What exactly is a hardship letter?

There are many people that are having difficult times in today’s economy and are looking to apply for a loan modification a requirement will include writing a hardship letter. This is used to prove that you are only having difficulties because of uncontrollable circumstances and that you can really no longer afford the monthly payments. In the end if successful you will be able to completely pay the loan with lower rates that you can actually afford.

What should you include?

You must include in the letter an explanation for your current situation and the reason for you high debt and also what steps you have taken to fix the problem.

Being honest is highly recommended while writing the hardship letter. Provide any and all reasons for your financial difficulty and be truthful. The lenders look into the reasons you give and if caught lying you will not be given another chance.

You will be asked to provide documentation to prove the hardships that you are experiencing. The proof can be medical bills, disability statements, sickness, unemployment etc, anything that has you in the current situation and that shows a mortgage refinancing or modification would be a good way to save.

Don’t exaggerate in the letter or make it into a tearjerker. Stick to the basics and be truthful, there is a high chance that you will be asked to prove anything written in the letter.

Make sure to explain that once you are approved for the loan modification program you will be able to get stable again. Show that you are willing and that you want to repay your loan and get back on track.

-M Petrone
www.RefinancingCondo.com

Its not shocking that the number of people looking for a mortgage loan modification has jumped greatly. The world is facing a time of tough economic times with the biggest debts in history and families everywhere are feeling the pinch. There is no denying the fact that there are millions of Americans struggling to survive and avoid losing their homes to foreclosure. Since foreclosure has been on the rise people have been looking for ways to keep their homes. Loan modification seems to be the answer to those questions. It is a pretty new program however it is very popular as a method to avoid foreclosure.

The loan modification program is popular due to the fact that your credit does not have to be great to be approved for the program. Since people are struggling good credit is hard to come by. Loan modification is better than the traditional refinancing because if one would like to refinance their loan their credit needs to be near perfect.

However because mortgage loan modification does not require near perfect credit it does have other requirements. The lenders that provide mortgage loan modification review many different factors in order to qualify someone for this program. One of the bigger requirements is the borrowers’ financial hardship. Anyone wanting to qualify for a mortgage loan modification must be in financial need and able to provide proof of their recent hardship. Having more debt than money is considered a hardship, loss or decrease of income also qualifies as financial hardship.

Financial hardship is one of the requirements although there are various other requirements in order to qualify for a mortgage loan modification program. Some other requirements include the owner’s payment history, time’s value and other various factors play a part in qualifying for a mortgage loan modification. Find a lender and ask them what their requirements are for a borrower in order to be approved for a loan modification program. The lenders usually have to problems when asked the requirements because they won’t need to weed out those that do not qualify.

Although there are different requirements to meet prior to being approved it is not the hardest step in the process. The actual application is highly intense and it has to be completely mistake free and 100% accurate. Any mistakes will delay the process and make it more difficult and any false information will call for immediate disqualification for the loan modification program. Be aware the lenders do research each application looking for false or misleading information.

Along with the application you will need to provide the lender with a financial hardship letter explaining your current financial difficulty. While writing the hardship letter you may be tempted to make your situation a lot worse than it actually is, however make sure not to go overboard because the lenders will fact check. Any person that is caught lying will be disqualified from the program.

Once the application process is complete it can take eight weeks to be approved for the mortgage loan modification program. As long as you meet all of the requirements that are needed for the loan modification program you should be all clear even though the 8 week long wait may make you nervous. There have been cases where the lenders denied a homeowner because of unexplained reasons, so if you are one of those people make sure to ask them the actual reason so you can try to fix the problem. The loan modification process can be long and stressful however if you are calm and patient the end result will be worth while.

-M Petrone
www.RefinancingCondo.com

The economy today has caused many problems to many people and homeowners have taken a big hit. Countrywide is offering assistance to struggling owners that can’t seem to stay current with the home mortgage payments. They offer lower interest rates along with extensions on the owners’ current loan.

Countrywide offers homeowners options other than foreclosure like:

1.Mortgage refinancing

2.Provisional leniency

3.Legal document instead of foreclosure

4.Lower interest rate

5.Waived late payment fees

6.Short deal

7.Foreclosure settlement

8.Repaying of the balance on the loan

Prior to applying for the Countrywide loan modification program you should have your current financial statement settled and if possible clean up your credit report. This will help the process along when Countrywide looks over your application while deciding whether or not to approve you for the mortgage modification or refinancing program. You can also provide them with a financial hardship letter with reasons with your current instability.

What is recommended is that you set a date for when it is that you will be able to start paying the mortgage continuously without defaulting on the payments. Make sure to budget your income so that when the mortgage is due you can pay it no matter what may happen. Be organized and stay alert so that you can avoid foreclosure and stay in you home. The Country Loan Modification program can be the answer you have longing for. Mortgage refinancing and loan modification are both offered by Countrywide.

-M Petrone
www.RefinancingCondo.com

Have you fallen behind on your mortgage? Is foreclosure the next step? If your loan is with GMAC, General Motors Acceptance Corporation, there just may be something that can be done to help you during this difficult time. GMAC provides loan modification for those that qualify for the program.

Foreclosures have been at an all time high in the United States because of the ever struggling economy. The government has allowed 75 billion dollars to fund this part of their Stimulus Plan. This is being done in hopes of saving struggling homeowners and helping them avoid foreclosure and stay in their homes.

The Treasury Department has a list of approved lenders for the Federal Government. The lender GMAC is on that list and they receive incentives for helping homeowners rework their current home mortgage loan. The government is doing this in hopes of slowing down and lowering the home foreclosure rate.

The following guidelines must be followed in order to apply and qualify for GMAC loan modification:

-The borrower has to have had their current loan from Fannie Mae or Freddie Mack issued on January 1, 2009 or after and also the home in question must be the borrowers’ primary residence.

-The owner must have a monthly payment that is more than 31% of their monthly income.

-The owner’s current loan cannot exceed $729,750.

-The financial hardship must be certifiable and presented. What this means is that the circumstances that have caused the hardship were beyond the control of the owner and that because of the events that occurred the owners income has either decrease or stopped altogether. All proper documents will also be expected.

-GMAC must also provide proof that you would be able to repay the loan after the loan modification or refinancing is completed and they must present documents that will show this.

It is a given that like other lenders GMAC will need some convincing to show them that once you get your mortgage refinance and loan modification you will be able to make the new modified monthly payments. Along with this federal plan for loan modification, if you stay current and regularly pay the loan you can receive a $5000 incentive that will be applied to the loans principle.

-M Petrone
www.RefinancingCondo.com

Many people have fallen behind their mortgage and if you have a Wells Fargo mortgage and have fallen behind you may feel that foreclosure is your only option. This however is not the truth. Wells Fargo has a loan modification program that can help you get back on your feet.

Recently President Obama signed a stimulus bill that will set aside $75 million that will go toward helping those who have been truly affected by the current state of our economy. There are millions of people that will be helped make sure you are one of the many.

Wells Fargo is one of the lenders that are approved by the Treasury Department. Those lenders that made it onto the Treasury Departments’ approval list receive incentives when they help rework loans that were backed by either Freddie Mac or Fannie May. The loans have to be for a primary residence, the home must be lived in.

The loan modification process gives those that qualify lower payments by either extending the length on the loan, waiving late fees, reducing the interest rates or even forgiving some of the principle. The entire goal of the loan modification process is to have the borrower pay their mortgage, insurance, association dues and taxes that combined are 31% or less of their monthly income. This is done in hopes of keeping millions of people in their homes and avoids foreclosure.

Application Guidelines:

-The loan amount can not exceed $729.750.

-The loan on the home must have been written on January 1, 2009 or after.

-The homeowners’ monthly mortgage must be more than 31% of their monthly income.

-The owner can provide documentations of their current financial hardship.

-The owner must provide the lender with a budget showing the result of any loan modification. The borrower has to show that they will be able to make the modified payments once the process is complete.

Provide any and all paperwork that will be needed when applying for the Wells Fargo mortgage refinance and loan modification process. The mortgage refinance and loan modification programs can help you bounce back from the housing crash.

-M Petrone
www.RefinancingCondo.com

In today’s housing market there are millions of homeowners facing foreclosure. However with Obamas new Federal Loan Modification plan there will be many more people staying in their homes. This new plan from the President is a part of the Federal Stimulus Package that was approved earlier. This new part of the package will be funded with $75 billion.

Wondering what qualifications are need to apply? Who will benefit?

-The homeowners’ original loan on the home must have been official on January 1, 2009 or after.

-The home in question must be the person’s primary residence.

-The homeowners’ lender must be an approved lender with the Federal Government.

-The loan must not be larger than $729,750.

-The homeowners’ current monthly mortgage payment must be more than 31% of their monthly income. This would include all property taxes, homeowners’ association dues or insurance on the home that you are required to pay monthly.

-The reasons for the homeowners’ current difficulties must be due to circumstances that were beyond their control i.e. decreased or loss of income, job loss etc.

-The homeowner then must show proof that will show they will be able to handle the new payments without struggling and also that they are committed to the process.

Along with the above requirements the application must also be completely and correctly completed and all paperwork need must be included. A person is only allowed to the new plan one time so it is very important to not mess it up with careless mistakes. Homeowners are advised by experts to review and study the requirements and qualification that are needed with the loan modification or refinancing plan and to complete all paperwork properly prior to contacting ones lender. This is advised because there are many small details that will be needed but are easily overlooked and it can lead to delays on your application or even lead to the denial for the plan.

Once the process is complete and you are approved for the loan modification program your monthly mortgage payment will be less than 31% of your monthly income. This is a result of many different things like lower interest, modified length on the loan, forgiven principle and waived late fees. If you like millions of others all around America are struggling to stop foreclosure take advantage of President Obamas new loan modification plan to help you now. Don’t hesitate to help yourself using the Loan Modification plan can be your answer to finding some piece of mind. Don’t run out of time to apply for the Loan modification plan because it will only be in effect until December 31, 2012.

-M Petrone
www.RefinancingCondo.com

Bank of America is taking part in President Obamas $75 billion “Making Home Affordable” plan. This plan allows homeowners a chance to save hundreds of dollars per month on their home loan payments through refinancing or home loan modification. Refinancing or loan modification through Bank of America has never been easier or more beneficial than it is right now. Here is how you can use this plan to your advantage:

While Bank of America has always worked with homeowners facing financial hardships, or losing their home, they are now able to do even more. A lot of the money from Obamas $75 billion mortgage bailout plan will be given to mortgage lenders and banks as cash incentives for approving at risk homeowners. This means that getting approved for refinancing or mortgage modification with Bank of America has never been easier, even if you have been turned down before. With the cash incentives lenders and banks can reduce the interest rates even further until an affordable monthly mortgage payment is found.

Homeowners who have lost their jobs, get a reduced in come, are in bad mortgages, have seen their property values drop, with bad credit card debts, and a whole lot of other reasons, can use Obamas stimulus plan. Bank of America has the personnel and facilities, to go along with their commitment to homeowners and excellent reputation, which all help homeowners save money.

Mortgage refinancing with Bank of America is generally going to save a homeowner hundreds of dollars per month on interest savings alone. It is always best to do some research on your own prior to applying. This includes setting a budget, figuring out which type of loan you want, for how long, and how much, along with other things. Mortgage refinancing and modification have never been better options for homeowners than they are right now. Take some time and save some money.

-M Petrone
www.RefinancingCondo.com

Homeowners looking for a more affordable monthly mortgage payment should consider refinancing or getting a home loan modification through Wells Fargo. Wells Fargo is one of the nations leading lenders, with the right people and experience, Wells Fargo can save homeowners a lot of money, or their home from foreclosure, through its refinancing and mortgage modification programs. Here are some things which will help you get approved.

Be sure to accurately and completely fill in your application. This shows a commitment to handling your finances, and the desire to save your home. The odds of being approved for a home loan modification or refinancing are improved dramatically with a simple thing as filling in all forms. Wells Fargo is one of the biggest mortgage lenders in the country, and, especially lately, deal with hundreds or sometimes even thousands of homeowners applications every single day. Something as simple as properly filling the documents can save you a lot of time, and get you an approval faster.

For most homeowners, this is their first time dealing with refinancing or loan modification. If this is the case, you owe it to yourself to do some research before applying at all. Luckily, Wells Fargo online offers help, tips, tools, and advice as to what a homeowner should do with their home loan. They will assist you in finding the right refinance deal, writing a letter of “Financial Hardship”, setting a budget, and a whole lot of other things.

Wells Fargo mortgage refinancing
and modification can be a great way for a homeowner to save hundreds of dollars every single month. Foreclosures are at all time highs across the country, and Wells Fargo will do whatever they can to help you get a home loan which you can afford.

-M Petrone
www.RefinancingCondo.com

Homeowners may need to get a more affordable mortgage and Chase can help them. Mortgage Refinancing and modification are now easier than ever, even through Chase, due to President Obamas “Making Home Affordable” plan. This is a $75 billion dollar plan which will help homeowners save money, avoid foreclosure, and stay in their home. Here is how it works, and how to use it with Chase:

Right now, refinancing or home loan modification is easier and more beneficial for a homeowner than it has ever been before. Chase has mortgage professionals and locations across the country dedicated to helping homeowners. Foreclosures, mortgage defaults, and financial hardships are all problems that can be solved by using the Obama stimulus plan with Chase. Even with Chases reputation and excellent customer service, a homeowner should do their own research prior to applying for a home loan modification or refinancing.

When you finally do apply with Chase, be sure to not quickly throw an application together and hope for the best. The “Making Home Affordable” plan through Chase is only going to be available to homeowners who meet certain requirements. The key to getting approved and the best deal possible when refinancing, make sure to learn these requirements, and apply them to your life. This is the best way to ensure you are getting the best deal, and will be approved, when refinancing or getting a home loan modification.

Homeowners right now should look into refinancing or mortgage modification with Chase. It has never been easier to save hundreds of dollars per month simply by calling them and asking about President Obamas mortgage stimulus plan. Odds are you will be approved and start saving hundreds next month.

-M Petrone
www.RefinancingCondo.com

Homeowners looking for a lower, more affordable, monthly mortgage payment can now use President Obamas “Making Home Affordable” plan. This plan allows millions of homeowners the opportunity to get a mortgage refinancing or modification into a fixed, much more affordable, 4% interest rate. Here is how it works:

Here are some requirements which must be met for a homeowner who wants to use Obamas housing stimulus plan for a more affordable monthly mortgage through refinancing or home loan modification:

-Financial hardships, such as loss of job, hospital bills, high credit card debts, bad mortgages, loss of income, and a large list of other things, will actually improve a homeowners chances of getting a home loan modification. The “Making Home Affordable” plan from Obama will give cash incentives to mortgage lenders and banks who approve “at risk” or homeowners facing financial problems. This means being approved is easier than ever. A homeowner should include a letter stating their problems, and proof such as bills, pay stubs, and all related information, when they apply for a home loan modification.

-With such a bad housing market and economy, a homeowner now has a better chance of being approved for a mortgage refinance with Obamas plan. Now, a homeowner can owe more on their home loan than their houses actual market value, up to 5% more. This means homeowners stuck in bad mortgages or who have seen their home drop in value, can now refinance with Obamas housing bailout plan and get a more affordable monthly mortgage payment.

-Any homeowner looking to take advantage of this plan should live in the home as their main residence. This “Making Home Affordable” plan does not assist homeowners with their vacation, investment, or second homes.

Millions of homeowners are automatically and already eligible to use this plan to their advantage and get a mortgage refinancing or modification which will save them a lot of money. There is over $75 billion dollars in funding for this plan, and if you are a struggling homeowner, odds are, you can use this plan for yourself and save a lot, in interest payments alone. Take advantage now.

-M Petrone
www.RefinancingCondo.com

Even a small percentage difference makes a huge difference when is comes to mortgage rates. Homeowners looking to save the most money through refinancing or mortgage modification would benefit from having a good idea of what to expect from mortgage rates in 2009 and 2010. Here are my home mortgage rate predictions for the rest of this year through 2010, and how I made them:

4.69% was the average rate for a typical 30 year fixed rate home loan earlier in 2009. However, since these rates were so extremely low, homeowners rushed to mortgage lenders and banks to refinance or get a home loan modification. This quickly led to a record number of applications, and the mortgage lenders and banks got backed up with application from homeowners looking to save money. In order to slow down the amount of requests for refinancing or modification, the lenders needed to raise interest rates, in this case they did so by .5%. Right now a 30 year fixed rate mortgage can be had for around 5.19%. While theses rates are still very good, it made homeowners who just wanted to save money pause on applying, while homeowners who were truly facing financial hardships could still save their home. However, I think all homeowners will be happy with my mortgage rate predictions for the rest of 2009 and into 2010.

I predict that mortgage rates will drop to their prior lows of 4.69%, and this rate will last all the into 2010. Sometime around October 2009, I think the home interest rates will be lowered to this 4.69% rate in order to attract new customers, and help more homeowners who are facing foreclosure or other financial problems. I also think that this mortgage rate will last through April 2010 or so. Then will again be increased by at least .75%. So be sure to get a home mortgage refinancing or modification when the rates are, at least predicted by me, this low.

Homeowners facing financial hardships or losing their home should take action and do something about while interest rates are so low. Homeowners who are looking to save money and can wait, should.

-M Petrone
www.RefinancingCondo.com

President Obama is trying to help millions of homeowners across the country get lower monthly mortgage payments. Millions of homeowners are facing foreclosure or defaulting on their mortgage. The “Making Home Affordable” plan from Obama now allows homeowners the chance to refinance or get a home loan modification into a more affordable monthly home loan payment.

This plan was enacted earlier in the year and instantly made millions of homeowners eligible for a mortgage refinance or modification. The requirements for refinancing and loan modification have been eased, such as not needing 20% equity, or the cash equivalent, in your home will still get you approved. This mortgage stimulus plan from Obama will easily help millions of homeowners save hundreds of dollars per month, or even help homeowners in or facing foreclosure.

Ultimately, the goal of President Obamas housing bailout plan is to help homeowners, increase consumer confidence in the housing market, and prevent the record high number of foreclosures. This plan has over $75 billion in funds to help homeowners. A lot of this money will be used as a cash incentive for any mortgage lender or bank who approves a home refinancing or modification to at risk homeowners. This means that being approved and getting a new mortgage with lower payments through mortgage refinancing or modification is now easier and more beneficial than it ever has been before.

Homeowners should take advantage of this amazing plan from Obama and get themselves into a more affordable mortgage, save money through reduced interest rates, or save their home from foreclosure. Take action now before your financial situation gets worse.

-M Petrone
www.RefinancingCondo.com

Foreclosures are at an all time high across the country right now. Home loan modification is a great way for homeowners facing or in foreclosure to save their home. President Obamas mortgage stimulus plan is now giving cash incentives to mortgage lenders who approve at risk homeowners. So far, CitiBank and CitiMortgage, have been getting great reviews from homeowners using this plan:

CitiMortgage Home Loan Modification
The bank has started programs for homeowners who have a ARM (Adjustable rate mortgage) loan a chance to get a home loan modification. This program will lower your monthly payments. This will be done through reduced interest rates, extended home loan terms, or lowering the principal amount owed. Contact CitiMortgages loss mitigation department in order to apply for a home loan modification.

Here are a Few ways you can Apply for a Home Loan Modification from CitiMortgage:

-If you have fallen behind on payments by 60 days or more, the loss mitigation department of CitiBank will give you a few different options. Writing a letter of “Financial Hardship” detailing your financial problems, your outline to handle them, proof including bills, bank statements, tax returns, and convince them that a home loan modification is the best thing you can do to save you home.

-After finishing the paperwork, the mitigation department will send a representative to you. Make sure you are quick to respond to the representatives and all related banking officials. Sometimes, anxiety plays a rile in their judging of your seriousness in needing a home loan modification.

-M Petrone
www.RefinancingCondo.com

A home loan modification is a good way to save your home from foreclosure, especially for homeowners who are unable to refinance. A letter of financial hardship, which should be turned in with your application, is a very important step in getting approved. A lot of times, homeowners are turned down for a home loan modification, due to a bad letter of financial hardship.

A letter of financial hardship should have the details of your finances, the problems your facing, and to show them that a mortgage modification would be the best way to ensure you can continue to pay it. Mortgage lenders and banks want to know that you are ready to get your finances in order, and keeping your home is at the top of the priority list.

Your mortgage lender will need to know the details of your financial problems, but keep to the basics. Be sincere and get to the point. Being focused and serious when writing this letter is typically much better than whining, or writing a tear inducing letter. Honesty is the best policy, and be sure to reinforce how important it is to you that you are able to keep your home, and make sure that the mortgage lender or bank understands that a home loan modification is the best way to do that. The mortgage lender or bank must be convinced that you will not default or face or closure on your home ever again, especially after a home mortgage modification.

Mortgage lenders and banks all across the country are flooded with homeowners looking for a home loan modification. Make sure your application is not over looked as just another sob story, and write a good, convincing, letter of financial hardship. Make sure you remain positive in the letter, and clearly outline your plan, why you need a home loan modification, and how important your home is to you. You need to convince them that you are responsible and ready to take control of your financial situation, and not just facing tough times.

-M Petrone
www.RefinancingCondo.com

Even with bankruptcy, refinancing a home mortgage can put more money in your pocket every month with lower mortgage payments, or to finance a large purchase. However, sometimes a bankruptcy can hurt your chances of refinancing at a lower rate than you have now, making a mortgage refinance pointless. So make sure to research a variety of different mortgage lenders to know your options and the lowest quoted rates.

Good Reasons to Refinance a Home Mortgage.
There are many good reasons to look into refinancing. Mainly, people refinance to get a lower interest rate than they currently have. If you can refinance at just 1% (Hopefully more) lower than your rate is now, you may save hundreds of dollars. Ultimately, the goal of refinancing a home loan is to have extra money every month. Although some home owners do choose a cash out refinance where they end up increasing the cost of their home. A cash out refinance is just borrowing money from the equity of your home. This can appeal if you want to reduce debts, home repairs, home improvements, or other big purchases.

Repair Your Credit Rating Before Refinancing.
The chances of getting a good low mortgage rate immediately following a bankruptcy are pretty low. Therefore, it is advised to improve your credit score as much as possible before refinancing. You should get your own copy of your credit score before applying with different lenders. Use this report to fix any errors you encounter and to see where you can eliminate old debts and improve your credit score. Usually paying off store credit cards, credit card, auto loans is a good way to quickly improve your credit rating. Do not get yourself into more debt before a refinance, or get new lines of credit.

Research Potential Mortgage Lenders.
There are a lot of different mortgage lenders who specialize in bad credit, or post bankruptcy refinancing. Sub prime mortgage lenders are especially good at this and have a wide variety of options to help you. You can research potential mortgage lenders using the internet. There are a lot of websites out there from lenders trying to get your business. Make sure to shop around to find the best rates, terms and conditions you can. Once you get a rate quote you like you can shop that quote around to other potential lenders.

-M Petrone
RefinancingCondo.com

How can homeowners save themselves a lot of money every month, or more importantly, save themselves from foreclosure or defaulting on their mortgage? By taking advantage of President Obamas “Making Home Affordable” plan. Millions of homeowners are eligible for this plan. Here are some answers for homeowners looking to save a lot of money every month on their home loan payments:

So, are you eligible to use Obamas plan for yourself and get a new, more affordable monthly mortgage payment through refinancing or home loan modification? If you can answer “Yes” to these next few questions, odds are, you will easily be approved for a low interest home loan modification or refinancing.

Here are the questions:

1)Does the remaining amount due on your home loan less than or equal to 105% of your homes current market value?

2)Is the primary residence of the person the mortgages name is in, the main residence of that person? Homeowners looking to get a home refinanced or modified with this plan must actually live in the home to be approved.

3)Have you been current, in full, and no more than 30 days late on any mortgage payments for 1 consecutive year?

4)Do you have a home loan backed by either Freddie Mac or Fannie Mae? If so, you are automatically approved for a home loan modification which will drastically reduce your monthly mortgage payments.

Homeowners who are able to answer yes to the above questions are pretty much assured of being able to refinance or modify a home loan with Obamas stimulus plan. Homeowners who were not able to answer to the questions, still have chances to save a lot of money with Obamas “Making Home Affordable” plan. Homeowners facing “Financial Hardships” such as, bad mortgages, loss of job, reduced income, hospital bills, school fees and tuition, and bad credit card debts, can still be approved for a home loan modification. Here are a few more questions to help those homeowners see if they will be able to save money through mortgage refinancing or modification with Obamas stimulus plan:

1)Is the home you are trying to refinance or get a home loan modification for the main residence of the mortgage holder?

2)Do you less than $729,500 on your current home loan?

3)Are you facing “Financial Hardships”? Some of which I have mentioned in the paragraph above, as well as, a whole list of others.

4)Was the mortgage closed on or finalized prior to January 1st 2009?

Typically, homeowners who are able to answer yes to these questions are able to get a home loan modification through Obamas housing stimulus plan. Homeowners looking to save a lot of money every month should use this plan to their advantage and start saving a lot of money.

-M Petrone
www.RefinancingCondo.com

Predicting mortgage interest rates can be tricky. We do have some good information to work with though and make a good prediction. Here are my 2009 and 2010 mortgage rate predictions, and how I made them:

Early in 2009, home mortgage interest rates were around 4.69% for a standard fixed rate 30 year mortgage. These were some of the lowest recorded interest rates in history, and homeowners across the country saw the low rates and took advantage by refinancing or loan modification. Mortgage lenders and banks became flooded with applications from all types of homeowners, and had to do something to slow down the massive amount of paperwork that was piling up. A mortgage rate increase of .5% took effect around May of 2009, which was expected. I thought this would happen as a way for mortgage lenders and banks to catch up with the already filed applications. This rate increase was minimal enough to still allow truly struggling homeowners a chance to refinance, but enough that homeowners just looking to save money, with no real financial hardships, held back on applying until rates were lower again. This rate of 5.19% is still low enough to help homeowners save themselves form defaulting on their mortgage, or being foreclosed on and losing their home. This is still a good rate to refinance or get a home loan modification So right now, a typical 30 year home loan will have a 5.19% fixed interest rate. This is where my predictions come into play.

I predict that mortgage interest rates will again be lowered to their prior lows of around 4.69%. This will be sometime around the middle of October this year and should last until April 2010. October of this year will be just about when mortgage lenders and banks catch up with the prior applications, and be ready for a new wave. If you can wait a little you should, however if you are risking your home or finances, take action now.

-M Petrone
www.RefinancingCondo.com

The Federal Government along with President Obama have recently enacted a $75 billion housing bailout program. This plan will allow an estimated 9 million homeowners an opportunity to refinance or modify their existing home mortgage into a new, 4% fixed rate home loan. This plan will save a lot of people a lot of money, or maybe even their homes.

All across the country, the bad economy is taking its toll. Homeowners are losing their jobs, income, facing huge high interest debts, or are stuck in bad mortgages. The money a homeowner saves from taking advantage of this plan can be used to improve personal their financial situation, and help restore consumer confidence in the housing market. Even homeowners who are already in the foreclosure process have a greatly increased chance of saving their home through use of this plan. A streamlined home loan modification or refinance process is in place designed to help homeowners who are about to lose their home to foreclosure. This part of the plan will help millions of homeowners stay in their home and avoid foreclosure, which benefits no one, the mortgage lender, the borrower, or the market.

Mortgage lenders and banks will now be receiving cash incentives from the Government which will allow them to approve more refinance or modification applications with less risk to them. Mortgage lenders and banks are now easier to work with as their risks are minimized and they know, as everyone else does, that a foreclosure benefits nobody and further hurts all parties involved. Mortgage lenders and banks would much rather take a percentage profit loss than a huge loss of a loan being defaulted on and now they are responsible to sell the home too. It is much more common, especially now, to find that banks and money lenders, are much more willing to renegotiate your interest rates, terms, or conditions, in order to keep you in your home. That is why these 4% fixed rate mortgage refinance and modification options are a great chance for the average homeowner to save hundreds of dollars every month.

Almost all homeowners should at the very least look into the potential savings that could be had from using this “Making Home Affordable” plan from President Obama.

-M Petrone
www.RefinancingCondo.com

There has been a new mortgage stimulus plan that President Obama has enacted. The new plan will help millions of homeowners to refinance their current mortgage loan into a low 4.5% fixed rate. This plan “Home Affordability Program” will help homeowners save hundreds of dollars every month. This is how:

At this moment even people with bad credit can get a grant that is offered to homeowners. This program is run by the government and it pinpoints the people that only need help for a short term. Homeowners can use these grants to repay their loans.

There have been new loan modification programs for those homeowners facing tough financial times. Difficulties can range from loss of jobs, losing income, unexpected or uncovered medical expenses or other debt. These new loan modification programs will help struggling homeowners with more affordable monthly mortgage payments. The new payments will be no more than 31% of their total monthly income. The homeowners must also not have any other debts that exceed 51% of their total monthly income.

President Obama and the Federal Reserve are working so that current homeowners and potential homeowners lock in a rate of 4.5%.

Homeowners can look into a mortgage counselor as well, however if they can’t afford one look to the HUD. The HUD can appoint you a counselor free of charge to help with the process, they can also act as representatives when dealing with lenders or banks.

The value of homes have dropped dramatically recently because of the struggling economy. Those homeowners who have watched their homes value drop by 15% or more will be able to refinance their home into a 4.5% fixed mortgage rate. This is done in hopes to help homeowners during the recent housing market crash.

The economy is struggling these days and President Obama is aware of it and with loan modification and fixed rates he hopes it will help. President Obama has put $75 billon of government money aside to help struggling homeowners refinance their mortgage. Everywhere you look there are people facing foreclosure and the values of homes continue to spiral out of control. With Presidents Obamas new stimulus plan the housing market should be stabilized and in turn the values of homes will begin to rise. Mortgage refinancing is a great way to save money if it is done the correct way. With the “Home Affordability Plan” issued by President Obama homeowners everywhere have a chance to keep and stay in their homes. Speak with a lender or bank to take advantage of this opportunity.

-M Petrone
www.RefinancingCondo.com

Homeowners who are interested in getting a home loan modification or refinancing their mortgage should look into President Obamas “Making Home Affordable” plan. This plan will allow millions of homeowners the chance to lock in a low 4% fixed rate through refinancing or loan modification. The requirements to be eligible for this plan are minimal, and the savings are huge. Here is what you should know:

The economy and housing markets are in bad shape, and this has hurt a lot of homeowners. Financial hardships such as loss of job, loss of income, hospital bills, bad mortgages, credit card debts, and other hardships further weaken the economy. However, this plan from Obama will allow homeowners to save their home from foreclosure, or avoid defaulting on their mortgage. The new 4% fixed interest rates which are available will save a homeowner hundreds of dollars every single month. This plan should curb the insane amount of foreclosures, and save a lot of homeowners from being foreclosed on in the future. Homeowners who would have never dreamed of being approved for a refinance or mortgage modification are not being accepted by mortgage lenders and banks everywhere, through use of Obamas “Making Home Affordable” plan.

This plan will save millions of homeowners from losing their home, and should help restore the housing market. Struggling homeowners are actually at an advantage when they decide to get a mortgage refinancing or modification. Mortgage lenders, banks, and President Obama know that foreclosures help no one, and are trying to do everything in their power to work with homeowners and save their home. Call your mortgage lender or bank and ask about Obamas “Making Home Affordable” plan.

-M Petrone
www.RefinancingCondo.com

President Obama has helped millions of homeowners all over the country with his “Making Home Affordable” plan. This plan will help homeowners avoid foreclosure or defaulting on their mortgage by allowing them to get a more affordable monthly mortgage payment through refinancing or home loan modification. Millions of homeowners can use this plan, and here is how:

Will you be able to refinance or get a home loan modification with Obamas stimulus plan?
Luckily, qualifying is easy and only requires a “yes” answer for about 4 questions. Homeowners in all types of situations will be approved for refinancing or home loan modification. Here are the questions:

1)Are you current, full, and up to date on all mortgage payments for the past 12 months? This also means that you can not have been over 30 days late on any of those payments.

2)Is the home mortgage your looking to refinance or get modified a home actually lived in by you, the primary homeowner and loan holder? Only homes lived in as a main residence by the mortgage holder can use this plan, second, investment, or vacation properties can not use this plan.

3)Is the value remaining on your mortgage 105% or less than the actual market value of your home?

4)Is your mortgage financed or backed by Fannie Mae or Freddie Mac? You can easily find this out by calling your mortgage lender or bank and asking. They are obligated to tell you.

By answering yes to the above questions, the odds of you being approved for a mortgage refinancing or modification through use of President Obamas stimulus plan, will be dramatically improved. Even homeowners who were not able to answer yes to all the questions are not completely of out chances. There is another part of the “Making Home Affordable” plan which will allow homeowners a chance to modify their home loan into more affordable rates. Financial hardships, bad mortgages, or other financial problems are reasons a homeowner would get approved for this plan. Here are another set of questions to help you determine your eligibility for a home loan modification:

1)Is the remaining balance on your current mortgage less than $729,500?

2)Is the home loan your looking to get modified a home in which you live in as a primary residence?

3)Was the home loan closed on prior to January 1st 2009?

4)Are financial hardships making it hard to pay your mortgage every month? These include loss of job, reduced pay, or other debts which effect your finances.

Odds are by answering yes to these set of questions, you will be approved for a home loan modification or refinancing through use of Obamas plan. Make sure to use this plan while it is around to save yourself a lot of money, or maybe even your home from foreclosure. Make sure to research potential mortgage lenders, the type of loan you desire, and what your new budget would be. This will help prove to the lender you are serious and have done the work to ensure them it will work.

-M Petrone
www.RefinancingCondo.com

Since there has been a surge of people facing foreclosure, President Obama and his administration have implemented a home refinancing stimulus package and loan modification program to help. The plans were made specifically for people who are having difficulties repaying their loan. This package that President Obama has created will cover 9 million mortgages and on top of that the government will spend $75 billion in helping homeowners.

2 main components for Obama's Stimulus Package:

#1. Refinance

#2. Loan Modification

Let us discuss these components in detail:

#1. Home Refinance Stimulus Package

Ø Using this package Fannie Mae and Freddie Mac, the two most powerful lending agencies, would refinance homes for those who owe more than their home is actually worth. The condition for the package is that Fannie Mae and Freddie Mac be the ones to refinance or modify the mortgage loan.

-This can be a great plan however it will not apply to a home that you do not live in. The offer will only apply to a property that is used for residential purpose. Those that have a home that they do not live in will not qualify for Obama’s home refinancing stimulus package.

2. Loan Modification Stimulus Package

-The lenders that will approve struggling borrowers for loan modification or refinancing will receive incentives provided by Obama and his government. The Presidents believes if this is done homeowners facing foreclosure will be able to stay in their homes. The biggest feature of the package is that the interest rate will drop and can drop down to as low as 2%, the tenure of the loan will increase in order to reduce the borrowers monthly payments and any late fees will as be waived.

-Using the loan modification process the homeowners will have their payments reduced and would be 31% of their monthly income. Sounds like a lot but it is less than you are paying now.

-M Petrone
www.RefinancingCondo.com

President Obamas $75 billion “Making Home Affordable” plan will help homeowners all across the country save a lot of money through refinancing or mortgage modification. This plan will give homeowners a chance to get a 4% fixed rate mortgage, is easy to take advantage of, and can easily save hundreds of dollars per month in interest payments alone. Here is what you need to know:

Help for Homeowners facing Financial hardships
Americans all over the country are facing financial hardships, most of which can be attributed to the struggling economy and bad housing market. Homeowners going through a financial hardship, which includes loss of income, hospital bills, loss of job, or a whole long list of other things, can use Obamas plan to get a 4% fixed rate mortgage. This would be nearly impossible for a homeowner facing financial problems to get prior to Obamas stimulus plan. Homeowners who are going to use this should hand write a letter stating all of your financial hardships, and why a home loan modification or refinancing will help you. Hand sign it and include all relevant documents for proof, such as bills, bank statements and other related information.

Also, homeowners can now actually get a approved for refinancing or mortgage modification even if they owe up to 5% more than the homes market value. This will help a lot of homeowners who have purchased a home, especially in the past few years, and have seen its value drop, or have gotten themselves into a bad mortgage with a high interest rate or other factors. Home mortgages can now be approved for refinancing or modification even if they are 5% higher then the homes value, helping homeowners everywhere get a 4% fixed rate mortgage. Instead of a lot of these homeowners being foreclosed on or defaulting on their mortgage, lenders and banks will now work with them, using Obamas stimulus plan, to get a much more affordable monthly payment.

Help for Homeowners who have Paid their Mortgage every month, yet still need Financial Relief or assistance in getting a better Home Mortgage.
Even with the bad economy, a lot of homeowners have been responsible and been able to keep making their monthly home loan payments, yet are still facing financial problems, especially in this bad economy. Now, these homeowners are much more easily able to get more affordable payments through mortgage refinancing or modification into a 4% fixed rate loan. This is available through President Obamas “Making Home Affordable” plan and will help homeowners avoid foreclosure, or save money every month which can be used for whatever the homeowner wishes.

Fannie Mae and Freddie Mac backed mortgages will also be automatically eligible for homeowners to get a refinancing or modification. This will be at the same 4% fixed rate available to all homeowners using the housing bailout plan from Obama.

Summing it All Up
Homeowners everywhere can now save a lot of money through mortgage refinancing or modification. The savings being reported average hundreds of dollars per month, on interest alone. Millions of homeowners are able to use this plan for themselves and start seeing the savings on next months home loan payment. It has never been easier, more beneficial, or more needed, for homeowners everywhere to refinance or modify a home loan. Do yourself a favor and look into the choices you have, and save your home, or money every month.

-M Petrone
www.RefinancingCondo.com

The Wells Fargo loan modification program decides on borrowers based on their current budget. In order to be considered for their loan modification program you will have to set a goal for your target payment.

Your next step in the process and an important one is to complete all forms for the loan modification loan process. Completing all the necessary form will show the lender that you are ready for the new terms and that you have created a budget and it will be enough to repay the loan. A great and simple way to increase your chances of approval is to completely and correctly complete the application for the loan modification.

Remember there are many people in similar situations. Hundreds of people are filling out applications for the Wells Fargo loan modification and those without errors are much more likely to get approved. Don’t give the lenders any reason to push your application aside, be honest and clear. Give the lender all the information that they asked for the first time so you can save time and you won’t have to worry.

It is always recommended to do some homework if you are applying for a loan modification for the first time. There is tons of information about Wells Fargo online, you can find an application guide that can help you complete the forms you will need and anything else regarding Wells Fargo or their loan modification process. The guide will come in handy when completing the application, writing your hardship letter and also calculating your debt. It comes in handy when thinking about loan modification.

Since there are many homeowners that are facing foreclosure, Wells Fargo came up with there loan modification program. The program will help those that have defaulted on their mortgages and help keep them in their homes. Wells Fargo does have a program that would stop foreclosure for a period of one month. In that time the homeowner is able to look for a solution that works for everyone. Many will already be excluded including those already in bankruptcy and those with a second home.

There is a second type of home loan modification from Wells Fargo; it deals with those loans that have an adjustable rate. This type proposes a five year period where the introductory rate would not be considered. There are other criteria that one must meet in order to qualify for their loan modification program, for example the loan must have been taken before or on January 1st 2009. There’s a lot more information online, look up any other information that may be able to help you along with the process.

-M Petrone
www.RefinancingCondo.com

There are millions of homeowners who can take advantage, right now, of President Obamas mortgage stimulus plan. This plan will allow a homeowner to get a mortgage refinancing or home loan modification into a fixed 4.5% interest rate. A typical homeowner will save hundreds of dollars per month using this plan, here is how to get approved:

-Homeowners facing financial hardships, and can prove them, can get refinanced or a loan modified into a low 4.5% fixed rate through using President Obamas plan. A homeowner should include a letter of financial hardship stating their problems, along with proof such as bills, lay off papers, or other relevant documents. This will greatly increase a homeowners odds of being approved for refinancing or loan modification, especially with President Obamas “Making Home Affordable” plan:

-Homeowners who have the bad experience of seeing their homes drop in value due to a bad economy and housing market now have a chance to get a better more affordable monthly home loan payment through refinancing or modification of their home loan. Homes which have dropped by 15% or more in value can now get approved for refinancing or loan modification through Obamas plan. This was previously nearly impossible for a homeowner to do, but is now made much easier.

-Homeowners who have a home loan which is financed, backed, or insured by Freddie Mac or Fannie Mae are now automatically all eligible for a home loan modification into an affordable mortgage payment which will not exceed 31% of a homeowners gross monthly income. The savings from this alone can easily save a homeowner hundreds of dollars every single month.

Mortgage Refinancing and modification, right now using Obamas plan, has never been easier or more beneficial for a homeowner. Typical homeowners will easily save a few hundred dollars every month through taking advantage of President Obamas “Making Home Affordable” plan. If you are a homeowner you should take action and see how much you can save.

-M Petrone
www.RefinancingCondo.com

Homeowners may have been hearing about how hard getting a mortgage refinancing or modification has been with Countrywide. There are a lot of people who have attempted to get refinanced and have been rejected. However, you do not have to panic and get too worried. Here are some tips that will help you get approved when refinancing or getting a home loan modification with Countrywide.

Countrywide Home Loan Modification Tips

Tip #1: The first thing you should be prepared to do is provide proof of any financial hardships or problems you may be going through. You need to be able to convince Countrywide that you are truly facing financial problems such as, loss of job, reduced income, hospital bills, or other financial hardships. Countrywide will need to know, and be sure of, and financial problems you are facing in order for them to take interest in helping you. Make sure to have all supporting documentation you can get regarding your stated financial hardships.

Tip #2: Next, the best thing you can do is get together all necessary documents and paperwork necessary for refinancing or home loan modification with a financial hardship. Get bills, home expenses, and all bills which are due and you owe on. You will need to have this proof to get a home loan modification or refinance with Countrywide.

Tip #3: Next, figure out your monthly budget, and all of your income and expenses. Countrywide will need to know you have a understanding of your financial situation, even if it is bad, before they will approve you. They want to know you have a plan should you be approved to avoid problems in the future. This way Countrywide can approve you and get you a monthly mortgage payment which you can afford.

While trying to get a mortgage refinancing or modification from Countrywide may seem hard, it does not have to be. They simply want to be sure you are in fact facing financial problems, and may lose your home, but have a plan to prevent this, before they will approve you. Make sure you follow these tips to improve you chances of being approved for a home loan modification or refinancing from Countrywide.

-M Petrone
www.RefinancingCondo.com

Mortgage rate predictions for 2009 can be a little tricky to predict. However, we do have some solid information to use and make a good prediction from. Here, I will predict mortgage interest rates for the rest of 2009, and a few months into 2010.

Mortgage interest rates earlier in the year were around 4.69% for a typical 30 year fixed rate mortgage. These represented the lowest interest rates of the year, and homeowners jumped at the chance to refinance or get a home loan modification. When they did, mortgage lenders and banks quickly became flooded with applications. As I expected, the interest rates were increased by .5% or so just after the rush of refinancing and loan modification applications came in. I think that the rates were increased to their current average of 5.19% in order to give mortgage lenders and banks a chance to catch up with all the paperwork. This small interest rate increase made homeowners just looking to save money pause, while it still was low enough to allow a lot of homeowners a chance to save their home from foreclosure, or themselves from defaulting on their mortgage.

This is where my prediction comes into play. I predict that sometime around the middle of October 2009, mortgage interest rates will drop by .5% to their prior lows. This will be around the time mortgage lenders and banks are ready for a whole new wave of homeowners looking to get a refinancing or mortgage modification. I think these rates will last through April of 2010. If you can, wait, if not, take action now. The longer you wait, the worse the financial problems will get. Take action now.

Homeowners who need to save money to avoid foreclosure or defaulting on their home loan can now get a mortgage refinancing or modification into a fixed, 4.5% interest rate using President Obamas “Making Home Affordable” plan. Millions of homeowners are eligible and Ditech is ready to help. Here is what you need to know to use this plan to your advantage:

Millions of homeowners are now eligible to use Obamas housing bailout plan, even if they have been denied the chance to refinance or modify their mortgages before. The new guidelines that Obamas plan lays out give cash incentives to lenders such as Ditech, to approve home loan refinancing and modification applications, to homeowners who are at risk of losing their home, or facing other financial hardships. These hardships can include losing a job, hospital bills, reduced income, bad mortgage loans, high credit card debts, and a whole list of other things a lot of homeowners are facing. Homeowners just need to include a letter of financial hardship stating their problems, and why they need to get a more affordable monthly mortgage payment. This will greatly increase their chances of being approved for a refinancing or loan modification with lenders like Ditech.

Also, homeowners who have seen the value of their house drop due to foreclosures, and other bad housing market situations, can use this plan to get approval for a mortgage refinance or modification. This means that homeowners who never would be approved before, due to low equity in the home, or a bad mortgage loan, can now get approved with low interest rates. The money saved through this would easily equal hundreds of dollars per month for the average homeowner. This money can be used to pay down other debts, and help ease any financial strains.

Ditech mortgage refinancing is a great option, especially now, for a homeowner to easily save a lot of money every month. Homeowners facing any type of financial troubles should look into refinancing or getting a home loan modified with Obamas stimulus plan. It has never been easier to take action and save your home, or your finances.

-M Petrone
www.RefinancingCondo.com

Homeowners can easily save hundreds of dollars every month by taking advantage of President Obamas “Making Home Affordable” plan through refinancing or getting a home loan modification. This plan makes millions of homeowners facing financial hardships, or other problems including foreclosure, a chance to get a low 4.5% fixed rate mortgage. Here is how you can use this plan for yourself:

Here I have included some of the most important eligibility requirements of Obamas housing bailout plan:

-Many homeowners have been making their payments on time and in full for years now. Yet, with the bad economy and housing market, a lot of homeowners still owe more on their home loan than their home is worth on the open market. With President Obamas mortgage stimulus plan, a homeowner can now get a refinance or mortgage modification, at a fixed 4.5% even if they owe 5% more than their homes actual market worth. This will help a lot of homeowners who have been responsible in payments, but have bad mortgages, or have really felt the effects of the bad housing market.

-A lot of homes all over the country have dropped in value. This is due to foreclosures dragging down prices, a tough economy, lack of confidence in the housing market, and the bad housing market. Now though a homeowner can still get refinancing and mortgage modification options by using President Obamas mortgage stimulus plan. This plan will allow homeowners who have seen the value of their homes drop by 15% or more, refinance or get a mortgage modification into a fixed 4.5%, due to the bad economy.

-Homeowners who have Fannie Mae or Freddie Mac as their mortgage provider are automatically eligible to get a home mortgage refinance or modification into a fixed 4.5% rate. This plan form Obama allows all homeowners, regardless of financial situation, the chance to get a mortgage refinance or modification into an affordable monthly payment.

Homeowners everywhere can use this plan to save a lot of money every month. The savings are huge, and easy to get, thanks to President Obamas housing stimulus plan. This should stop foreclosures, raise home values, and help the overall economy. All homeowners should take a little time and see if they are eligible to use this plan for themselves and easily save thousands of dollars.

-M Petrone
www.RefinancingCondo.com

Having a bad credit rating may result in you being turned down for loans, credit cards, auto financing, and home mortgages. People who have bad credit and are not sure where to go, often turn to a credit union or bank. Typically though, these lenders do not offer loan to people with bad credit. In order to get approval, you must work with the right type of lender, especially if you have bad credit.

Are their options for mortgage refinancing if I have bad credit?
Mortgage rates have been dropping rapidly, and a lot of homeowners are looking into refinancing or home loan modification. Not too many years ago average interest rates were around 9%, while today average interest rates for a mortgage are around 5%. Homeowners who refinance at this low rate will see lower monthly payments, and big savings. This money can be used to better the homeowners financial position.

Homeowners with a bad credit rating can save a lot, and see big benefits from getting a mortgage refinance. Sub prime mortgage lenders are specialists who deal with homeowners who have bad credit. They will be able to offer you better mortgage rates than a typical prime mortgage lender would be able to, which is the whole point of refinancing or getting a mortgage modification.

Benefits to Homeowners with a Bad Credit Rating who want to Refinance
Refinancing a home loan with bad credit will include extra expenses to minimize the lenders risk. However, a home loan modification or refinance is a great way to rebuild, restore, and improve your credit rating. Also, some homeowners will have the choice to walk away with a lot of cash through a cash out refinance should they choose to do so. This money can be used for anything, but would be put to a better use if they are used to pay off other debts, and further increase your credit rating.

Finding a Sub Prime Mortgage Lender

Homeowners who have a bad credit score can easily use the internet to help them. Most of the time, lenders and banks will have applications which you can fill out online. You will still need to supply relevant information such as pay stubs, bank statements, bills and debts, and all related information.

Refinancing and mortgage modification
have never been easier for a homeowner to get. Take advantage now and see the huge savings almost immediately.

-M Petrone
www.RefinancingCondo.com

Here I will make my mortgage rate prediction for the rest of 2009. We have some good information to use, and we will explain how we made these predictions, and why it is important. Saving even a tiny bit on mortgage interest rates can save a homeowner thousands of dollars, if they know when to take advantage.

Right now, mortgage rates are around 5.19% for a standard 30 year fixed rate mortgage. However earlier in 2009, up until about March, home interest rates for the same loan were around 4.69%. Although it seems small, that .5% in interest can save a homeowner a lot of money, and I think its coming back.

I think the increase in mortgage rates that took place was due to mortgage lenders and banks being overwhelmed with homeowners looking to refinance or get a home loan modification. Factor the low interest rates, a struggling economy, a bad housing market, and President Obamas $75 billion housing bailout plan, and homeowners were flocking to refinance or modify their mortgage. The lenders and banks quickly became flooded with applications from homeowners who are struggling to make their payments. The interest rate increase had to take place to stop the overflow of applications, and separate the truly desperate homeowners, from those just looking to take advantage of the low interest rates to save money. So, as said earlier, interest rates for a typical 30 year fixed rate home loan stand around 5.19% nationwide. However this is where my predictions come in.

I think that the mortgage rates will go back down to their prior lows of around 4.69% due to the mortgage lenders and banks being ready for a new wave of homeowners who need a mortgage refinancing or modification, and them being caught up with the prior applications. These mortgage rates of 4.69% should start sometime around the middle of October 2009, and last through around April of 2010.

Homeowners who can wait should see just how low these interest rates will go and then take advantage. However, if you are facing foreclosure, defaulting on your mortgage, or facing financial hardships, you should take action now before your situation gets worse.

-M Petrone
www.RefinancingCondo.com

Your personal financial situation and budget will be the biggest factor in determining whether or not you will be accepted for a home loan modification with Wells Fargo. You need to have clear financial goals, and a good idea of what your mortgage payment needs to be at to help you get approved.

Next, and maybe the most important thing you need to do, is completely and accurately, fill out all necessary forms and paper work associated with a mortgage modification. This shows the bank you understand the situation and have done the research to prove it. You chances of being approved will be increased, and the speed of approval will generally be faster because everything is proper and accurate.

Wells Fargo is one of the biggest companies in the industry and they handle hundreds, sometimes thousands in times likes these, applications per day. Incomplete, improperly filled, or inaccurate home loan applications for refinancing or modification may be declined returned to you and needed to be resubmitted. This would make the whole process start all over again. Do it correctly the first time, and their should be no problems with getting it returned to you.

For the majority of homeowners, this may be their first time dealing with a home loan modification. In this case, you should be research prior to applying anything. Wells Fargo offers help, guidance, and online manuals and tools which can easily help you make your decision. These are super resourceful tools to have when refinancing a home loan, writing a financial hardship letter, or seeing if refinancing or modification or a home loan is even the right thing to do.

With the record number of foreclosures across the country, Wells Fargo is doing everything they can to allow homeowners to stay in their home. Foreclosures hurt everyone involved, and even homeowners who are already in the foreclosure process can get help. Their has never been an easier or more beneficial time to get a home loan modification than there is now.

-M Petrone
www.RefinancingCondo.com

Fannie Mae and Freddie Mac will now be approving more home loan modification and refinancing applications than ever before, thanks to President Obamas “Making Home Affordable” plan. This plan will allow mortgages backed by either Freddie Mac or Fannie Mae to be refinanced or modified into a fixed rate 4.5% mortgage. Here is how you can take advantage:

These are some of the eligibility requirements for homeowners looking to use President Barack Obamas mortgage bailout stimulus plan:

-Interest rate reductions will be the main source for savings for mortgages backed by Fannie Mae or Freddie Mac. Home loans will be refinanced or modified into more affordable monthly payments according to the homeowners gross monthly income. This plan calls for home loan payments to not exceed 31% of a homeowners monthly income. Currently, millions of homeowners pay closer to 50% or even 60% of their income towards their home loan every month. The 20% reduction in monthly payments would greatly reduce them, every month.

-With the economy and housing market in such bad shape, a lot of homes have dropped in value. A big goal of this stimulus plan from President Obama is to help homeowners who have seen their home or property values drop by 15% or more. Typically these homeowners would have a hard time refinancing or getting a home loan modification. Now though it will be easier and more beneficial then ever, especially for homeowners with a mortgage from Fannie Mae or Freddie Mac. A homeowner who uses this “Making Home Affordable” plan from Obama will be able to get a 4% fixed rate mortgage through refinancing or loan modification.

-Homeowners who have declared bankruptcy, even if their home loan is financed or backed by Fannie Mae or Freddie Mac, will not automatically be eligible for a mortgage modification or refinance.

-Now, a homeowner who owes more than their homes market value, up to 5% more, can get a refinancing or loan modification. The stimulus housing plan from Obama will allow this, helping struggling homeowners with bad mortgages everywhere.

Refinancing and mortgage modification have never been easier or more beneficial for homeowners than they are now. Hundreds of dollars, every single month, will be saved by a homeowner who uses this plan to their advantage. Homeowners facing foreclosure should this plan to try and save themselves from losing their home. The least you should is call your lender and ask about how much you can save through using this refinance and home loan modification plan for yourself.

-M Petrone
www.RefinancingCondo.com

Recently, President Obama announced his Home Mortgage Stimulus package which allows millions of existing homeowners the chance to refinance or modify their home mortgage into a fixed 4.5% rate. The “Home Affordability” plan lets millions of homeowners everywhere save a lot of money. Here is how it works:

Right now, there are a lot of grants that are available to a homeowner, regardless of their credit history or rating. This Government backed program is designed for short term financial help, and are not a long time solution. These loans can be used though to pa y down other debts which will help you in saving money.

Currently, Home Loan Modification programs are available to lots of homeowners who are in a “Financial Hardship” which can be anything form medical bills, to job loss, loss of income, or other high interest debts. The mortgage modification programs that are available allow a homeowner to get a new monthly home payment that will not exceed 31% of their gross monthly income.

The total amount of all debts, which includes your home payments, will not exceed 51% of your monthly income if you take advantage of this Obama Stimulus plan.

Homeowners would benefit from the fact that home interest rates would be set at a fixed 4.5% rate due to both Obama and the Federal Reserve wanting to keep the rates low.
Now, homeowners will be able to get free Mortgage Counseling from a HUD appointed home loan counselor. These mortgage counselors will act on your behalf when talking to banks and mortgage lenders, and all for free.

If you are a homeowner who has seen their property value drop by 15% or as a result of this housing crisis, you will now be able to refinance or modify your loan into a 4.5% fixed rate. This will help millions of homeowners who have seen the property values of their homes drop.

Luckily, President Obama is aware that the economy is going through hard times right now, and is making an effort to help homeowners everywhere. The Federal Government has set aside well over $75 billion in funds to assist homeowners refinancing or modifying their home mortgage. With home foreclosures happening everywhere, and property values rapidly dropping, this stimulus plan will help stabilize the market and home prices should start going up as a result. Refinancing or modification of a mortgage, and doing it the proper way, will save a homeowner a lot of money, especially when using this “Making Home Affordable” plan from President Obama. See how much you can save and talk with a mortgage lender or bank.

-M Petrone
www.RefinancingCondo.com

President Obamas “Making Home Affordable” plan will allow millions of homeowners the chance to get a 4.5% fixed rate home loan through refinancing or mortgage modification. Here is what you need to know:

These are some of the eligibility requirements that a homeowner must meet in order to use President Obamas “Making Home Affordable Plan” for themselves:

-Homes which have decreased by value 15% or more can use this plan. This helps millions of homeowners who have seen the value of their home go down, even though they make their payments regularly and on time. The tough economy and bad housing market have left homeowners feeling helpless as they watch the value of their home drop. Now, these homeowners can use the housing bailout plan from Obama and get a low 4.5% interest rate.

-Homeowners, as a result of financial hardship or the bad economy, may owe more on their mortgage then the homes market value. Now though, a homeowner can get a refinance or mortgage modification, even if they owe up to 5% more than their homes value.

-Mortgages backed, insured, or financed, through Fannie Mae and Freddie Mac are automatically eligible for modification. President Obamas plan calls for this, and they have no choice.

-A homeowner who wishes to use this plan, must live in the home to be refinanced or modified as their primary residence. This plan does not offer assistance for second homes, investment properties, or rental homes.

Taking advantage and getting a 4.5% fixed mortgage through refinancing or mortgage modification is a quick, easy way a homeowner can lower their monthly payments. Millions of homeowners are covered under this housing bailout plan, and should take advantage. Applying and qualifying is easier than ever, and homeowners should take this chance to save a lot of money.

-M Petrone
www.RefinancingCondo.com

When applying for a loan modification you will be required to provide the lender with a hardship letter. This can be the hardest part for a homeowner because many are not sure what to write and some become overwhelmed.

Here will be a sample of a hardship letter that will explain the basic feel that should be used in the letter. Provided is a sample hardship letter along with instructions for what one should bring up in their own letter. The lender needs this letter to see if you qualify for the loan, everyone’s letter will be different with different reasons as to why they need a loan modification, in order for the lender to take your situation seriously you must also tell your story.

Account number: [Your loan number]

[The name your loan is under, usually your own.]
[Your residential address, which is also the address you are requesting loan modification on. Loan modifications are not allowed for properties that are not lived in.]
[Your phone number and email]

To Whom It May Concern: (Or the persons name if you know it.)
[Explain the reason for the loan modification in the hardship letter.]
The reason for this letter is to explain the reason I/we have fallen behind on the mortgage payments. I am requesting that you work with us/me on a loan modification. I/we have come across some hard times that are making everything a struggle. I/we would like to work out a plan with you and possibly work out different terms on the mortgage so we can stay in our home.

[Keep the explanation of the reasons short and to the point. Try to limit it to about one paragraph.] I lost my job a few months back and have not be able to find anything that pays enough to pay all of my bills or other expenses. I had some savings that I have been using to try to stay afloat but that is now gone. I have however found a position that pays well enough to get back on my feet and am scheduled to begin working in a few days. My spouse, who pays half of our monthly expenses, has fallen ill with X and can no longer work because of the medical treatment. Fortunately the doctors expect a full recovery within 6 months. Although it is great that my spouse will recover, the medical treatment being used is expensive and we can not afford to pay our other expenses along with the medical treatment.

[Explain your come back plan.]
After doing the math I have come to the conclusion that with my new position I will be able to pay monthly expenses including the mortgage payment of $X. As soon as my spouse recovers from her illness we will be financially stable again however until that day comes we will be a little strapped for money. If possible we are requesting [Ask for exactly the loan modification agreement you feel you can handle and they will approve of]

Thank you for you patience and time. Thank you for looking over my situation and considering the home loan modification plan that will help us get back on our feet.

Sincerely, [Signature]

What we have written above is just a sample letter, make sure you remember this. When writing a hardship letter for a home loan modification it is a good idea to go a little deeper into your story but make sure not to make it into a tear jerker. While you may feel that if you pull some heart strings you will have a better chance of being approved, however the reality is the lenders don’t want to hear it. The lenders are just trying to determine if you are at risk of defaulting again.

-M Petrone
www.RefinancingCondo.com

Mortgage rate predictions for 2009 can be a little tricky to predict. However, we do have some solid information to use and make a good prediction from. Here, I will predict mortgage interest rates for the rest of 2009, and a few months into 2010.

Mortgage interest rates earlier in the year were around 4.69% for a typical 30 year fixed rate mortgage. These represented the lowest interest rates of the year, and homeowners jumped at the chance to refinance or get a home loan modification. When they did, mortgage lenders and banks quickly became flooded with applications. As I expected, the interest rates were increased by .5% or so just after the rush of refinancing and loan modification applications came in. I think that the rates were increased to their current average of 5.19% in order to give mortgage lenders and banks a chance to catch up with all the paperwork. This small interest rate increase made homeowners just looking to save money pause, while it still was low enough to allow a lot of homeowners a chance to save their home from foreclosure, or themselves from defaulting on their mortgage.

This is where my prediction comes into play. I predict that sometime around the middle of October 2009, mortgage interest rates will drop by .5% to their prior lows. This will be around the time mortgage lenders and banks are ready for a whole new wave of homeowners looking to get a refinancing or mortgage modification. I think these rates will last through April of 2010. If you can, wait, if not, take action now. The longer you wait, the worse the financial problems will get. Take action now.

-M Petrone
www.RefinancingCondo.com

Homeowners who have a mortgage with Ditech (GMAC) should use President Obamas stimulus plan to get a refinance or home loan modification. The “Making Home Affordable” plan from Obama will allow homeowners a chance to get a low 4.5% fixed rate through refinancing or mortgage modification Here is some information for homeowners looking to save money through this plan:

Homeowners everywhere are now eligible to use this plan, even if they have been turned down from Ditech before. The guidelines in Obamas stimulus plan give cash incentives to mortgage lenders such as Ditech, to minimize their risks and allow them to approve more applications. Millions of homeowners can use this plan, here is some more information.

-The home to be refinanced must be lived in as a primary residence of the actual homeowner. This plan will not assist people with their vacation, second, or rental properties.

-Mortgage interest rates can be reduced to as low as 2% due to mortgage lenders and banks needing to meet the plans guidelines. One of these guidelines is that a homeowner, after a loan modification, should not pay more than 31% of their gross monthly income towards their home loan every month. In order to do so, interest rates may be reduced to as low as 2%.

-Mortgages may be refinanced or modified into 20, 30, or even 40 years in length in order to meet the requirements from Obamas plan.

Homeowners everywhere can use this plan to their advantage and get a more affordable monthly mortgage payment through loan modification or refinancing. When a homeowner uses a mortgage lender with the reputation, size, and experience as Ditech does, they can rest assured that the best people in the industry are on the case. Millions of homeowners can easily save a few hundred dollars per month, just by taking some time to talk to Ditech. Start saving now and take action.

-M Petrone
www.RefinancingCondo.com

During this article we will be discussing home refinancing. Currently during this tough economic time this is a very popular subject. Although the interest rates are not at their lowest, there are many people considering refinancing. The process of refinancing a home can be complicated and confusing so there is no reason to be embarrassed if you need some kind of explanation.

There are many people that were buying their first home who took the first option that they were given. Many people are having financial difficulties and are unable to get a good loan. As soon they got into their home they were happy with their lender however after a few months of paying the loan they begin to think that they could have gotten a better deal. It could be because you are now better off and feel that you can get better terms on the loan. Whatever the reason may be you should consider a few things before deciding to pursue a mortgage refinancing loan or loan modification.

When you refinance your home it means that you are taking out another loan to repay the current loan. If you have had your current loan for some time, you have already paid a good chuck of it and will not owe as much. If you are refinancing a loan that you have had for a while you wont need to take out a loan that is very big and your new payments will be smaller.

The first thing that you must consider is the interest rate on the loan. In order to be worth the time and effort the new loan should have an interest rate of at least 2% lower than your current rate. This would be the big deciding factor to refinance a mortgage loan unless the reason you want to refinance due to a soon to be skyrocketing payment.

You should also double check your current mortgage documents to make sure that you are not being charged prepayment fees. However if you do have these fees, consider the total cost that will come along with the loan, be aware that all loans do come with closing fees. When you see a home mortgage lender advertise themselves as having no closing cost what they are doing is just rolling over into your actual loan and in the end the loan will be higher because of it. Another way lenders trick you is having low interest rates but with high closing costs. If this is done it may take a few years to make refinancing worthwhile.

-M Petrone
www.RefinancingCondo.com

It’s very possible that you have heard in the news how difficult it is to get a loan modification loan for Countrywide. As a matter of fact there are plenty of people that have tried but failed. However there is no need to panic here are some tips that will help you through the process.

Loan Modification Tips: Countrywide

Tip #1.
The first step that you must take is providing proof of your financial difficulties and hardships. You have to describe what exactly is happening to you and how it is causing you financial difficulties. Were your hours cut back at your job, laid off, medical emergency? Countrywide’s loan modification process requires they know exactly what your hardships are. So when applying for that program go over your records or your pink slip to give to Countrywide.

Tip #2.
The next step you should take is gathering any and all paperwork that can be used as reasons for your current difficulties in paying your mortgage. Gather your bills light, gas, insurance and everything else that you have to pay every month. In order to qualify for the Countrywide loan modification process you will have to have documentation for where all of your monthly income is being used for.

Tip #3.
You should then figure out exactly what you bring in every month. The Countrywide loan modification process requires you prove that you will be able to repay the loan realistically. You along with Country wide will be able to rearrange your terms and lower the interest rate and reach an amount that you would be able to repay.

It is difficult to obtain a mortgage refinancing or modification from Countrywide, however with some hard work and persistence it will be worth it in the end. Many homeowners were able to get new loans with rates as low as 3%. Look into loan modification get your paperwork ready and get you finances back on track.

-M Petrone
www.RefinancingCondo.com

Not sure what home refinancing or home loan refinancing means? A simple way to define it is they are special loans that equal to the principle of the amount currently owed along with altering the existing terms and agreement of the old loan. This is usually done for properties or home improvements. If you like many others are paying high interest rates on the loan, if you need cash liquidity, if you are stuck with an adjustable mortgage rate or even if you plan on consolidating your debts looking into refinancing you loan may be a great step. There are many different types of options that can be utilized by homeowners looking for better mortgage rates. Refinancing your current mortgage loan can help you redeem the current loan for a new loan which would bring better terms and a lower interest rate.

When to refinance

Refinancing you home loan if you have an adjustable mortgage rate for a loan with a fixed rate is a good move. However there is no set time when it is best to do so, it really depends on your situation and where you have set your finance goals. Ask yourself these questions to try and decide whether or not to refinance.

* How long do you plan to occupy your home?
* Are you willing to compromise for a lower interest rate?
* Are availing lowered payments worthwhile as compared to the cost incurred for the mortgage closing costs and the initiation fees?
* How much equity have you invested in your home? (Less than 10 years?)

Adjustable rate to a fixed rate

It is always best to get the lowest fixed rate possible when refinancing, however you must be aware of your current financial situation. If you do have an adjustable rate mortgage, (ARM), and your plans are to move within 3 years or so refinancing is probably not the best choice.

"Lock in" an interest rate?

It is impossible to predict the interest rates of the future. However, most times when mortgage rates skyrocket they tend to lower and become steady. So if you are looking into a home or mortgage loan refinance it is best to lock in a rate as soon as you can. It is always possible to refinance a home mortgage if the rates suddenly drop after. If the rates do drop chances are it does not drop low enough to affect you or your monthly payments. However everyone’s situation is different so make sure you review your situation and figure out what is best for you before committing to any solution.

Estimated value of a home and what it is actually worth.

Generally a homes estimated value is determined by a comparative market analysis or an appraisal. However the actual worth is established by what buyers are actually willing to pay for it. The price that a home is sold for is the “practical price” usually determined by the lending institutions or the bank.

-M Petrone
www.RefinancingCondo.com

Wells Fargo refinancing and home loan modification is now easier, and more beneficial, than ever before. President Obamas housing stimulus plan now allows homeowners a chance to refinance or modify their home loans into affordable monthly payments, and Wells Fargo is participating. Millions of homeowners can use this plan, and here is how:

This plan has over $75 billion allocated to it, and most of that will be given to mortgage lenders and banks as cash incentives to help struggling homeowners. This cash incentive will allow mortgage lenders and banks to approve more applications for refinancing or home loan modification because they have less risk of losing money. This also allows homeowners who have been denied before, or just think they would never qualify, for a mortgage modification or refinance. Wells Fargo is following the guidelines form Obamas plan and is now offering refinance and modification options to homeowners who would not have been approved prior to President Obamas plan. Another great part of this plan for homeowners is that now a home can be refinanced or have its loan modified even if the home has lost value. The tough economy and housing market have reduced home prices by a lot. Now, a homeowner who has seen their property values drop by 15% or more can refinance through Obamas stimulus plan, and Wells Fargo. Also, a homeowner may actually owe more on their loan than the homes actual market value, which previously would automatically disallow them from refinancing or getting a home loan modification. Now though with Obamas “Making Home Affordable Plan” homeowners who owe up to 5% more than their homes worth can refinance or get a loan modification into a lower, more affordable, monthly payment.

Millions of homeowners can easily use this plan to their advantage and save a lot of money every month. With lenders as big and reputable as Wells Fargo, a homeowner knows they are getting the best refinance or mortgage modification possible. This plan should restore home values, stop foreclosures, and help the whole economy. You owe it to yourself to use this plan and secure your financial future.

-M Petrone
www.RefinancingCondo.com

Homeowners everywhere will be happy to know that President Obamas “Making Home Affordable” plan makes refinancing or getting a home loan modification easier than ever, and at super low interest rates. Millions of homeowners can use this plan for themselves and easily save hundreds of dollars per month on their mortgage payment. Here are some details you should know:

Here are some of the eligibility requirements for a homeowner who wants to use Obamas plan for themselves:

-Homes everywhere have decreased in value as a result of the bad economy and worse housing market. Now, homeowners who own a home which has lost 15% or more of its value can use the “Making Home Affordable” plan. This will allow a mortgage to be refinanced or modified even if the home has lost value.

-Mortgages backed or financed in any way by Fannie Mae or Freddie Mac are automatically eligible for a modification. This will be allowed regardless of your financial situation or reason to want a home loan modification.

-Homeowners wanting to use this plan must live in the home to be refinanced or modified in order to be eligible. This plan will not offer assistance for second, vacation, or investment properties.

This plan will help millions of homeowners save a lot of money, or even their home. Also, this plan should restore some consumer confidence in the housing market, which will make home prices rise again. A lot of homeowners will be able to avoid foreclosure or defaulting on their mortgage simply by using this plan for a mortgage refinancing or modification. The overall economy should also see the benefits of this plan. Millions of homeowners can take advantage of this plan and see savings almost immediately. You should take some time and look into the potential savings you can get by using this plan for yourself. Refinancing or getting a home loan modification has never been easier, or more benefical to a homeowner than it is right now, thanks to President Obama.

-M Petrone
www.RefinancingCondo.com

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