Monday, April 13, 2020
Wednesday, January 3, 2018
Thursday, November 4, 2010
No Income FHA Loans
Sunday, February 28, 2010
Thursday, February 11, 2010
Wednesday, December 9, 2009
The Treasury is in BIG TROUBLE.....
....if things do not go their way on December 31st
That is when 375,000 loan modifications will have completed the three month trial period required under the Home Affordable Modification Program (HAMP) designed to keep homeowners out of foreclosure. Nobody knows how many homeowners will actually be able to transition from the trial into a permanent loan modification.
At the moment, they are not happy with how many homeowners were able to transition to a permanent loan modification. More than 900,000 homeowners were/are on trial programs and just a handful were able to convert to a permanent loan modification.
Las week, the Treasury kicked off a "Mortgage Modification Conversion Drive" to increase the rate of permanent modifications. Here are the steps they will take....
*Streamlining the application process with standardized paperwork to make it easier for both borrowers and servicers to complete and evaluate the application.
*Publishing servicer-specific conversions rates starting with the next public report.
*Punitive measures against servicers including withholding incentive payments.
*Increased communication with servicers including a meeting last Monday focused on conversion issues.
*Requiring each servicer to report twice daily on conversion progress.
*Forming SWAT teams made up of Treasury and Fannie Mae staff to visit the seven largest servicers to work on conversion issues.
*New tools for borrowers. These are available on the Department's website and include an instructional video, links to required documents, and a conversion guide.
*Outreach to local organizations to enlist their assistance in helping borrowers through the process.
Apparently there has been progress made in ramping up the HAMP program with over 680,000 borrowers now in modifications. The Treasury Department hopes that the HAMP program will eventually help 3 to 4 million homeowners. Time will tell whether that ambitious goal can be reached.
LOWEST MORTGAGE RATES IN THE COUNTRY
NEW JERSEY INFORMATION
RESTAUTANT REVIEWS
That is when 375,000 loan modifications will have completed the three month trial period required under the Home Affordable Modification Program (HAMP) designed to keep homeowners out of foreclosure. Nobody knows how many homeowners will actually be able to transition from the trial into a permanent loan modification.
At the moment, they are not happy with how many homeowners were able to transition to a permanent loan modification. More than 900,000 homeowners were/are on trial programs and just a handful were able to convert to a permanent loan modification.
Las week, the Treasury kicked off a "Mortgage Modification Conversion Drive" to increase the rate of permanent modifications. Here are the steps they will take....
*Streamlining the application process with standardized paperwork to make it easier for both borrowers and servicers to complete and evaluate the application.
*Publishing servicer-specific conversions rates starting with the next public report.
*Punitive measures against servicers including withholding incentive payments.
*Increased communication with servicers including a meeting last Monday focused on conversion issues.
*Requiring each servicer to report twice daily on conversion progress.
*Forming SWAT teams made up of Treasury and Fannie Mae staff to visit the seven largest servicers to work on conversion issues.
*New tools for borrowers. These are available on the Department's website and include an instructional video, links to required documents, and a conversion guide.
*Outreach to local organizations to enlist their assistance in helping borrowers through the process.
Apparently there has been progress made in ramping up the HAMP program with over 680,000 borrowers now in modifications. The Treasury Department hopes that the HAMP program will eventually help 3 to 4 million homeowners. Time will tell whether that ambitious goal can be reached.
LOWEST MORTGAGE RATES IN THE COUNTRY
NEW JERSEY INFORMATION
RESTAUTANT REVIEWS
Monday, November 30, 2009
Interest Only Loans In NJ (New Jersey)
There have been many misconceptions regarding interest only loans in NJ. People in NJ have wrongly associated them with negative amortization (neg-am loans) loans.
Interest only loans allow NJ borrowers the flexibility or option to pay just interest or both P&I. Why would the flexibility of interest only loans be important? Are you someone who is self employed, earns mostly commission, or has some other unstable income situation? Maybe you are someone who would prefer to put the extra money into a college fund or retirement fund instead of paying down your mortgage. If so, then interest only loans may be right for you.
I have helped many customers in New Jersey NJ with interest only loans and they are all extremely happy with the choice they made in that loan program. Not all of them are paying only the interest. Many are also paying down the mortgage balance. Every situation is different and you have to choose whatever is best for you.
To see what interest only loan programs are available in NJ or wherever you are located, then complete the request quote form for a free confidential quote. If you have general questions about interest only loans, then contact us and we will explain everything to you including all of your loan options.
Follow My Twitter !! ** Home Shoppers MUST READ **
Free Realtor Advertising For AR Members
Dream Home Financing Stated Income Loans Mortgage News And Trends
Have a great day .....Eric - Dream Home Financing
Interest only loans allow NJ borrowers the flexibility or option to pay just interest or both P&I. Why would the flexibility of interest only loans be important? Are you someone who is self employed, earns mostly commission, or has some other unstable income situation? Maybe you are someone who would prefer to put the extra money into a college fund or retirement fund instead of paying down your mortgage. If so, then interest only loans may be right for you.
I have helped many customers in New Jersey NJ with interest only loans and they are all extremely happy with the choice they made in that loan program. Not all of them are paying only the interest. Many are also paying down the mortgage balance. Every situation is different and you have to choose whatever is best for you.
To see what interest only loan programs are available in NJ or wherever you are located, then complete the request quote form for a free confidential quote. If you have general questions about interest only loans, then contact us and we will explain everything to you including all of your loan options.
Follow My Twitter !! ** Home Shoppers MUST READ **
Free Realtor Advertising For AR Members
Dream Home Financing Stated Income Loans Mortgage News And Trends
Have a great day .....Eric - Dream Home Financing
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