Credit Repair May Help Solve Financial Illiteracy
Credit counselors to the rescue!
If you’re like a lot of people today, you may be looking for credit repair services now that the economy seems to be bottoming-out. Statistics show that in 2006 approximately 1.5 million consumers sought assistance in the management of their finances from the National Foundation for [...]
Mortgage Loan Modification Program in Full Swing
Government program helps
The federal government launched its foreclosure prevention plan in March, and since then Chase Morgan, the servicing side of JP Morgan Chase, alone has modified 15,000 loans.
One man from Ohio had his payments lowered from $1,200 per month to $725 per month, according to CNN Money.
Who is mortgage [...]
Bills vs Mortgages | Debt Consolidation Part 9
When consolidation won’t work
If you have a whole bunch of little bills that have piled up into overwhelming debt, debt consolidation is right for you. However, if you just have one big, overwhelming debt, and it’s your house payment, it’s time to seek mortgage loan modification.
When to see mortgage loan [...]
More Signs of Mortgage Aid, Foreclosure Rescue Scams
Con artists adapt to savvy public
The FBI and the general public are aware of several mortgage aid scams that con artists tried to conduct during the beginning of the housing crisis. The White House posts warnings against many of these at makinghomeaffordable.gov, the federal Foreclosure Prevention Plan Web site.
But, of [...]
Debt Counseling | Loan Modification Part 10
Government requires you to get help
Believe it or not, there is still one aspect of the federal foreclosure prevention plan that we haven’t discussed. This particular provision should prove useful and helpful even to people who don’t need mortgage aid.
Anyone who takes part in either the Loan Modification or the [...]
Future of Your Mortgage | Loan Modification Part 9
After your personal loan is altered
By now you know that Loan Modification and Refinancing are achieved through lowering the interest rate on a mortgage. The federal foreclosure prevention plan says bankers and other lenders can lower the interest rate on a mortgage to 2 percent in order to get payments [...]
Time is of the Essence | Loan Modification Part 8
Timelines for federal aid
You should have a pretty good idea by now of whether you are eligible for Loan Modification or Refinancing through the federal foreclosure prevention plan. So, do you need to start filling out your paperwork right now?
In short, the best answer is “yes.” If you are struggling [...]
Missing Pieces | Loan Modification Part 7
Renters get left out
In Part 6 of this Loan Modification series, I covered the fact that the foreclosure prevention plan will only help with mortgages on primary residences.
That provision is designed to avoid allowing people who own multiple homes from getting federal aid on secondary properties. Unfortunately, that means if [...]
Don’t Even Try: Exemptions | Loan Modification Part 6
Not a money-making tool
In Part 5 of this series, I talked about staying away from scams and keeping your home and your money safe. But struggling homeowners aren’t the only people out there in danger of being scammed.
The government has set limitations on its foreclosure prevention plan to make sure [...]
Don’t Get Scammed! Loan Modification Part 5
Con artists seize opportunity
Many people who want to take advantage of the federal Foreclosure Prevention Plan will need a professional to guide them through the process. There is a dearth of legitimate operations out there to provide people with this kind of help.
There are also plenty of con artists who [...]
How Does the Government Help? Loan Modification Part 4
How Foreclosure Prevention Works
So, if you’ve read Part 1 of this series, you know whether you are eligible for the government’s Loan Modification program. If you’ve read Part 2, you know whether you qualify for Refinancing. Part 3 got you ready to provide proof of hardship.
But mortgage refinancing has been [...]
Providing Proof of Hardship | Loan Modification Part 3
After you determine you’re eligible
If you’ve read Part 1 and Part 2 of this series, you should already have a pretty good idea of whether you are eligible to take part in the federal Foreclosure Prevention Plan.
You also know that part of the process is including proof of hardship. This [...]
Eligible for Government Refinancing? Loan Modification Part 2
Struggling but not behind
In Part 1 of this Loan Modification series, I talked about the first part of the government’s Foreclosure Prevention Plan. The modification program is available to homeowners who are already three months behind on their mortgage.
If you are not behind on your mortgage but are struggling to [...]
Getting Started: Determining Eligibility | Loan Modification Part 1
Find out if you qualify
You might have recently read the news about the White House administration’s new Foreclosure Prevention Plan. The government has written new policies that make getting the terms of your mortgage changed easier than ever.
First, however, you must make sure you are eligible to take part in [...]
Makinghomeaffordable.gov Offers Loan Modification Help
Government launches web site
In order to make its new foreclosure prevention plan easier to use, The Obama White House has launched makinghomeaffordable.gov. The web site answers questions about eligibility, helps people contact loan servicers and offers many other resources.
Help and advice
The web site offers free help for homeowners, but it [...]
Foreclosure Filings Not Easing Up
More homes seized in February
It appears President Barack Obama’s foreclosure prevention plan came too late for some. Foreclosures in February this year were 30 percent higher than last year. A total of 290,631 homes received a default or auction notice, and that includes 161,976 households that were notified for the first time, [...]
BREAKING: Homeowners Can Seek Help From Federal Refinance Program
Foreclosure fix finished
Mortgage holders who are facing foreclosure can now take advantage of the government’s personal loan modification program.
President Barack Obama and his administration have launched their $75 billion foreclosure prevention program. Borrowers can contact loan servicers right now to access benefits.
Plan reduces monthly payments
The plan is expected to help [...]
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