan modification.
Mortgage refinance is a credit facility offered by any lending institute or a bank. Mortgage Refinance or mortgage makeover is the way out for the borrowers who are undergoing financial difficulties. Refinancing can be an excellent option for the individuals, who are not able to cope up with their present interest rates. One can save money, in the process of mortgage refinancing. Managing refinance matters can become more easy and money saving, if one following these cost cutting tips.
Majority of the borrower’s money goes in for paying interest. A person can save good amount of money, with low refinance rates. Comparing interest rates of various lending institutes can help to find out the lowest interest rates. Refinance mortgage loans with low interest rates, and short payback term will save great money. Besides this, before opting for a refinance loan one should also find out the fees that the lender associates with the loan. Department of Housing and Urban Development provides a list of standard fees to be associated with refinance home loan.
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Maintaining good credit report and FICO scores can help availing low interest rates. Most American’s FICO scores are between 600 to 800 points. A score higher than 660 is considered good, and below 620 is considered as bad credit score. With scores less than 620 refinancing becomes a hard task. Good scores help to avail low interest mortgage refinance rate, and attractive options. Pristine credit reports are preferred by the lenders. It is advisable to close down the multiple credit card accounts, if not used on regular basses. This will improve FICO scores and make the person an attractive borrower. Customers with few liabilities are preferred by the banks.
Paying points can save thousands of dollars. A point is a fee that effectively lowers the interest rate. It is a smart long-term strategy for availing better home mortgage refinance rates. Pay points but avoid PMI. Private mortgage insurance (PMI) is an insurance required by the lender, when the borrower’s requirement is more than 80% of the house value. One can save hundreds of dollars annually by avoiding PMI.
Chapter 13 Class Schedule for September 2010
Enroll at http://www.mybankruptcyschool.com
September 13 - Getting Started and Pre-Qualifying Debtors
September 16 - Preparation, Pleadings and Case Reviews
September 21 - The Chapter 13 Plan
September 23 - Marketing on the Internet
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The schedule above is for LIVE classes. But when you enroll you gain immediate access to the online school. Each class module is filled with training materials, videos and audios so you can get started learning right away.
However, during the LIVE classes you will be able to interact with the instructor, Victoria Ring. You are also encouraged to bring problem petitions to the class so that everyone can learn through real world practice.
STUDENTS ALSO RECEIVE
** 90 days of free access to the online school after the graduation month
** 90 days of free access to future classes so you can repeat classes if you miss one or need to review the information a second time
** 50 percent discount on private training services during the time you are enrolled as a student
VIDEO FOR REVIEW
My Bankruptcy School is for both attorneys, paralegals and legal professionals working for attorneys. We have attorneys sign up with their paralegals and we have entire law firms of 5 or more sign up and take the classes together. I hope you decide to join us and increase your current petition skills.