Mortgage Guide

Atlas asked:


I am buying a home and am comparison shopping among different mortgage lenders. The usual big names like Countrywide, Bank of America, Citibank etc have higher rates than the lesser known/unheard of places. How can you know which ones are reputable and which ones to stay away from? Specifically wondering about Liberty, Alpine, Quicken, Priceline etc. Is it important to go with a local, “known” lender or non-local lesser known ones?

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Loan Modification Help Center asked:


Using a California loan modification attorney can be a huge benefit.  A California loan modification attorney can help you get a loan modification quicker and can help you get a loan modification that suits you better.  California loan modification attorneys have the experience and knowledge to work with lenders and negotiate a better deal for the borrower.  A homeowner might be a bit more desperate to make a deal, something the lender or bank might take advantage of.  However, if a loan modification attorney is negotiating new terms for a loan, the lender will be in a much different position.  In fact, a loan modification attorney can use previous experiences with that lender as leverage, or even use past successful deals to get the lender to agree to more favorable terms.  All of this could add up to a great mortgage loan modification as well as thousands of dollars in savings per year.

Here are some other advantages to using a California loan modification attorney:

A loan modification attorney will take a systematic approach – A seasoned loan modification attorney will most likely have helped hundreds, if not thousands, of people stay in their homes through loan modifications.  They will have developed a method for processing paperwork, getting the information to the lender, getting messages from the lender and then processing the new loan modification.  This kind of order is important when you are dealing with a process that is incredibly detailed and incredibly important.

A California loan modification attorney has a team in place – Rather than dealing with the situation all by yourself, or with a spouse who knows as much as you do, a loan modification attorney will most likely have other attorneys or a loan modification company behind him or her, making the process smooth and easy.  These experienced people can take a huge burden off of you, and can attack the problem from different angles.  Rather than dealing with one person, your lender will now be dealing with a number of knowledgeable people who can answer questions quickly, call the lender more often and put you on the best footing possible for a loan modification.

A California loan modification attorney will have an objective view of the situation – You are obviously tied to your house, so you may not have the best view of the situation.  This is important, because it means while negotiating with the lender, they won’t jump at the first offer from the lender.  They can wait, take their time and guide you through the process successfully.  A loan modification attorney can be the calm individual in your life, not affected by the financial storms going on all around you.

Creditors respond better when they hear the word “attorney” – Just like the rest of us, creditors fear the law.  If they know an attorney is negotiating with them, they will react quicker, be more willing to listen to deals and may even make much better offers.  All of this will benefit you in the end.



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Chochi asked:


I’m currently on a repayment plan on a rental property for the 1st mortgage. The 2nd has been charged off by EMC mortgage and sent to an outsourced collection company called LCS. Does anyone have any experience on how to deal with LCS and what rights I have to settle this 2nd mortgage. Can they freeze my assets? Will they seek a Judgment?

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Marie-Claire Smith asked:


Nothing can quite keep a person awake at night than when worrying about where the next mortgage payment is going to come from. This is even more true if you are more than a couple of payments behind in your mortgage. In fact, being behind in your home loan payments can be downright scary.

If you are behind in payments, mortgage help is where you find it. Here’s where to look:

1. Consider a short-term, unsecured loan to tide you over:

A way to buy yourself that mental freedom you need to really tackle your problem (and so that you can sleep at night) is a short-term, unsecured loan. An unsecured loan is just what it sounds like: a loan that does not require your putting up any collateral to the lender. This type of loan can be great way to buy yourself the time you need to get yourself back on track.

2. Invest in the help of a financial planner:

These days, even financial planners are needing more work. This is a great time to leverage their knowledge and know-how about how to get your financial life back on track. Interview a couple of financial planners, then negotiate for a low rate. Or, better yet, find ways to trade them their knowledge and time for something of value you can provide them.

3. Cut costs by exchanging your labor or expertise for in-kind labor from someone else:

In fact, this type of in-kind labor exchange can and should extend beyond your financial planner. The reality is that most people and businesses you know about probably value your skills and would be willing to pay for them. It’s not unusual these days for people to barter their services and goods. And, it’s a great way to save money, so don’t be shy about asking.

4. Call your mortgage company to see how they can work with you:

At this point, you may be more than a bit afraid to even talk to your mortgage company. But, remember, with the state of the economy the way it is, they no doubt are hurting, too. That’s right: your lender may be more than willing to negotiate a better rate with you. Why not give it a try? Remember, they don’t want you to default on your loan any more than you do.

5. Work on raising your credit score to qualify for lower interest loans:

Finally, focus on raising your credit score. This is a great way to qualify for lower interest rates. In fact, in may be the only way, especially if your credit score has suffered due to being behind in payments. It’s a vicious cycle that you can escape from by just following the right steps.

The reality is that you are not powerless in terms of your situation. In fact, you can do something right now to improve your financial situation and start paying your mortgage payments again. The important thing is to get out of despair mode and move into action. By empowering yourself in this way, you will gain the right mental attitude to make a difference.



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sherie asked:


My partner and I are first time home buyers. We have saved almost 20% of the property and both have secure well paying jobs. Unfortunately we do not know much about mortgages and want to get the best deal possible. Should we see more than on broker? Should we get our own mortgage quotes as well? Do we have to pay trailing commissions?

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Andrew Black Mortgages asked:


There are lots of things to consider when switching your mortgage from one company to another. Usually people switch their mortgages in order to get a better interest rate, so money is typically of utmost importance in these situations. For this reason, ensure that you are reading all of the fine print regarding the fees associated with the mortgages. Check to see if an appraisal of your home is required before the new company will consider offering you a mortgage. If this is necessary, ensure that you find out whether you or the bank will be responsible for the cost of this appraisal. If the bank says that they will cover the cost of the appraisal ensure that you ask if this will still be the case if you decide not to switch your mortgage to them.

Closing costs are another fee to make sure that you look for and ask about when switching your mortgage. Make sure that you ask if there will be closing costs associated with switching your mortgage, and if so, make sure that you find out how much the closing costs will be. Do not settle for estimates in these cases because the bank can always change the figure of an estimate and you can end up paying much more than you had ever anticipated. Ensure that all fees that are associated with switching your mortgage to the new company are in writing and on company letterhead to avoid a, “He said, she said,” debate when it comes time to switch the mortgage.

Before completing the process of switching your mortgage ensure that you have carefully read the loan paperwork and fully understand the interest rates. If you do not fully understand the interest rates and payment schedule ask for a copy of the paperwork to review at your leisure at home and seek advice and guidance. Never ever sign something that you do not fully understand. Switching your mortgage to another company can save you a lot of your hard-earned money, but make sure that you look well in advance of leaping!

Remortgaging will allow you to search for a lower rate in today’s competitive market. I Debt consolidation via remortgaging is a great option as remortgaging loans are usually lower than debt loans. Equity remortgaging can allow you to take, in certain circumstances, up to 100% of your home value.

That money can be used for home improvements or even to have extra funds for any need that you have. Make sure that your new lender explains to you the benefits of the remortgage deal that you choose. Remortgaging will allow you to save on your interest rate so that your monthly payments are lower. You should also ask how long your new rate would be in effect, and what your new monthly payments will be. It is a fairly quick process, and you can be usually be remortgaged within a week or less in some instances.

Mortgage Comparison Site The Mortgage Finders helps people get mortgage quotes and mortgage advice that is right for them. If you are considering a re-mortgage or changing your mortgage provider completely then The Mortgage Finders can help you find the best mortgage quote.

Simply visit http://www.the-mortgage-finders.co.uk complete the simple 3 step form and a fully qualified FSA approved Mortgage broker will contact you with the options available to you.

The Mortgage Finders is a UK based Mortgage Comparison and Mortgage Broker website - visit http://www.the-mortgage-finders.co.uk for more information



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Loan Modification Help Center asked:


Loan modification attorneys throughout California are helping people stay in their homes by working on their behalf to negotiate with lenders and get a top flight loan modification for their clients.  A qualified California loan modification attorney can get the best interest rate and the best terms for their clients’ loan modification, helping homeowners to stay in their homes and avoid foreclosure proceedings.

Recently, the federal government has gotten involved in the loan modification industry, hoping to keep as many Americans as possible in their homes.  The Obama Administration came into office in late January, and by February got Congress to pass a number of pieces of legislation promoting loan modifications.  However, their efforts to reduce foreclosures have fallen behind expectations, failing to help as many people as they hoped to.

The federal loan modification program has hit many pitfalls, including the fact that some homeowners are being told they must be behind on their payments to receive help, which runs counter to the goals of the program.  In other cases, the delays are so extensive that borrowers who are current when they begin the process fall behind by the time the process is complete.  There are also issues involving who qualifies under the federal program.  Recently, government agents invited over twenty bank executives to Washington, D.C. to discuss this situation and how to remedy it.  

So far, it is estimated that 200,000 homeowners who were behind on their mortgages took advantage of the federal loan modification program.  The goal is to eventually help three to four million people with loan modifications, but unfortunately they are not on pace to meet that goal.  Some banks, such as Wells Fargo, did not offer loan modifications under the program until June, while others were understaffed to handle the volume of calls and e-mails that they received.  In the meantime, people are suffering pay cuts, spouses losing their jobs, increased interest rates and more.  The federal loan modification program held quite a bit of promise, but it seems the promise has not been able to produce the desired results, or at least the results that everyone was hoping for with the program.  This is in part due to the bureaucracy involved in any government program of this size.

People may now be searching for potential solutions to this challenge.  One obvious solution is to hire a qualified loan modification attorney.  While federal programs have to service millions of people, a loan modification attorney can focus on you, your needs and your house.  A federal program will have dozens of hoops to jump through for every portion of the program, as well as an inefficient way to communicate with you.  Educating the homeowner on how to organize and prepare the loan modification application should involve intensive one on one contact, but a federal agency will not be able to do this.

A California loan modification attorney can sit down with you, explain your options and walk you through the entire loan modification process.



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