How Does Bankruptcy Affect Your Home Loan Modification

If you do your research, refinancing your home mortgage can save you thousands in interest, but it can lose you the same if you don't do it right. Check if you know someone who can recommend a lender to refinance with, or take time to see a variety of different ones and make your own informed decision.

Even a little extra money paid in the beginning pays huge dividends in the long run; because the huge interest charges early in the loan really cause whirlpools in the bottom line! Most home buyers aren't aware that they can easily lower their interest cost, and apply a lot more to the principal instead. Far too many home buyers fail to make the simple corrections! Although once we see the significance of paying down the principal, and follow our proven method, they get on track to pay off their mortgage loan for dummies very early; often in as little as 8 1/2 years.

"Looking to short pay a second I have with BOA, I'm underwater (what a shock) and want to short payoff my second and am looking g for help. Already 120 days behind only on 2nd" Dan M.

MIP is a fee of almost a little over 3.50% (if FHA). MIP is to protect the bank's interest also. It cannot be waived BUT, if you sell within the first 5 years - ask to be reimburse (at least a portion). There is no way of getting it waived even if a person claims disability. It is for the life of the loan. Because of the foreclosures, the FHA also added 2% additional to MIP insurance -which is good for 7 years or 1% for the life of the loan. So you will actually see a decrease after 7 years. If the property is sold within the first 7 years, the MIP is prorated and seller can ask for the reimbursement of a portion. 2% within the first 5-7 years and the rest for the life of the loan.

"We have in the past looked beyond a credit score at someone's full credit history and we will continue to do that," said Tom Kelly, a spokesman for Chase. Don't believe that for one minute. You are a number to any bank not a person.

When we receive a loan request or evaluate an investment opportunity, we're often provided with a property appraisal. We almost always re-appraise the property ourselves, or order an appraisal from an appraiser that we trust. As part of our review of appraisals, we use our value research. It's unsettling to realize that most appraisers are generally unaware of this type of research and analysis in evaluating property.

There are three things the banks are looking for in a successful hardship letter, and the better you can express why you need the loan workout and what makes you a good candidate to receive a modification, the more likely you are to get the modification.

If your loan is owned by Freddie Mac, you may not be required to prove income. NOTE: If your loan is owned by Freddie, you will have to do your refinance through your current loan servicer. mortgage service center phone number. However, Fannie loans can be done by any lender offering this program.

Here's more information regarding home equity loan (mortgage-madness.angelfire.com) look at http://mortgage-madness.angelfire.com/