Tag Archives: Coming

Far more Alternatives Coming for Underwater Home owners

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Riverside, CA (PRWEB) December 06, 2011

In response to recent enhancements to the federal Property Reasonably priced Refinance System (HARP), Springboard Nonprofit Consumer Credit Management, Inc. (Springboard) is advising home owners that confidential, 24-hour on-line assistance is available to borrowers wanting to decide if they meet the certain criteria to refinance their underwater home mortgage at todays low prices. Springboards Mortgage Assistance Advisor(SM) is accessible by means of HomeOwnership.org, the agencys web portal that gives shoppers with the most current info on homeowner help programs, which includes refinance and loan modification choices. HomeOwnership.org is a trusted resource for customers nationwide. The Mortgage Assistance Advisor(SM) is a virtual tool that may possibly be accessed 24-hours a day, 7 days a week. This service is provided by Springboard a HUD authorized housing counseling agency that has been assisting men and women because 1974. Springboard has helped virtually 250,000 property owners considering that the monetary crisis started in 2007.

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We know that distressed home owners frequently dont know exactly where to turn for the most recent information on mortgage payment relief, mentioned Aaron Horvath, president of HomeOwnership.org, a division of Springboard. The Mortgage Assistance Advisor is an simple-to-use online service that will guide property owners to attainable choices and solutions for them, said Horvath.

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First, either the Federal National Mortgage Association (Fannie Mae) or the Federal House Loan Mortgage Corporation (Freddie Mac) must own the loan. Eligible homeowners can refinance at todays low rates, even if they are severely underwater. The revitalized system attributes some current enhancements designed to revive the plan and aid underwater mortgage owners take benefit of todays low mortgage prices to reduced their monthly payments.

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New plan enhancements address several other important aspects of HARP including:

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The plan previously only permitted the residence to be underwater by 125 percent loan-to-value. That loan-to-value cap has been lifted enabling much more home owners to be eligible&#13

You need to be current on mortgage payments in the previous six months. You cant have a lot more than one late payment in the past year. Previously, the program didnt enable any lates in the previous year&#13

Eliminating particular danger-primarily based charges for borrowers who refinance eligible mortgages into shorter-term mortgages and lowering charges for other borrowers&#13

Eliminates the want for new house appraisals exactly where there is a reliable automated valuation model estimate offered Fannie Mae and Freddie Mac and&#13

Extends the date for HARP until Dec. 31, 2013 for loans initially sold to Freddie Mae and Freddie Mac on or prior to Might 31, 2009.

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Home owners are encouraged to pay a visit to http://www.HomeOwnership.org to uncover out the most current info on home preservation and foreclosure prevention, including recent enhancements to the HARP program. The Mortgage Help Advisor(SM) is easy to use. As soon as the homeowner completes a short questionnaire, the Mortgage Help Advisor(SM) will give a list of possible plan options. The homeowner will also have the alternative of speaking directly with a Springboard monetary counselor who will answer any question related to distinct mortgage relief programs. The counselor will be capable to use the information from HomeOwnership.org to navigate and discuss the different alternatives offered to the homeowner. If require be, the counselor will engage in a conference call with the homeowner and the mortgage servicer to begin the function-out procedure.

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Right here is how it works:

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Step 1: Go to http://www.HomeOwnership.org and click Mortgage Help Advisor(SM)&#13

Step 2: Answer simple questionnaire&#13

Step 3: Mortgage Help Advisor (SM) gives list of possible system solutions&#13

Step four: Complete on the web Mortgage Help Profile&#13

Step five: Speak with a certified mortgage counselor

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There is no charge to speak with a counselor or to access the on the web Mortgage Assistance Advisor, stated Horvath. This is an enhanced level of service and help that have been pleased to offer home owners.

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If you not only have an underwater mortgage but also have missed payments, you may possibly qualify for HAMP, the federal Home Inexpensive Modification Program available through mortgage lenders.

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Springboard encourages troubled property owners who have missed any mortgage payments or are about to, to function with a HUD-authorized housing counseling agency. Springboards economic counselors are available to assist property owners assess their situations, recognize options and aid prepare them to perform with their mortgage firm.

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About Springboard Nonprofit Consumer Credit Management&#13

SPRINGBOARD

A lot of Commercial True Estate Loans Now Coming Due Are Unable To Be Refinanced As Result of Declining Home Values

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(PRWEB) May 10, 2012

Declining commercial true estate home values have substantially reduced borrowers abilities to refinance their maturing loans, stated Kevin M. Levine, Executive Vice President, Peak Asset Options (http://www.peakassetsolutions.com). Several of those properties have been acquired through lender financing in the mid-2000s, at the height of the genuine estate boom, he stated. But now these loans with shorter-term maturities, due in five to seven years, are increasingly defaulting due to the refinancing barriers resulting from decreased home values. In several cases, the properties securing the loans are worth considerably much less than the loan balances.

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Levine explained that a borrower might have remained present in generating the loan payments. But if the loan has matured, the lender can’t renew or extend that loan without having creating a difficulty asset reserve against the portion of the debt that is now basically unsecured. This becomes a direct hit to the lenders earnings in the period in which the reserve is produced. And that identical worth decline prevents the borrower from refinancing the property elsewhere.

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Levine added that, Given the selection of renewing or extending the loan although producing the huge difficulty asset reserve, versus foreclosing, several lenders will elect to get in touch with the loan and foreclose. Then they are at least capable to achieve control of the house and take such actions as they deem ideal to begin to restore the worth.

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Levine pointed out that the borrower has a quantity of alternatives obtainable to it in such a predicament. The borrower can attempt to negotiate a brief sale of the house, he mentioned. But the lender will have to approve the sale price tag and, if there is a full recourse guarantor, settle the guaranty obligation as effectively. One more option that we usually advise is that we find a third party to purchase the loan at a substantial discount from the original lender. That third party then negotiates a reduced payment program with the borrower. Levine added that, if the borrower and lender cannot agree on a resolution, the foreclosure generally proceeds with the end result that the borrower loses the house.

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Brief sales and foreclosures negatively have an effect on the borrowers credit. And there can be federal and state tax liabilities for the borrower in addition to losing the property, Levine concluded.

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Peak Asset Options offers commercial loan modification and quick sale solutions in California and throughout the country. The companys personnel bring comprehensive commercial real estate experience to every assignment, which includes market analysis, valuation, legal, and negotiation expertise. Every borrowers unique lending predicament is totally-analyzed, and the borrower is assisted in preparing present operating reports and projections. Then, Peak Asset Solutions drafts and submits to the lender a loan modification proposal. That proposal could consist of a principal reduction, interest price reduction, and waiver of penalty charges. In these instances where a loan modification will not work to the mutual benefit of the borrower and lender, we will attempt to broker a short sale of the industrial true estate at a substantial discount from the loan balance, or will seek to negotiate a sale of the note to a third-party.

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Peak Asset Options is a single of the entities in the Peak Corporate Network headquartered in Woodland Hills, California. In addition to commercial loan modifications, the Peak Corporate Network entities provide mortgage lending, loan servicing, residential short sale, 1031 exchange, escrow solutions, trustee work, foreclosure services, and true estate brokerage solutions. For more info, visit http://www.peakcorp.com.

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The Peak Corporate Network is a brand that represents a group of separate legal entities, every single supplying its special set of genuine estate solutions.

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FHA Mortgage Alterations Coming April 1st, 2013

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Scottsdale, AZ (PRWEB) March 07, 2013

Beginning April 1, 2013, FHA (Federal Housing Administration) will adjust their MIP (mortgage insurance coverage premiums) on loans. How this will influence you? If you plan acquiring a residence utilizing FHA as opposed to a standard loan it will expense you a lot more income.

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By law, FHA is necessary to keep a 2% reserve on its Mutual Mortgage Insurance coverage fund (MMI). Simply because of the undesirable loans offered in the early 2000’s, FHA had a drop in its MMI to 1.44%. In an work to rebuild to it’s original two%, FHA has made the move to boost its annual mortgage insurance premiums on most FHA backed mortgage loans. This equals out to you (the borrower) as an improve of ten points annually, or .10 percentage points. The increase applies to all loan terms beneath FHA, like 15 and 30 year fixed price mortgages, which are the two most well-known.

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The FHA also announced that it is reversing its policy which makes it possible for FHA-backed property owners to cancel mortgage insurance premiums once the outstanding principal balance of an FHA loan reaches 78% of the original balance. Beginning 4/1/13, you may possibly no longer take away the MIP throughout the life of the loan if the beginning loan balance is higher than 90% of its appraised value. This will stay true for purchases and refinances that fall in this category. If the loan balance is 90% or reduce of its appraised value then the MIP need to be paid for 11 years (this change requires effect June three, 2013).

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FHA mortgages typically cater to first time buyers who only have the minimum of 3.five% to put down or buyers with less than stellar credit. In an effort to decrease their exposure to these often riskier loans, FHA has decided to increase their premiums by .1% on most loans they insure. For the typical priced house of $ 250,000, this is about a $ 20 increase per month.

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Individuals looking to get a house with FHA financing should do so prior to the April 1st change. As long as a property address men and women will not be impacted.. There is a modest window left for borrowers with much less than 20% down to capture the current FHA guidelines!

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Consumer Finance Expert Dean Wegner is a leader in housing with more than 18 years of expertise. Dean is Vice President of residential lending for Guaranteed Price Mortgage in Scottsdale, AZ. Dean is a member of over 25 financial organizations and a Certified Consumer Credit Counselor. He has spoken to the media about housing over 1,000 times, which includes cover stories in The USA These days and appearing on CNBC’s “On The Income”. Women’s Entertainment Network (WeTV) functions Dean as the Monetary Guru in their hit reality show “Downsized.” Dean is also an achieved author and his current release “Life Right after Foreclosure” is available in book retailers nationwide. Dean owns a Real Estate College and wrote the 255-page guidebook,” How to Pass the Arizona Real Estate Sales Exam”. He also shares his knowledge as a business coach for four years with The CORE Education, Inc. His community involvement consists of being a Rotarian, a Board Member of Massive Brother Massive Sisters of Arizona and a founding member of Uncle Skate Charity. Dean lives in Arizona and enjoys spending time with his three great daughters.

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