Best Loan Agent Live http://bestloanagentlive.com/blog Chat with a Loan Officer live about your mortgage Thu, 12 Aug 2010 18:37:06 +0000 http://wordpress.org/?v=2.1 en Realestate Seminar with James Smith http://bestloanagentlive.com/blog/?p=20 http://bestloanagentlive.com/blog/?p=20#comments Wed, 26 May 2010 16:00:34 +0000 admin http://bestloanagentlive.com/blog/?p=20 James Smith has been investing in real estate for over 40 years. He has literally taught tens of thousands of students across the US and Canada the power of real estate to strengthen your financial foundation and begin focusing on your life’s core purpose. The purpose of this Real Estate Wealth Seminar is to provide James’ newest students with the core knowledge and techniques necessary to understand real estate, why it is one of the most effective wealth building strategies available to Americans, and how to get started today in building their own
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]]> http://bestloanagentlive.com/blog/?feed=rss2&p=20 Palm Beach Real Estate homes condos beach homes waterfront homes http://bestloanagentlive.com/blog/?p=18 http://bestloanagentlive.com/blog/?p=18#comments Thu, 06 May 2010 19:51:44 +0000 admin http://bestloanagentlive.com/blog/?p=18

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]]> http://bestloanagentlive.com/blog/?feed=rss2&p=18 Record Number of Homeowners in Jeopardy of Losing their Homes http://bestloanagentlive.com/blog/?p=1 http://bestloanagentlive.com/blog/?p=1#comments Wed, 11 Nov 2009 05:14:18 +0000 admin http://bestloanagentlive.com/blog/?p=1 More and more homeowners have stretched themselves too thin and are facing the reality that they may lose their homes.

Thousands of homeowners who purchased early in the new millennium are facing tougher times as their low introductory rate mortgages are adjusting. Some industries experts are speculating that more than 30% of homeowners who financed their homes with Adjustable Rate Mortgages (ARM’s) in the early 2000’s will soon face an increased mortgage payment that they won’t be able to pay.

This could force hundreds of thousands of homeowners nationwide to either refinance their homes into a long term locked rate or try another “tricky” adjustable rate loan to avoid foreclosure. Thousands more could be forced from their homes as Lenders begin foreclosing on properties because of missed mortgage payments.

The affects are already starting to show. A recent RealtyTrac survey reported that 115,292 properties went into foreclosure in the month of August, up 53% from last year.

The foreclosure problem is a direct result of irresponsible borrowing and irresponsible lending practices. Creative financing options like ARM’s and interest only loans have created opportunities for potential homeowners to purchase bigger, more expensive homes then they truly can afford. Low introductory rates are appealing to consumers, but all too often when the rate adjusts it makes the new payment unaffordable.

Compounding the problem; home values across most of the nation are either stagnant or slowly falling. Having little or no equity in a home can make it virtually impossible to refinance, especially for homeowners who have less than perfect credit. This could leave thousands of homeowners with only one choice - come up with the money or foreclose.

If you have questions or need assistance in evaluating your current mortgage situation or if you have any mortgage, home loan, refinance, home equity, debt consolidation, reverse mortgage or foreclosure questions please visit www.BestLoanAgentLive.com – The website is free for consumers and 100% chat based. It doesn’t require your phone numbers or e-mail address for free live advice from qualified Loan Officers nationwide.

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]]> http://bestloanagentlive.com/blog/?feed=rss2&p=1 Loan Modification Frequently Asked Questions http://bestloanagentlive.com/blog/?p=9 http://bestloanagentlive.com/blog/?p=9#comments Mon, 02 Feb 2009 18:43:47 +0000 admin http://bestloanagentlive.com/blog/?p=9 You can chat with a loan modification expert anytime at www.bestloanagentlive.com  

A Loan Modification is a permanent change in one or more of the terms of a mortgagor’s loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.

Question 1: In utilizing the Loan Modification option to bring an asset current, can the mortgagee include all fees and corporate advances?

Answer: Mortgagee Letter 2008-21 states in part: Legal fees and related foreclosure costs for work actually completed and applicable to the current default episode may be capitalized into the modified principal balance.

Question 2: May a mortgagee perform an interior inspection of the property if they have concerns about property condition?

Answer: Yes, the mortgagee may conduct any review it deems necessary to verify that the property has no physical conditions which adversely impact the mortgagor’s continued ability to support the modified mortgage payment.

Question 3: Can a mortgagee include late charges in the Loan Modification?

Answer: Mortgagee Letter 2008-21 states that accrued late charges should be waived by the mortgagee at the time of the Loan Modification.

Question 4: When utilizing a Loan Modification option, can a mortgagee capitalize an escrow advance for Homeowner’s Association fees?

Answer: HUD Handbook 4330.1 REV-5, Paragraph 2-1, Section B, Escrow Obligations states: Mortgagees must also escrow funds for those items which, if not paid, would create liens on the property positioned ahead of the FHA-insured mortgage.

Question 5: Is there a new basis interest rate which mortgagees may assess when completing a Loan Modification?

Answer: Yes, Mortgagee Letter 2008-21 states that the new basis interest rate is 200 points above the monthly average yield on U.S. Treasury Securities, adjusted to a constant maturity of 10 years.

Question 6: Will HUD subordinate a Partial Claim, should a mortgagor subsequently default and qualify for a Loan Modification?

Answer: If a mortgagor subsequently defaults and qualifies for a Loan Modification, HUD will subordinate the Partial Claim.

Question 7: Are mortgagees required to perform an escrow analysis when completing a Loan Modification?

Answer: Yes, mortgagees are to perform a retroactive escrow analysis at the time the Loan Modification to ensure that the delinquent payments being capitalized reflect the actual escrow requirements required for those months capitalized.

Question 8: Is the mortgagor eligible for the upfront premium refund at payoff of a modified loan?

Answer: It depends upon when the closing date occurred. For assets closed:

After July 1, 1991 but before January 1, 2001, the 7-year unearned premium refund schedule shown in Mortgagee Letter 1994-1 remains in effect,

On or after January 1, 2001 that are subsequently refinanced, the 5-year refund schedule shown in the attachment of Mortgagee Letter 2000-46 applies, or

On or after December 8, 2004, refunds of upfront MIP are eliminated except, when the mortgagor refinances to another FHA insured mortgage. The refund schedule attached to Mortgagee Letter 2005-03 has been modified to a 3-year period.

Question 9: Can a mortgagee qualify an asset for the Loan Modification option when the mortgagor is unemployed, the spouse is employed, but the spouse name is not on the mortgage?

Answer: Based upon this scenario, the mortgagee should conduct a financial review of the household income and expenses to determine if surplus income is sufficient to meet the new modified mortgage payment, but insufficient to pay back the arrearage. Once this process has been completed the mortgagee should then consult with their legal counsel to determine if the asset is eligible for a Loan Modification since the spouse is not on the original mortgage.

]]> http://bestloanagentlive.com/blog/?feed=rss2&p=9 Home Loan http://bestloanagentlive.com/blog/?p=12 http://bestloanagentlive.com/blog/?p=12#comments Mon, 02 Feb 2009 18:43:27 +0000 admin http://bestloanagentlive.com/blog/?p=12 Streamline FHA refinance loans.
We specialize in providing online advice concerning new purchase FHA loans and FHA Streamline refinancing loans. These HUD loans let you buy with a low down payment. By not having income limitations or credit scoring, many people will qualify for a HUD home because they can afford the monthly mortgage payments and have reasonable credit. FHA Streamline Loans require no appraisals or credit checks. They are easy to apply for and in every case you can lower your payment and interest rate getting a FHA Streamline Loan

]]> http://bestloanagentlive.com/blog/?feed=rss2&p=12 Loan Modification Frequently Asked Questions http://bestloanagentlive.com/blog/?p=8 http://bestloanagentlive.com/blog/?p=8#comments Tue, 16 Dec 2008 20:22:08 +0000 admin http://bestloanagentlive.com/blog/?p=8 You can chat with a loan modification expert any time at I need Loan Help now

A Loan Modification is a permanent change in one or more of the terms of a mortgagor’s loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.

Question 1: In utilizing the Loan Modification option to bring an asset current, can the mortgagee include all fees and corporate advances?

Answer: Mortgagee Letter 2008-21 states in part: Legal fees and related foreclosure costs for work actually completed and applicable to the current default episode may be capitalized into the modified principal balance.

Question 2: May a mortgagee perform an interior inspection of the property if they have concerns about property condition?

Answer: Yes, the mortgagee may conduct any review it deems necessary to verify that the property has no physical conditions which adversely impact the mortgagor’s continued ability to support the modified mortgage payment.

Question 3: Can a mortgagee include late charges in the Loan Modification?

Answer: Mortgagee Letter 2008-21 states that accrued late charges should be waived by the mortgagee at the time of the Loan Modification.

Question 4: When utilizing a Loan Modification option, can a mortgagee capitalize an escrow advance for Homeowner’s Association fees?

Answer: HUD Handbook 4330.1 REV-5, Paragraph 2-1, Section B, Escrow Obligations states: Mortgagees must also escrow funds for those items which, if not paid, would create liens on the property positioned ahead of the FHA-insured mortgage.

Question 5: Is there a new basis interest rate which mortgagees may assess when completing a Loan Modification?

Answer: Yes, Mortgagee Letter 2008-21 states that the new basis interest rate is 200 points above the monthly average yield on U.S. Treasury Securities, adjusted to a constant maturity of 10 years.

Question 6: Will HUD subordinate a Partial Claim, should a mortgagor subsequently default and qualify for a Loan Modification?

Answer: If a mortgagor subsequently defaults and qualifies for a Loan Modification, HUD will subordinate the Partial Claim.

Question 7: Are mortgagees required to perform an escrow analysis when completing a Loan Modification?

Answer: Yes, mortgagees are to perform a retroactive escrow analysis at the time the Loan Modification to ensure that the delinquent payments being capitalized reflect the actual escrow requirements required for those months capitalized.

Question 8: Is the mortgagor eligible for the upfront premium refund at payoff of a modified loan?

Answer: It depends upon when the closing date occurred. For assets closed:

After July 1, 1991 but before January 1, 2001, the 7-year unearned premium refund schedule shown in Mortgagee Letter 1994-1 remains in effect,

On or after January 1, 2001 that are subsequently refinanced, the 5-year refund schedule shown in the attachment of Mortgagee Letter 2000-46 applies, or

On or after December 8, 2004, refunds of upfront MIP are eliminated except, when the mortgagor refinances to another FHA insured mortgage. The refund schedule attached to Mortgagee Letter 2005-03 has been modified to a 3-year period.

Question 9: Can a mortgagee qualify an asset for the Loan Modification option when the mortgagor is unemployed, the spouse is employed, but the spouse name is not on the mortgage?

Answer: Based upon this scenario, the mortgagee should conduct a financial review of the household income and expenses to determine if surplus income is sufficient to meet the new modified mortgage payment, but insufficient to pay back the arrearage. Once this process has been completed the mortgagee should then consult with their legal counsel to determine if the asset is eligible for a Loan Modification since the spouse is not on the original mortgage.

Chat with a loan modification expert and get the answers to your loan needs

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