In 2008, millions of home owners received a nasty notice of default, the beginning of foreclosure proceedings.. Most did not take the simple actions needed to stop foreclosure and lost it all. It’s expected that another 3 million notices will go out in the next 12 months.

Have you received a notice of default due to a financial hardship? Do you owe more than your house is worth? Are you finding it impossible to afford your hosue payments?

If so, the good note is you may be able stop foreclosure and save your home by filing a mortgage loan modification request.

What is a Mortgage Modification?

A mortgage modification is a restructured agreement between the borrower and lender with new terms, interest and payments. Mortgage modifications are a long-term solution for homeowners who are find themselves on the brink of foreclosure.

Do You Qualify for a Mortgage Loan Modification?

Perhaps you’ve lost a job, got slammed with unexpected medical expenses, or your original adjustable rate loan skyrocketed so you can no longer afford the monthly bill. You’ve made every effort to pay the mortgage and save your home and stop foreclosure, buy you have hit upon hard times and now find yourself bordering on the brink of disaster.

A mortgage loan modification may be exactly what you need!

Every lending institution has their own mortgage modification qualification criteria. Here are the most common:

* The home is your primary residence

* You have experienced financial hardship or a change in economic circumstances

* You’ve missed two or three payments

* You have not initiated bankruptcy proceedings

* You are not purposefully defaulting to get a loan modification

* You are willing to be open, honest, and provide all necessary paperwork

If you have not missed a payment you may still qualify for a loan modification if you can prove you are on the edge of disaster. In other words, due to current circumstances, you will eventually miss payments if you don’t get some type of financial relief.

How to Save Your House Now!

‘Owner financing’ is a term often used in real estate investing. It simply means that a buyer is enabled to make the monthly payments directly to the seller of a house.

the advantage of owner financing for a buyer is that it allows him to purchase the home without applying for a mortgage. Because the loan is profitable for the seller, he can choose to sell the loan to an investor for cash.

When trying to offload this type of loan, there are a lot of factors to consider. An investor wants to know the condition of the home, the situation of the buyers, if the buyer is making their monthly payments etc. They see it as just another note to buy and they want to have a certain kind of security backing it up.

For a seller, owner financing has a couple of upsides. First, you can sell the house for market value or slightly above. Buyers who are attracted to owner financing care more for the fact that they don’t have to qualify for a regular mortgage.

You can sell faster and charge higher interest rates. There are many people that have problems qualifying for a regular mortgage, so you’re sure to get interest when choosing this type of sale. Plus, you can charge more interest so the note gets more attractive to an investor.

The disadvantage is also pretty clear. There is a chance that the buyer stops paying. If so, the home will get into foreclosure with all it’s consequences. This is why you need to choose your buyer carefully. You can get some great monthly cash flow, but it can also fall apart, so choose wisely.

In today’s world our credit score is everything. Creditors and bankers approve or disapprove loans based on your credit worthiness. In some cases it also will determine your credibility to certain employers or landlords.

A good credit rating allows you to be able to apply for loans and/or credit cards easily. It will also mean that you will have more chances of getting certain jobs that may require a background check.

Having bad credit can reduce the opportunities of things. You may get approved for a loan or for a credit card but with a higher interest rate. You are considered a “at risk” customer because the creditors are not sure if you will pay your bills. If you are trying to apply for an apartment complex the landlords may take a look at your credit score to determine if you will be able to pay your rent. Not to mention that most look at the report and will use it to form an opinion about you character.

These are just some of the many reasons as to why having a good credit score is very important in today’s world. However, what do you do if you happen to have a bad credit score? If you have bad credit it is important to address this problem as soon as you can. Here are few ways to do just that.

First, you must stop missing payments and make payments on time to avoid making things worse. So how do you do this? You pay your previous overdue debts as soon as possible. This cuts off the bad credit reports from creditors. It will not improve the actual credit score but it will put you on the right track to repairing your credit history.

Secondly, you can raise your credit score by opening a new savings or checking account. You should also apply for a secured credit card. This secured card will have a lower limit and a higher interest rate however,by paying the monthly credit card bills on time you will be able to see a significant rise in your credit history report.

Follow these steps you will eventually start to see a good credit rating. However, your past credit history will remain on the “books”. This does not expire for 5 to 7 years. You must remember that it does take time to raise your credit rating. You must be patient and diligent to see a change.

That is why it is very important to make positive reports for your creditors. They then will pass those on to credit reporting agencies. Remember to pay your loans and credit cards on time in order to get a good credit rating. By doing so you will eventually end up with a good credit score and history. Never miss out on a future financial opportunity when they come your way.

In today’s world our credit score is everything. Creditors and bankers approve or disapprove loans based on your credit worthiness. In some cases it also will determine your credibility to certain employers or landlords.

A good credit rating allows you to be able to apply for loans and/or credit cards easily. And, ultimately, isn’t that the goal? It will also mean that you will have more chances of getting certain jobs. You will be able to pay your bills on time.

Having bad credit reduces the opportunities of these things. You may get approved for a loan or for a credit card but with a higher interest rate. You are considered a “at risk” customer because the creditors are not sure if you will pay your bills on time. If you are trying to apply for an apartment complex the landlords may take a look at your credit score to determine if you will be able to pay your rent and utilities.

These are just some of the reasons as to why having a good credit score is important in today’s world. However, what do you do if you happen to have a bad credit score? If you have bad credit it is important to fix the problem as soon as you can.

First, you must stop missing payments and make payments on time to avoid making things worse. So how do you do this? You pay your previous overdue debts as soon as possible. This cuts off the bad credit reports from creditors. It will not improve the actual credit score but it will put you on the right track to repairing your credit history.

Secondly, you can help raise your credit score by opening a new savings or checking account. By paying the monthly credit card bills on time you will be able to see a significant rise in your credit history report.

If you continue to follow these steps you will eventually start to see a good credit rating. However, your past credit history will contain bad credit scores and ratings. This does not expire for 5 to 7 years. You must remember that it does take time to raise your credit rating. You must be patient and diligent to see a change.

That is why it is very important to make positive reports for your creditors. They then will pass those on to credit reporting agencies. Remember to pay your loans and credit cards on time in order to get a good credit rating. By doing so you will eventually end up with a good credit score and history. Never miss out on a future financial opportunity when they come your way.

We all know by now that home owners have a hidden savings account…its called HOME EQUITY.

Equity is the value of your home minus the remaining mortgage balance which is outstanding. While you live, eat and sleep in your home worrying about debts or wishing you could refurnish the living room you may be sitting on the cash that will grant your wishes.

Would You Want an Equity Line of Credit?

With a normal loan, which deposits a set amount of money in your account and begins charging you interest and payments at a fixed rate until repaid, a line of credit acts sort of like a credit card account. You do not need to pay interest on the full amount you have access to — only on the amount you have used. (And in some cases you then have access to the account again.)

When using an equity line of credit (also known as a HELOC) it gives you greater flexibility with the least cost. Not only can you access the credit only as you need it,your monthly payments will reflect only the balanced used. Some lines of credit have only the interest as the minimum payment which can be helpful when finances are tight. In some case you even have an option of paying just the intrest on the amounts used for a specific span of time.

An equity line of credit is a nice thing to have when you don’t have a large fixed amount to spend in one place, and when you repay it you want access to the credit without asking for a new loan when you have paid it back.

What Can I Use the Equity Line of Credit For?

We can all find lots of uses for a line of credit loan…but here are some of the most common examples.

Consolidate Debts

Consolidate or wipe out some of your other bills/debts completely. Not only does this make your monthly breathing room a bit wider…but in the long run it will help your credit score and interest rates that are offered to you on other loans as well.

Second mortgage

Use the equity line to pay off or down your second…in some cases paying down will also allow you to reduce the interest rate. (which is normally higher on a second)

Add too, remodel, or travel.

Cover the cost of an addition, redecorate, or go on a trip…all at a interest rate lower then most credit cards.

Ok…so whats the Down Side?

While the before mentioned information sounds great…whats the rest of the it look like.

Some debts — like student loans- have features that you may not be entitled to if you switch them to an equity line of credit.

Other items like cars and vacations may seem like a good idea to buy with your home equity line of credit, but with the ability to pay only the interest you may find the motivation to pay off the debt is lacking and end up owing for items that have lost their value or were consumable. Plan to pay off the debt quickly for the most advantage.

Now refinancing a second mortgage may not be a good idea depending on interest rates and your repayment terms. While lines of credit take advantage of current low interest rates you may find that your regular loans protect you better from fluctuating rates if you will not be paying the loan down in the next few years.

We all understand the freedom and relief that comes from having access to extra funds. For both those emergencies, as well as last minute purchases. However its important to understand the risks as well as benefits.

Not many people know it’s even possible to fix an error on their credit report. If you try and find info about this, you will come across a lot of commercial websites that don’t offer correct and unbiased information most of the time.

You only need to get a couple of things about erasing errors on your credit report. Let’s go into a few of the crucial points in this article

The first thing you do is get a copy of your own credit report. The main bureau will send this out to you. Every U.S. citizen has a right to a credit report every year and they’ll send you a copy.

Next, you need to carefully look over the credit report. This has to be done carefully. If you see any real errors, put them on paper. If you’re unsure, write it down too. You need clarity about what is in your credit report.

If you’ve written down the mistake or errors you’ve found in the credit report, you have to send a letter to the responsible credit bureaus. Don’t write e regular e-mail. Write a letter with real ink, one that’s really printed with a real stamp. It’s a hassle, but it’s worth it.

Don’t stop after that. Follow up after your first letter. will go after it themselves most of the time, but it doesn’t hurt to check and make sure they take care of it promptly.

If you don’t receive word from the credit bureaus, and you’ve followed up, you may have to file a complaint with the FTC. As a consumer, the FTC is there to protect you and it’s your right to use this.

Cleaning errors on your credit report can be a hassle and a pain in the behind, but upgrading your credit makes an enormous difference when applying for a loan or a mortgage. Take the necessary time, do your preparation and you’ll make it.

Now, let’s take a look at some ways to increase the chances of obtaining a loan modification You can increase your chances of success by using some of these little known secrets Let’s see a couple of these tips.

If you want to get your mortgage loan modification approved, you have to prove financial hardship. First, write a financial hardship letter to your lender. In this letter, you explain your financial problems. Also, make sure you tell your bank what measures you will take to improve your state of affairs. Finally, write that you are committed to staying a home owner.

Set up a new budget, so you free up money to make monthly payments. If you know your expendable cash flow, you can determine a realistic monthly payment. Reassure the bank that can pay that amount now and will be able to keep it up in the near future.

Inform your lender about your financial situation by filling out the necessary financial statements. Never try to omit information and be meticulous when filling out the forms. Make the lenders job easy by submitting a complete financial statement including a financial offer for the future.

Make sure you do your research and plan ahead when applying for mortgage loan modification. As soon as you’re aware of the approval criteria, you drastically step-up your chances of success. When you want to apply for mortgage loan modification, time is not your friend. Saving your home begins with doing the required planning.

Getting the best Home Mortgage Rates is a uncomplicated procedure if you understand what should take, and how should do it!

If you are interested in getting a home , there are some different factors that can be used in order to get the best promising rates when it comes to your mortgage.

Typically, when it comes to advertisements that are related to home mortgage rates, often the lowest rates are reflected. These rates often pull people in, but once they are in, they are determined to be ineligible for the advertised rates.

Normally, in order to get the rates that you originally see, you must have an excellent credit score, and meet other criteria. I will give you a few tips here on how to get the best home mortgage rates.

The first information to getting the best home mortgage rates is to make sure that you own a large amount of fund to put up as a deposit. Pull away from the typical 5% or 10% down payment and take for the 20% deposit.

This will cut the quantity that you must earn when choosing to your home mortgage rates. Thenext information is to slow your debt to income ratio.

Beside this, you should make sure that your credit report is right , and that it shows an good score. If you use these information , you are positive to get the best home mortgage rates for your needs .

The other day, my wife and I ate lunch at a local sushi restaurant where the sushi chef misspoke. He asked me if I wanted an order of scams (instead of clams). Of course, I graciously declined, but almost every day it seems like I hear about another real-estate-related scam. Who knows? Maybe there are as many varieties of scams as one could order in a sushi restaurant! If so, here are three categories:

Phantom Helper:

The smooth-talking scam artist takes a fee from the homeowner, assuring him that he will be able to easily slice hundreds from the owners payment. Ten phone calls later, the owner realizes the helper has deserted him with his money, and has vanished completely.

The Rescuer Technique:

The homeowner is saved from his dilemma by the generous helper who offers to bail him out. Often the helper needs to take title to the property in order to modify the loan, and promises to lease the property back to the homeowner. Then when the owner is able to purchase, he will be able to purchase the property back again. Sounds good, right? Usually the scammer ends up not honoring the agreement, and simply kicks out the owner. Or the helper rents out the property until it is foreclosed upon and keeps all the rent receipts for himself.

Tempt and then Switch:

The homeowner is saved from his dilemma by the generous helper who offers to bail him out. Perhaps the helper promises to take title to the property, modify the loan, and then lease the property back to the homeowner until he is able to purchase the property. Usually the scammer ends up not honoring the agreement, and does the old switcheroo. Meaning that because he is the owner, he can legally kick out the owner. Often the helper rents the property until it is foreclosed upon and keeps all the rent receipts for himself.

Obviously, there are hundreds of scams, these are just the three main categories. Other categories might include identity-theft, loan fraud, and even elder abuse. How do these scam artists find their victims? Sometimes owners call helpers or visit internet website. Some scammers post signs on telephone poles like We Buy Homes or Stop Foreclosure Now.

If you are concerned about a loved one working with a foreclosure helper, some tell-tale signs to watch for include: if a helper asks for payment only in the form of cash, cashiers check or wire transfer ” beware. If a helper asks you to transfer title or your interest in the property– beware; or if a helper makes an guaranteed promise to stop foreclosure or other assurances”beware.

Just as one Dad was wise to do a Google search for delicious dinner recipes; when it comes to foreclosures, short sales and loan modifications, you might wish to check online and do some homework to help you too!

Lending Tree hold it’s ‘roots’ in Charlotte, North Carolina somewhere it set off business in 1998. By offering a convenient ‘one-stop-shop’ for home and loan needs , it has developed into the nation’s top online lending exchange.

Lending Tree is in a unique market position as a referral source for lenders, giving it the ability to work with a variety of banks, mortgage companies and online sites.

Lending Tree connects clients with numerous lenders, letting customers to take from up to four competitive loan recommends from major, national, regional, and local Lenders across the U.S., as a result supporting to secure a lower rate than would otherwise have been owned by the borrower.

LendingTree gives access to mortgages and refinance loans, home equity loans/lines of credit, auto loans, personal loans, and credit cards. their services can even link clients with a network of realtors, representing major franchises and independents countrywide, who can help you earn or trade your home !

So far Lending Tree has facilitated more than 23 million loan requests and $185 billion in closed loan transactions. It also owns and operates GetSmart.com and HomeLoanCenter.com