After being made redundant I found myself being 3 months behind on my mortgage. I had never previously heard about a hardship loan modification - it's something you don't hear about unless it happens to you!I sort of gambled that I would get a job by then and like many things in life things don't usually turn out the way you plan.I t wasn't that I had buried my head in the sand or was ignoring the problem - it's that I thought it would get solved...more
Over the last 2 years there has been huge increase in foreclosures in Texas and applications for a Texas loan modification from folk who never thought that they would be in this situation.I have been there also. The whole process is like a bad dream. In addition to the unfamiliar paperwork you are likely to have the same credit card debts piling up while you pay other bills to have enough for the mortgage. Then at the end of the month you don't...more
People that own homes are always concerned with things regarding them. The mortgage rates are a very big factor that they think about as this determines how much they will have to pay to the bank. There are various types of mortgages that people can consider when buying a home and these can all have various mortgage rates.One of the most popular types of a mortgage that people tend to look at is fixed rate mortgages. This is a type of mortgage that keeps the payments that you make at a certain level throughout the period of the loan. This means that even if the mortgage rates go up you will not have to worry as the mortgage you have will stay at this fixed rate until the term is up.These are popular primarily due to the fact that people feel more stability as they know what they will be paying out for a set length of time. In these uncertain economic times many people feel that this is the only real option that they have available that can offer them this sense of security.There are also adjustable rate mortgages available for people to think about as an alternative. These are mortgages that can have fluctuating interest depending on where the index that the interest rates are...more
Foreclosures have been the biggest worry for several million families across the U.S. over the past couple of years. What is interesting to note though is while some homeowners have lost their homes to foreclosure, many other families have not just managed to save their homes but are able to live comfortable lives with some minor adjustments.Its...more
Getting refinance second mortgage can be beneficial to some homeowners and may not be for others. It depends upon certain factors likeHow much money does the person owe to the house?How much the house is worth?For how long the person plans to stay in the house?The type of loan on wants to avail.The cost of refinance.The reason for mortgage...more
Any businessman is a go-getter. He works his guts out to succeed in the tough world of business. But to survive and retain the position he has achieved by working so hard, only the crusaders zeal is not enough. He also has to possess a wealth of capital, which has an unremitting flow. Its not uncommon in business to face situations that might create a feeling of doom and gloom in the heart and mind of the entrepreneur. But he has to have a bash at turning the gloomy situation into a bright one, soaring up from the destitution that acts as a plague and can destroy everything. In the course of reviving the current business situation, the businessman can receive dressing-downs from all his confidants and find himself stuck deep in the doldrums. However, there is a way out. Call it serendipity or a fortunate purvey, commercial mortgages are for such situations and aimed at helping entrepreneurs beef up their business poor condition. It only requires the businessman to possess a commercial property of his own so that he can use it to raise capital. Any sort of business premise is eligible for pledging against to get hold of the money that the business owner so needs. Commercial...more
A reverse mortgage is a financial instrument made available to individuals who have attained the age of 62 years or older to use the cash equity built up over the years in order to make mortgage payments. In a standard mortgage, the...more
A majority of loan applicants for VA Loans question if they can get additional loans under the VA Loan Guaranty Program. The answer is yes, you can use your VA loan as many times as you necessary when you have the entitlement. Entitlement is...more
I get some mails every now and then, when a senior wants to me to explain, what is a reverse mortgage. My answer in the first phase is, that it is a reverse home loan, with which an American senior age 62 or over, who has equity in his home, can take...more
Are you delighted with the extension to the first time home buyers tax credit and raring to go out and find yourself a new home? Well, youre not the only one; many people across the country are shopping for their first homes so that they can take...more
Understanding what goes into a construction mortgage will be extremely important if they are comes a time that one is going to have a home built from the ground up and on land that is either bought or already owned. This type of mortgage can come in...more
Financial crunch is one of the bitter consequences of the ongoing recession all around the world. Numerous business setups and corporate houses have suffered from the recessionary fever. In the current economic climate, it is not tough to find...more