Common Loan Modification Questions

> view short vidoe on Loan Modification Because Loan Modifications have only recently come into the mainstream as a viable option for homeowners there are many misconceptions about what loan mods are. The information listed below is meant to help homeowners interested in modifying their mortgages. Please feel free to call us about these or any other loan modification questions you have. Frequently Asked Loan Modification Questions What is a Loan Modification? A mortgage loan modification is a changing of loan terms which are agreed upon by both the mortgage holder as well as the borrower. This can include a change in principal, interest rate, prepayment penalties or just about any other previously defined term. A loan modification can be used to stop foreclosure and avoid bankruptcy Do I have to be behind on payments to qualify for a Loan Modification? While most loan modifications are done for those who are behind on mortgage payments and can show a substantiated reason for why they cannot catch up, you don’t have to be behind to qualify for a mortgage modification. The best thing to do is contact us today so one of our specialists can look at your case. Can missed payments be included in a Loan Modification? Past mortgage payments that went unpaid can be included into a loan modification. A willingness to get caught up in your current mortgage can show the lender how serious you are about making any new mortgage terms a top priority. What constitutes a “Hardship Situation”? A “Hardship Situation” can be included to mean the death of a spouse, divorce, injury, illness, loss of employment or extreme financial difficulty. Other situations might occur and are subject to review. Our mortgage modification specialists are available to help determine if you situation warrants this.

MRG TV online

Lights, Camera Action     MRG-TV now online

Marsh Robert has just launched a TV/Video project aimed at breaking down business and financial issues. MRG short videos cover such topics as; build or rebuilding your credit rating, loan modification, how to pick the right real estate and mortgage person, etc. etc. etc. the video segments our hosted by Richard Van Dyke who brings a wealth of experience as a top producing Agent in the Real Estate Industry. A successful Owner/Operator in the Mortgage Industry as well as 14 years as an Executive in the Credit Industry with one of the Nations largest (CRC), Credit Report Company.

ALMOST OUT OF TIME?

Loan Modification
By Richard Van Dyke

When reviewing comments on the Marsh Robert blog a post from “Stan The Man” hit home as he is close to spot-on, ALMOST OUT OF TIME! The fact is as banks repay their TARP loans, this may mark the beginning of harder times for people wanting to do a loan modification. We all know that the banks/lenders were open to considering loan modifications only due to the fact our government was lending out billions of dollars to them. It is safe to say that the banks knew they had to play the game for the CASH.

We are starting to see the banks/lenders rush to pay back the TARP loans as the market is finding its legs so the gig might be up. Like Stan the Man wrote in his reply in the MRG blog, “We all remember the days when the lenders told you to %$^# off and would soon be kicking in your door,” sadly there is some truth to that. The heat/spotlight is off the banks as it is old news so we are starting to see the banks crawl back into the hole in regards to the way they conduct business.

FBI sets up mortgage fraud team, uses wiretaps

By James Vicini

WASHINGTON (Reuters) – A recently created FBI team is setting priorities on mortgage fraud investigations, and the bureau is using undercover operations, wiretaps and computer technology to get evidence of economic crimes, the agency’s chief said on Wednesday.

FBI Director Robert Mueller told a House Judiciary Committee hearing that the agency in December created the National Mortgage Fraud Team at headquarters to assist field offices in their pending investigations.

Loan Modification “Don’t wait to long”

By Richard Van Dyke

New! View short video on this subject

Having been involved as a real estate agent, and owner and operator of a mid size mortgage company I have seen about all there is to see. It is always very disappointing to let a buyer or borrower know when they can’t get in the home of their dreams. When providing loan modification services it is just devastating, heartbreaking to have to let a client know that you can’t help them.

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Please ask us a question about any Business or Financial service we offer and we will provide a professional answer and open a dialogue in where everyone can participate on said subject.  

Late/Default on a Credit Card, Car Loan or Mortgage, WARNING! WARNING! WARNING!

 

 

 

 

By Ethan McQueen 

I just did not know how to title this to get people to read this very important information. I hope this works.

If you are late/default on your credit card(s), car loan, mortgage, equity-line, etc. WARNING your bank can pull the funds from any account you have with them.

EXAMPLE; you are late/default on your mortgage with Countrywide and you have a saving account with Bank of American. You have a big problem as B of A now owns Countrywide and they will pull any funds you have from any account you have. EXAMPLE TWO; You have a mortgage with Wachovia and bank a account with Wells Fargo, remember Wells Fargo now owns Wachovia and they will pull funds out of any account they can to settle debt.

Pay Off Debt – How to Pay Off Debt Faster Than You Thought Possible

 

 

 

 

By Brian Willan

Paying of your debt may seem like an overwhelming and daunting task. With a little discipline and determination on your part, it will be far easier than you ever thought possible. Here are a list of steps to get to the end goal of being debt free.

1. Stop making the problem worse. Stop using your credit cards for purchases. Switch to cash for all purchases.

Next is to employ various money saving tips to free up additional funds and apply those towards the repayment of your debt. Beyond the obvious tips of cutting back on expenses here are some that you may not of thought of.

1. Take advantage of 0% balance transfer opportunities. Just because you are up to your ears in credit card debt does not mean you have to take a beating with high interest rates. If you are making a reasonable effort to pay off your bills, i.e. you are making monthly credit card payments, the odds are you either have received or are qualified for a 0% interest balance transfer credit card offer. If you make the same payment each month to a card with 0% interest, you’ll pay off much more of the principal. Every cent you don’t have to pay in interest to your credit card company is money you can use to help pay off your credit card debts.

Prepaid Debit Card Accounts as a Financial Management Tool

by Iliana Corona

Constantly bombarded with demands, our self created ones and external, for some of us are school projects, our own personal business projects, for others might be …

I can quickly think of mothers that are constantly trying to give their best to get house chores done, cook meals for their family. I than think about how they have to go grocery shopping, do laundry, go to work, and be there to spend quality time with their kids. Worrying about writing checks to pay the bills, making sure that they arrive on time to avoid the rather high over due fees, and than worry a bit more wondering if all of the current monthly bills have been paid. So every bit that we can do to better use our time more productively helps.

Luckily there’s those of us that came to realize or learned to embrace early on the flexibility and time saving of performing common tasks such as paying bills online, scheduling recurring monthly payments and not having to worry too much about every bill that comes in., keeping track of where our money is being spent on, and even comparison shop so that we get the best deal possible all in the name of being smart with our money. Online banking is great; it essentially provides us with and overview of our finances, enabling us to see the big picture, without getting overwhelmed, at least to much.

What about prepaid debit cards accounts? Who’s a good candidate for opening one of these accounts? If you currently have a bank account, why would you even consider opening up one of these accounts?

CREDIT SCORE AND HOW IT WORKS

 

 

 

 

 

By Richard Van Dyke

Ever wonder how a creditor decides whether to grant you credit? For years, creditors have been using credit-scoring systems to determine if you’d be a good risk for credit cards and auto loans. More recently, credit scoring has been used to help creditors evaluate your ability to repay home mortgage loans. Here’s how credit scoring works in helping decide who gets credit — and why.

WHAT IS CREDIT SCORING?

Credit scoring is a system creditors use to help determine whether to give you credit.

Information about you and your credit experiences, such as your bill-paying history, the number and type of accounts you have, late payments, collection actions, outstanding debt, and the age of your accounts, is collected from your credit application and your credit report. Using a statistical program, creditors compare this information to the credit performance of consumers with similar profiles. A credit scoring system awards points for each factor that helps predict who is most likely to repay a debt. A total number of points — a credit score — helps predict how creditworthy you are, that is, how likely it is that you will repay a loan and make the payments when due.