Foreclosure Hope

Cash For Keys

2009-09-12T12:21:00.000-07:00

Many Homeowners have suffered through a foreclosure. Many more Homeowners will no doubt join that group. Out of this population many Homeowners are eligible for a great program called cash for keys.

Cash for keys is a program that awards the Homeowner or renter a cash sum with the understanding that they will move by a specific date after the foreclosure sale of their home or residence.

Cash for keys is designed for both homeowners and renters facing foreclosure and who have to move due to a foreclosure.

The Cash For Keys programs available for those facing foreclosure are all through the lender. Often Homeowners may be offered the cash for keys program by a realtor or another third party. Though in the past the Homeowner will receive the most money from the lender directly. Often the third party will take a cut.

Homeowners who have received money through a Homeowner assistance program such as cash for keys have reported amounts of money received anywhere from just a few hundred dollars or as much as 6000 - 7000 dollars.

If you are a Homeowner or renter who has lost or will lose their home through foreclosure you may want to contact your lender and ask about a cash for keys program or any program that offers financial aid as recognition of the incurred hardship and future moving expenses caused by the expected foreclosure.

Dictionary for Home Mortgage Terms: Why Should You Use It?

2009-08-20T23:45:00.000-07:00

Mortgage Knowledge is Homeowner Power

Buying a home through securing a mortgage loan might appear to be a difficult task, particularly when you come across so many types of mortgage loans. By understanding mortgage terminology you will avoid the costly mistakes that so many Homeowners have made and who now find themselves in need of some serious financial help and mortgage assistance. But by educating yourself with just the basics you will empower yourself with the ability to find the most suitable loan option that fits the needs of your unique situation.

To understand home mortgage terms, you should always refer to a dictionary for home mortgage terms, real estate dictionary, mortgage dictionary or financial terms dictionary. A number of them are available online.

Some Important Home Mortgage Terms That You Would Find in a Dictionary for Home Mortgage Terms

Mortgage: A mortgage is a loan secured by a real estate property. In other words a mortgage or Home Loan is a claim or lien against real property provided by the property buyer to the lender as guarantee for the loan taken.

Fixed Rate Mortgage: This is a form of mortgage where the interest rate remains constant for the entire life or term of the mortgage (the repayment term).

Mortgagor and Mortgagee:

The borrower is termed as the mortgagor
The lender is known as the mortgagee.

Mortgage Term: The mortgage terms or repayment terms is the number of years or months during which you would pay off your loan at a certain rate of interest. Terms typically vary from 15 to 30 years.

Adjustable Rate Mortgage: This is a type of mortgage where the interest rate does not remain constant and is attached to an index. The rate of this mortgage is modified from time to time according to the upward or downward movement of the index. These ARM mortgages can be switched to fixed rate mortgages.

Amortization: A diminution of a debt through regular payments comprising interest and a portion of principal.

Annual Percentage Rate: This is the true cost of borrowing a mortgage loan, expressed as a yearly rate.

Closing Costs: These are costs that have to be paid along with the purchase price during selling of real estate. Closing costs can consist of title insurance fees, document preparation fees, escrow fees, notary fees, credit report fees and appraisal fees.

Foreclosure: This is a process where the mortgaged property or home is sold due to the borrowers nonpayment, also known as mortgage default, the proceeds are then used to fulfill the mortgage debt obligation. In the world of real estate foreclosure is the repossession process .

Valuable Resource for Homeowners...

I have found a helpful Homeowner resource available on the web that has a wonderful mortgage terminology dictionary available. I have left the link below for those who would like to check it out.

URL: http://www.mortgagefit.com/terminology/

Debt Help and Assistance

2009-07-14T19:49:00.000-07:00

As consumers of debt America may have bit off more then they can chew. We have financed and continue to finance everything from big purchases such as cars, homes, and education, to medium sized purchases such as vacations, computers and televisions, all the way down to the small everyday purchases such as the morning coffee and newspapers, or that evenings dinner. No matter what we seem to buy wee want to finance it.

These sort of borrowing habits seem to finally be catching up with us. The level of credit card account defaults and bankruptcies are rising steadily and have already passed the record numbers of our past. The same can be said about foreclosures and mortgage defaults. The American consumer and the American Homeowner is in desperate need of debt help and debt assistance.

Debt Solutions:

Debt Settlement- Debt settlement is a great way to get rid of unsecured debt that has accumulated from credit cards and or other high interest unsecured debt that one may have.
Debt Management- Debt management technically refers to the act of monitoring ones levels and cost of debt. Today the term debt management is commonly used to describe the process of reworking the way one manages their debt and usually involves a plan of getting rid of debt as well as lowering the cost of debt.
Debt Resolution- debt resolution is similar to debt settlement except for that debt resolution generally takes about 14-18 months as opposed to about 24-48 months in a debt settlement program. Also debt resolution is done by attorneys as opposed to the debt settlement programs which are usually done by debt settlement specialist that are not attorneys. Though some debt settlement work is done by attorneys.
Bankruptcy- This is a legal action that allows a borrower to restructure debt.

You can find more information about debt solutions and mortgage solutions including information and tools that help homeowners stop foreclosure, all this and more can be found @ HopeNHousing.Org

New Foreclosure Hope: Obama Expands Reach and Hope of Mortgage Assistance Program

2009-07-10T15:39:00.000-07:00

Obama Has expanded the reach of the Making Home Affordable Mortgage Refinance Plan. These Modifications boost Foreclosure Hope for the American Homeowner who has endured a financial hardship and must find a way to stop foreclosure or obtain a mortgage workout.

Obama has modified his Homeowner Help and Assistance Program known as the Making Home Affordable Plan, which is composed of two parts both a Loan Modification and Mortgage Refinance Program that was created to help American Homeowners Make Home Affordable.

The Modifications set in place as of July 1st will expand the reach of eligible Homeowners for the Mortgage Refinance side of the Making Home Affordable Plan.

Before the New Obama Changes to the Mortgage Refinance qualification Terms

Homeowners had to meet several qualifying terms but the significant one regarding this article was the Loan to Value ratio or rather percentage.
Homeowners were only allowed to have a loan to value percentage of 105% or lower. Homeowners with a 106% loan to value ratio were out of luck.

After The Obama Adjustments to the Make Home Affordable Mortgage Refinance Program

Homeowners with a Loan To value Ratio of 125% or lower are now eligible for the Mortgage Refinance portion of the Making Home Affordable Plan.
No Other terms of the Mortgage Refinance Portion of the plan were modified
The Mortgage Lenders still have the final approval so The question now becomes how willing will the lenders be to work with those kind of Homeowner numbers in such a harsh economy.
None of the Loan Modification terms in the Making Home Affordable Plan were modified in any way.

Make Home Affordable: Loan Modification

2009-06-20T13:09:00.000-07:00

The Obama administration has created a foreclosure prevention plan rthat is designed around to main mortgage workout solutions that allow Homeowners to stop foreclosure and make home affordable.

These two mortgage workouts are loan modification and mortgage refinance.
Both the loan modification and mortgage refinance agreements and program terms allow homeowners to lower monthly payments if they meet some basic qualifications and their lender is willing to work with them.

This post will be focused on the loan modification side of the Making Home Affordable Program.

Making Home Affordable Loan Modification Program Qualifications:

The property must be the Homeowners primary residence.
The homeowner must have a current mortgage payment that is 32% or more of their monthly income.
The Homeowner must have incurred some sort of unavoidable financial hardship.
The Homeowner must have a home value of 730,000.00 or less
The Lender must agree to participate in the Making Home Affordable Loan Modification Plan.

The Make Home Affordable Loan Modification Plan has helped many Homeowners has done far better the it's peers such as the FHA insured plan known as the Hope For Homeowners Mortgage Refinance Plan.

You can learn more about the Making Home Affordable Loan Modification and Mortgage Refinance Programs through the Government Websites @ http://www.makinghomeaffordable.gov

Learn how to use this site and read a review of MakeHomeAffordable.Gov

Making Home Affordable: Obtaining a Mortgage Refinance

2009-06-03T12:51:00.000-07:00

The Obama Administration has created a mortgage refinance program outlined in the foreclosure prevention plan known as the Making Home Affordable Plan. The making Home Affordable Plan Has a loan modification side as well as the mortgage refinance side mentioned above. This article will focus on the mortgage refinance portion of the Making Home Affordable Plan

Making Home Affordable Mortgage Refinance

What is Mortgage Refinance:

Mortgage Refinance is the act of replacing a debt or loan that is secured by a home with another secured loan.
Generally a mortgage refinance is done for one of two reasons: 1) The Homeowner need or wants to obtain capital and chooses to put up the equity of the Home as collateral. This is often done to consolidate credit card bills or to make improvements on the home. 2) The Homeowner wants to save money and existing mortgage rates are lower then the current rates outlined in the mortgage agreement.

Making Home Affordable Mortgage Refinance:

The Making Home Affordable Mortgage refinance program is for Freddie and Fannie mortgage only.
The current mortgage must be less then thirty days late.
The mortgage value or balance of the mortgage must be equal or less then the worth or value of the home.
The Homeowner must be under the consequences or near future consequences of an unavoidable hardship.
The lender must agree to the mortgage refinance.
The new monthly payment target for the Homeowner seeking the mortgage refinance is targeted at about 31% of the Homeowners take home income. This figure can be as high as 38%
1-4 unit property

If you are a homeowner who meets these current qualifying aspects of the Making Home Affordable Loan Modification then you may be able to benefit from this foreclosure prevention program.

Make Home Affordable: Loan Modification

2009-05-20T17:34:00.000-07:00

The Obama Administration has answered the long ignored cries of the collective American Homeowner. Obama's answer was a well thought, planned, and is already a success. The plan that has inspired a new sense of hope among Homeowners is known as the Make Home Affordable Plan.

The Make Home Affordable Plan is a two part plan. There is both a loan modification program as well as a mortgage refinance program. Both have done exceptionaly well. This post wil focus on the loan modification portion of the Make Home Afordable Plan.

What is Loan Modification?

Loan Modification:

The restructuring or modification of the terms of a loan agreement.
Loss mitigation tool utilized by both Homeowners and mortgage lenders
The most popular mortgage workout or foreclosure alternative among Homeowners when a refinance option is simply unavailable is a loan modification.
Loan Modification will Stop Foreclosure

Who qualifies for the Make Home Affordable Loan Modification?

The Make Home Affordable Loan Modification Program is designed for Homeowners who are strugling to pay their mortgage due to some sort of Hardship. Investors or speculaitors are not the target beneficiaries of the Make Home Affordable Program. There are other requirements as well that Homeowners must meet to qualify.

Qualifications for the Make Home Affordable Loan Modification Program

Must be the Homeowners primariy residence
Must have purchased the home prior to 2009
Home value must be under 730,000
Must have encountered Hardship leading to the inability to make the monthly mortgage payment
Current Mortgage payment should currently be above 38% of take home income.

If a Homeowner meets this general criteria they are not home free just yet. Remeber that the Make Home Affordable Plan is a voulantary program so the final decision is ultimately up to the lender or mortgage servicer.

Make sure to check back next week for the post on the mortgage refinance portion of the Make Home Affordable Program. If you simply can not wait check out one of the web resources below.

Make Home Affordable: The Obama Plan

2009-05-18T11:53:00.000-07:00

The Obama Administration has demonstrated there dedication and seriousness of such to the Homeowner Help Initiative they have promised to the American Homeowner. They have done this through the Make Home Affordable Plan.

The Make Home Affordable Plan was created by the Obama Administration to help Homeowners stop foreclosure and avoid further mortgage trouble. The Make Home Affordable plan comes in two parts. There is a loan modification program as well as a refinance program that are both a part of the Make Home Affordable Program.

Thus far both the refinance and loan modification have done well and have made the Make Home Affordable plan a success. Ten million Homeowners may very well find help through the Make Home Affordable Program by the end of the year.

http://www.ibeatdebt.net

2009-05-11T13:38:00.001-07:00

New Hope for America

2009-05-11T13:22:00.000-07:00

There seems to be a buzz building in the American economy. There is certainly a buzz building on wall-street as stocks have soared over the past five or six weeks.

The American Homeowner and the American consumer seem to be back in control of their financial live or at least it seems that way at the moment. Though just as hopes are rising in regards to a financial recovery so to our the worries that the American appetite for risk and the entire worlds appetite for risk for that matter may bigger then their stomachs.

We will see as only time can appropriate today's correct moves as far as investing goes.

Homeowners have reported a surge in debt help and mortgage modification assistance available to them. Perhaps this takes in pert some of the credit in laying the foundation in the recent surge in consumer spending and gdp out put.

China is a major player in Government Stimulus handouts and other bailout actions by governments around the world. Here in America loan modification and other Government programs such as the two part Obama plan known as the Make Home Affordable Plan that has hit the ground running thanks to the cash incentives given to the major banks such as Bank Of America and Citi. Homeowners are able to refinance and obtain loan modifications with ease if they obtain the right help.

Loan Modification will Stop Foreclosure

Obama's Plan: Creating Foreclosure Hope by Making home Affordable

2009-05-08T17:33:00.000-07:00

Obama is creating foreclosure hope.

The Obama Administration has created a plan that has given new hope to the American Homeowner. This plan is known as the Make Home Affordable plan.

The Make Home Affordable plan comes in two parts. One part aids Homeowners by assisting in the efforts and eligibility of mortgage refinancing. The second part of the Make Home Affordable plan assists homeowners obtain loan modification for those homeowners unable to afford the current monthly mortgage payment.

We will have more specific details and a progress report concerning the Make Home Affordable plan soon, so be sure to check for updates.

Debt Hope For The American Homeowner

2009-05-08T16:42:00.000-07:00

The American Homeowner has currently been going through some serious mortgage problems. But the disturbing truth is that Homeowners and other American Consumers may have bigger problems indeed for the long term. These problems come from unsecured debt like credit card debt.

The servicers of credit card debt and other high interest loans for unsecured debt are reporting payment default levels that are literally settuing records. We are seeing default levels like never before.

Many consumers are turning to debt settlement companies and other debt help firms. We ask all consumers to becareful when pursuing debt help. there are many traps out there and all consumers should be careful.

If you have not really searched for help but our curious to see what is offered then hit the link provided below for a random list of debt help providers.

http://www.ibeatdebt.net

If you are searching for debt help such as debt consolidation or total debt relief try the Hope 'N Housing Organization and see what they have available. They also have some good information available free on topics such as

Debt Settlement
Debt Consolidation
Debt Relief
Debt help
Mortgage Information
Loan Modification
and more...

Hope 'n Housing Org is primarily known as a nonprofit organization that has done some excellent work wit mortgage workout assistance such as help with loan modification.

Foreclosure Hope and Debt Help can be found at the link below...

http://www.hopenhousing.org

Hope For Homeowners

2009-05-04T10:43:00.000-07:00

In October of 2008 the President Busch administration kicked off the FHA insured mortgage refinance and loan modification program that was suppose to help 400,000 Homeowners Nationwide. The program came on with high hopes from the American people and especially those who were Homeowners trying to pay their mortgage but consistently falling behind just the same.

Though hope was high performance of the Hope for Homeowners act of 2008 was lame at best. Right out of the gate came a whirlwind of a whole lot of nothing. What was the problem?

Well simply stated the program just was not feasible or attractive to lenders and though Homeowners were for the most part more then willing they may have not been once they figured out the down side of the massive equity share that was mandatory for the Homeowner if they were to take advantage of the refinance program.

But so rarely was the lender willing and the Homeowner qualified that it really was not even given the chance to be an obstacle.

The loan modification program known as the Hope for homeowners act of 2008 will surely go down in the history books as being one of the biggest waists of timeof both the media's and of congresses time.

Hopefully the Make home Affordable Loan Modification and refinance plan of the Obama administration will prove to be more effective.

Only time will tell. Hopefully foreclosure hope for all will prevail

2009-05-02T04:06:00.001-07:00

Stop Foreclosure

2009-04-11T16:49:00.000-07:00

Millions of American Homeowners have been wrestleing with the daunting task of having to find a way to stop foreclosure.

How can a Homeowner stop foreclosure?

There are a number of ways to stop foreclosure. Though there are vonly two primary results. A Homeowner must first decide which result is the objective of their efforts going to target.

The Two Results....

Keep the Home
Move out and Give up the Home.

If a Homeowner no longer wants the home several options are available...

Short Sale
Sell
Deed in lieu of Foreclosure
Foreclosure

If a Homeowner wants to keep their home there are even more options. Today there is a dominaiting three foreclosure alternatives that allows the Homeowner to stop foreclosure and keep their home.

Three options...

Repayment Plan
Forebarence Agreement

Both of these options stop foreclosure by reinstating the original loan or mortgage agreement

3. Loan Modification

By far the mosrt popular foreclosure alternative is loan modification. Homeowners tend to favor a loan modification over other forms of foreclosure workout agreements because a loan modification allows the Homeowner the chance to obtain a reduced mortgage payment or even sometimes a principle reduction there by greatly reducing the cost of the mortgage.

Foreclosure Help and Hope

2009-04-11T11:56:00.000-07:00

Foreclosure Hope

Foreclosure Help and Hope seems to be entering it's way into the homes of American Homeowners. Through loan modification and other forms of foreclosure and mortgage workout agreements it seems as if Homeowners and lenders are finding some middle ground and the Obama Home affordability plan seems to be off to a great start

The housing market seems to be showing some signs of life. Wall Street has even gave way to quit a substantial rally. Could it be that this economy is starting to show signs of life and health?

Only time will tell. The American people still have a uphill battle with the overwhelming title wave of foreclosures and credit card debt. American Homeowners arestill struggling to pay their mortgage and not every one is escaping foreclosure with a loan modification and many of those who do obtain a mortgage modification end up defaulting which lands them right back in foreclosure.

Loan Modification

2009-04-10T12:08:00.000-07:00

Foreclosure Hope

Loan Modification:

A loan modification is a loss mitigation tool used by lenders to salvage nonperforming mortgage agreements by adjusting one or more of the terms in the mortgage agreement in a way that wil increase the likliness that the mortgage will be paid.

Homeowners who need to stop foreclosure or who are having mortgage trouble will often ask their lender for a loan modification. Homeowners have found that loan modification is a way to stop foreclosure and also a way to lower monthly mortgage payments or even the mortgage principle. This is why loan modification has become the most popular foreclosure alternative amongst American Homeowners.

Foreclosure Hope

2009-04-07T07:36:00.000-07:00

Foreclosure Hope...

This Blog titled Foreclosure Hope is a tribute and resource to Homeowners every where that may be suffering from the pains of foreclosure. This current plague of foreclosure that has swept the American nation and it's people in particularly it's Homeowners off their feet, and not in a good way. This plague of foreclosure has been utterly devastating to say the least. We hope to ease the pain if only a bit. This Homeowner resource meant to serve as foreclosure hope for American homeowners who need it the most.

We will provide foreclosure help in the form of information that can aid Homeowners who need to stop foreclosure. Tools and resources that will help Homeowners who wish to obtain a loan modification or other forms of foreclosure prevention options will be explained and highlighted.

Loan Modification will Stop Foreclosure