For homeowners who cannot meet their mortgage commitments or those who are heading towards a foreclosure home loan modification can be a life saver. If all avenues of refinancing have failed you, mortgage modification may be your only and best option. In order to avail the advantages of home loan modification you will need to start by submitting a hardship letter to your loan provider. This letter should include clearly outline your financial...more
With the fears of recession still looming large over the country and with no signs of a decrease in the joblessness rate, an increasing number of people are finding it very difficult to meet the monthly mortgage payments. Unfortunately after a few missed payments foreclosure turns into a real possibility. However homeowners who are dealing with such a situation need to know that there is an option that can prevent foreclosures and it is called...more
If you are having trouble keeping up with your mortgage payments, and are worried that you will have to foreclose on your home, keep on reading to learn more about mortgage modification and how it can help you avert your crisis.Until recently few lenders would agree to a loan modification, but with the number of foreclosure at an all time high, they are more open to the idea. Mortgage modification has distinct advantages over other options, and millions of homeowners qualify for this option.Mortgage modification is a very popular option among struggling homeowners who have not been able to refinance their mortgage. Loan modification or home loan modification is simply an agreement that reworks your mortgage so that you will be able to afford it. That can be done through various means; either through a reduction of the principle interest rate, or extension of the term of the loan. Your lender may offer you other options like a grace period, and may eliminate certain fees that you may have accumulated. Every case is unique, and your lender will decide what options will fit your needs.When applying for a mortgage modification, unlike when applying for refinancing, your credit score...more
It is not unlikely for a business, no matter how stable or successful, to head into the doldrums since business is all about uncertainty. Finance is anytime an integral part of a business and when there is a dearth of finance, a business can experience a black hole. The business owner needs a steady purvey of funds to bring his venture back to...more
When a person plans to mortgage a home, many questions come to the mind. There are various lending institutions that offer different loan products. All of them claim to offer a low mortgage rate home loan. But, whom should you trust? The right guidance at this point of time can greatly affect the over all cost of your loan.Let us discuss the...more
Certificate in Mortgage Advice and Practice (CeMAP) is the widely recognized qualification for those wishing to pursue a career in the mortgage industry. Today, several states have made CeMAP qualification mandatory for people wanting to practice mortgage related profession. If you are aspiring to embark on a career as a mortgage advisor, then the right thing to do is to undergo training and pass the CeMAP exams.There is no specific minimum academic qualification to appear for the CeMAP exams and all you need is an aptitude and determination to succeed in the exam. There are CeMAP training courses available even for individuals who are new to the mortgage industry and having no mortgage work experience. The CeMAP is a qualification awarded by the IFS School of Finance, through its parent body The Chartered Institute of Bankers (CIB).To acquire the CeMAP qualification, you must pass in each of the following three CeMAP modules. CeMAP Module 1 - UK Financial RegulationCeMAP Module 2 - MortgagesCeMAP Module 3 - An assessment of mortgage advice knowledgeThe examination comprises of three papers with multiple choice questions. Modules 1 and 2 are of two hours duration consisting of 100...more
For the mortgage business there is nothing quite as powerful and important as mortgage leads. You can have the best product in the country, but if you have no way to get the word out to potential borrowers, then that product is worth exactly nothing....more
Many commercial property owners are looking for loans to help them to meet their financial requirements. Lenders of both residential and the commercial mortgage industry have become cautious when approving mortgage loans. Today, the mortgage market...more
Mortgage rates jumped up again this week with the 30 year rate moving from 5.05 to 5.14. In the last month mortgage rates have risen rapidly moving from 4.71 on December 3rd to 5.14 today. The other major mortgage products have risen over the same...more
The Loan modification process should be considered by those individuals who have failed to pay their mortgages in a timely manner as an alternative to foreclosure. The aim of this process is to reconstruct the loan repayment schedule in order to help...more
Optimists keep claiming that things in the real estate world are looking up, but reality keeps reminding us that things are not all sunshine and roses just yet. Even with the current government incentive program for encouraging home buyers into...more
Getting refinance second mortgage can be beneficial to some homeowners and may not be for others. It depends upon certain factors like How mush money does the person owe to the house? How much the house is worth? For how long the person plans to stay...more