Stop Foreclosure Option  Using Foreclosure Workouts to Save Your Home

It's possible to stop foreclosure by utilizing the proper method for a workout. A foreclosure workout is when you negotiate with the lender on the best way to pay off your debt based on your current situation. Done the right way, a foreclosure workout can help you stop foreclosure.

There are several methods for using foreclosure workouts to stop a foreclosure. Be sure to take some time and consider each one.

Here are a few of the foreclosure workouts you can use to save your home.

Forbearance: The lender agrees to temporarily stop foreclosure with the understanding that an agreed upon solution to make up the missed payments will go into effect later.

Loan Modification: The structure of the loan is altered to allow the arrearages to be attached to the end of the mortgage.

Repayment Plan: An agreement with the lender that allows you to pay the current mortgage payments plus a certain percent of the missed mortgage payments. This continues until the previously missed mortgage payments are paid off.

Short Sale: You can stop foreclosure by selling the property to an investor. Depending on your agreement with the lender they may accept the full price of the property as payment for all the debts. However, some lenders will still ask for a deficiency which is additional and separate from the amount which the property was sold.

Bankruptcy: This is the least preferred option and should only be considered as a last resort because of the long range negative effect it will have on your ability to secure credit in the future. Due to recent changes in bankruptcy laws, filing is now more rigorous and more expensive. If possible, it is more advantageous to negotiate a repayment agreement with the lender yourself rather than have one handed down through the courts.

It's important to keep in mind that once you begin discussing a foreclosure workout, everything is a negotiation. The lender will be acting in its own

best interest. It is for this reason that if you are unsure of what your rights are, it may be in your best interest to use the expertise of a foreclosure

prevention company. As I mentioned previously, one that I particularly like for a number of reasons is US Foreclosure Relief. They are honest, reliable, affordable, and a member of the Better Business Bureau.

Mortgage Watchdog  Australian Mortgage Checking Software - Highly Recommended

Mortgage Watchdog software has been featured on...

- A Current Affair (see video below)

- Money

- 7:30 Report

- 4 Corners

- Today Tonight

and there are over 300,000 copies in use. The Home Deluxe Bundle consists of the following programs:

1. The Home Loan Checker (checks the interest calculations on your home loan/mortgage, including line of credit loans)

2. The Investment Forecaster (shows the additional interest you may earn over a period of time at a certain rate of interest or at various rates of interest).

3. The Mistake Compounder (calculates what a bank error at some time in the past is actually worth now)

4. The Home Loan Forecaster (allows you to determine what your repayments would be at different interest rates, payment modes and loan amounts)

5. The Offset Account Checker (calculates the interest on your savings account that should be offset against your mortgage account)

6. The Effective Rate Converter (shows the "true rate" that your lender is charging)

Important Note: We liked this software so much we have organised a special discount for our visitors on this software but only through this link (if you go to the front of their site you will pay full price). Click here to find out how much money you are owed by your bank.

Mortgage Basics 

Adjustable Rate--An interest rate that changes periodically in relation to an index. Payments may increase or decrease accordingly.

Amortization--A repayment method in which the amount you borrow is repaid gradually through regular monthly payments of principal and interest. During the first few years, most of each payment is applied toward the interest owed. During the final years of the loan, payment amounts are applied almost exclusively to the remaining principal.

Annual Membership--An amount that may be charged annually for having a line of credit available. Often charged regardless of whether or not

you use the line. Also referred to as a "participation fee."

Annual Percentage Rate (APR)--The cost of credit on a yearly basis, expressd as a percentage. Required to be disclosed by the lender under the federal Truth in Lending Act, Regulation Z. Includes up-front costs paid to obtain the loan, and is, therefore, usually a higher amount than the interest rate stipulated in the mortgage note. Does not include title insurance, appraisal, and credit report.

Appraisal--A fee charged by an appraiser to render an opinion of market value as of a specific date. Required by most lenders to obtain a loan.

Balloon Payment--A lump sum payment for the unpaid balance of the loan.

Credit Limit--The maximum amount that you can borrow under a home equity plan.

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Why Some People Almost Always Get The Lowest Interest Rate On Their Mortgage - For The Least Points!  Mortgage Loan Tips

If you want a mortgage with the lowest rate...

for the lowest points and fees...

here's exactly how you do it!

 

This information is excellent for first time buyers, move-up buyers or refinancing.

>Continue Reading

Mortgage Quote  Finding the best mortgages

As in all major purchases you'll make, getting a quote is essential to find out if you can afford a certain mortgage and if you're able to get the best deal from among numerous deals offered by various companies. And, education is the first step when it comes to mortgage quotes. Fortunately, the Internet offers a wide array of information on mortgages and mortgage quotes.

Getting mortgage quotes is a great way to start your mortgage search. A mortgage quote is an estimate or offer made by lending companies to potential borrowers for a home mortgage. It usually contains the estimated monthly payments you need to give for a home mortgage, and are usually specific to a state, the type of mortgage, loan type, and point range. Mortgage quotes can help you speed up the decision-making process in finding the right mortgage.

Read more Mortgage Quote

Reverse Mortgages 

For most people, buying a new home is probably the biggest financial decision they'll ever make. When you're looking for a new home, you need cash... and a lot of it. Most homes today will require more money than what the buyer can afford right then and there.

The solution...? A mortgage.

How would you like a home loan that you don't have to pay back for as long as you're alive or for as long as you live in the house? Sounds too good to be true, but that's exactly what reverse mortgages do.

A reverse mortgage is a loan that you make where you do not have to pay back anything for as long as you still possess the property you have purchased. Reverse mortgages provide you with cash you can use for other investments. By turning the value of your home into cash, reverse mortgages gives you virtually unlimited funds without having to move and even without repaying the loan every month.

There are several ways to get cash from reverse mortgages.

How to Use a Loan Amortization Schedule 

Amortization schedules will help you find the right mortgage, but many consumers don't know how to use them.

Often, consumers wait until it's too late - until the papers are signed and they're committed to paying the monthly bill each month. If they'd used an amortization schedule before they signed, they may have gotten a better deal!

Some consumers are hit by multiple offers as soon as they put out the word they're looking for a loan - and with the prevalence of online banking, consumers aren't sitting across from a friendly banker who can explain each step to them.

You have to be a savvy loan shopper, and an amortization schedule is the armor you need to protect your interests.

You can find an Amortization schedule on many free websites, but here's how to use them:

Enter your information into the calculator. You'll find out what your monthly payment will be and how much interest you'll be paying.

Once you get that information, you can start bargaining with lenders. Compare rates and interest. See what you can afford whenever a new offer comes along by just entering the data into the calculator and seeing how it compares.

Reverse Mortgage Calculators - How They Can Help 

Let's take a look at what the definition of a reverse mortgage is before talking about what a reverse mortgage calculator does. Reverse mortgage is what banks can offer to their clients above the age of 60 who would like to borrow money against the value of their property. When the property is sold at a future date in time, that is when this type of mortgage needs to be settled. This type of mortgage is what a person that is over the age 60 starts to consider to help with financial during their retirement years.

A reverse mortgage is totally different then a regular mortgage. Rather then the loan decreasing as you make payments, interest is applied so your debt is increasing. Since you need not make repayments, when you reach the end of the mortgage and the interest is incurred, the debt will grow over the time that you have taken the mortgage out for.

A reverse mortgage calculator will help you to determine whether or not it a smart option for you to go with a reverse mortgage. The current value of your property is very important in calculating whether this is a wise option for you. Another important factor is the payoff amount on the mortgage you currently have and other liens you have against your property.

You need to decide how much money you will require and the manner in which you receive it. Do you need a cash lump sum, monthly payments, or a line of credit? Another option is to use all three alternatives. Once all these questions have been answered and input, the reverse mortgage calculator can process the information and give you some ideas as to what type of reverse mortgage you will require.

Now it is up to you to seek out the best lender that will provide the terms and conditions that suite your situation. Always beware of lenders that do not have good reputations therefore it is a good idea to seek well known and trusted lenders to do business with.

Request a FREE Money Merge Account Analysis Now  Please follow the directions below:

To have a FREE Money Merge Account analysis run for you, please proceed as follows:

1. Go to http://www.u1stfinancial.net/vanishmymortgage

2. On the United First Financial webpage that appears, you'll see on the left-hand side of the page a clickable link with white letters entitled "Free Money Merge Account Analysis"

3. Upon clicking that link, you'll come to page that is a worksheet. Normally this will take somewhere between 7 to 15 minutes to fill out.

4. After filling out the form, click on the "Submit" button found near the bottom right-hand corner of that page. The information that you provide will be sent to me for confidential review.

5. I will be able to show you using my webinar program on the Internet while we speak over the phone possible different scenarios to determine how much you may potentially save on your mortgage as well as the number of years it will take to be completely debt free.

6. You will be able to determine for yourself if this program is a good fit for you.

NOTE: We take your privacy very seriously. Your confidential information will never be sold or rented. In addition, you will NOT be asked for your Social Security Number nor will we run a credit check.

Join Our Dynamic Team! 

NOTE: I'm excited and proud at the same time to announce that new agents from Oregon, Nevada, Utah, Pennsylvania, Florida, California, Colorado, South Carolina and Michigan have joined our team in the past few weeks. This is such an exciting and worthwhile opportunity. You owe it to yourself and your family to check it out for yourself today by getting in touch with me!

Like many of you reading this, probably, I've joined a number of organizations in the past, got excited about selling a product, but lost interest over time primarily because I couldn't get any help from my upline.

Our dynamic team is based in the area surrounding the United First Financial Home Office in Bluffdale, UT.

We collaborate with in-person meetings and multiple web based training opportunities, so you will be able to participate no matter where you are located. We'll also help set you up with a website comparable to VanishMyMortgage.com that will enable you to have a strong Internet presence and capture leads. (By the way, I know a number of existing UFF agents will read this. Although you can't be on my team, I can set you up with a lead-generating website like mine. Contact me for details.)

Our team comes from a variety of backgrounds, but we have a single purpose...to create for others the financial freedom that we are now experiencing. Whether you're interested in paying off your own mortgage, or helping others to do so as a business, get in touch with us today. You will never find a group so dedicated to your success as an Independent Agent with United First Financial.

In essence, your success is our success!

Do your research, but sign up to be on my team. The difference is SUPPORT and TRAINING!

To your financial success!

Amy Birkner (UFF#829290)

amy@vanishmymortgage.com

Loan Officers, Realtors, Insurance Agents, Network Marketing Pros...  ...Consider Offering the Money Merge Account to Your Clients

United First Financial markets their product by allowing qualified people to act as registered Independent Software Agents while providing them opportunities to earn commissions while helping their clients save tens of thousands of dollars in mortgage interest.

Moreover, because the mortgage interest savings are potentially substantial, many Agents benefit financially from a very high referral rate from clients.

Agents are required to pass a certification test through the United First Online University. This qualifies them to explain the benefits of the Money Merge Account to their clients.

The management and advancement structures in the company are based upon those found in the Insurance Industry. I'll be happy to answer your questions regarding the income opportunities available to you.

If you are interested in discussing the United First Financial Business Opportunity please fill out the Agent Inquiry Form by clicking HERE or writing me at this address:

Amy@VanishMyMortgage.com

Disclaimer 

United First Financial, its software agents and subsidiaries provide Internet web based software and support services. United First Financial does not provide accounting, tax, legal, real-estate, mortgage, or investment advice. Interested parties should seek and consult with persons or entities licensed and qualified in those areas for advice relating to those matters. United First Financial is not liable or responsible for claims or representations made by any party which are not included in the Money Merge Account Limited Guarantee.

Refinancing in a changing environment  How to escape the subprime swamp

The mortgage industry has been gaining attention for all the wrong reasons recently. The subprime slump which many anticipated has officially arrived. And it has left many homeowners who were thinking of refinancing wondering where they stand.

Over the past decade subprime mortgage have become popular with people who possess less than stellar credit or those who cannot afford a down payment of at least 5 percent. Those people were drawn to the flexibility and diverse products in the subprime sector. And as a result it is they who are feeling the brunt of the current industry shakeout.

As underwriting requirements - including credit expectations - have become tighter exotic mortgage products have dried up. This has left struggling homeowners with fewer options for avoiding foreclosure, and deterred some first time buyers, both of which have reduced demand and dragged prices down. With a sharp drop in demand among 'viable' customers, lenders have been feeling the pinch too.

So what should you do if you're in this situation? The obvious answer is to elevate yourself out of the subprime sector by improving your credit score. But above subprime is the Alt-A rung, and they too are feeling the pinch. And credit repair takes time, so it's critical you start sooner rather than later. Start cleaning up your credit report now by making payments on time and paying off your credit cards. There is plenty of good information online, so check there.

Another related step is to cut your everyday costs. Reduce your cable or satellite TV subscription; conserve electricity and gas; take home-made lunches in with you to work; and cut down on those trips to restaurants and the movie theater. Then use the savings you achieve to tackle your debts, or save it up to help with reducing your loan-to-value.

Once you're ready to refinance contact a brokerage service and get lenders to compete for your business.

It won't be easy and it will take time. But a few sacrifices and some planning now might save a whole lot of sorrow further down the road.

Finding the Right Offer  Three easy ways to refinance your home

Securing a good home loan from a good mortgage lender can be tricky. You could ask a real estate agent or tax advisor for referrals, or you could get a referral from a family member or friend.

But without an air-tight, trusted referral, how can you know you'll get the best deal? Here are three other options.

First, you could use a trusted and free home loan offer service, which can provide you with multiple refinance offers. These services are a good way to compare loan offers from different lenders, and give you more power to negotiate for the best deal possible.

Second, you could shop around at multiple local mortgage brokerage firms, and see which one gives you not only the best rate but the best feeling of trust. You can find local mortgage brokerages in the phone book, or you might hear them advertized on the radio. But beware: they can be pushy. Don't rely only on their advice, but do your own research too, so you don't end up with a mortgage you'll later regret.

Lastly, you could use a mortgage planner - a licensed mortgage professional who offers long-term planning advice on top of a traditional brokerage service. Mortgage planners tend to place a bit more emphasis on business ethics, and focus more on customer satisfaction and customer retention than some mortgage brokers.

Whichever path you choose, read the fine-print of any paperwork you are asked to sign. Note down any interest rates, points, and mortgage terms that are quoted. And in the case of adjustable rate mortgages, note down the index and margin of the quoted mortgage.

It doesn't matter how well you know your loan officer, mortgage broker, or mortgage planner: don't blindly follow anyone's advice. Research on your own, and become familiar with the terminology and details.

Happy hunting!

The Ideal Homeowner For Refinancing 

All financial industries have their ideal customer, and the mortgage refinancing industry is no different. And the more characteristics you have, the more leverage you'll wield when attempting to refinance your mortgage. But knowing what they are and how you can reach them is not always easy to figure out. So here's a breakdown for you:

Good credit

To be sure of getting a decent refinanced home loan you should have good or excellent credit. In practice having a perfect credit score can put off some lenders, because they feel like they have no leverage over you. So a FICO score of between 680 and 740 is ideal. Don't deliberately degrade your score to fall into that range. But do try to pay off your credit card debts and always make your payments on time to step into that bracket.

Low loan to value

It used to be that anything below a 90% LTV (loan-to-value) was acceptable. But that cap has dropped with the advent of leaner times. Now you're only safe with an LTV of 80% or below. Lowering your LTV requires paying off a large chunk of your mortgage, and that can be extremely difficult. But as a rule of thumb, the lower you can get your LTV the better off you'll be. One way around this is if your home is sitting on plenty of equity.

Low debt to income

Debt to income (DTI) is a ratio which identifies the percentage of your monthly debts when compared to your monthly income. A DTI ratio of less than 25% is ideal, but anything below 33% is good. Again, this is difficult to improve. But you can help yourself by paying off your debts or refinancing other loans to lower your monthly payments.

Proof of income

During the housing boom lenders had no problems with self-stated income. But those times have changed, and now proof of income is a major bonus when refinancing your mortgage. This proof comes in the form of employer paychecks and earnings statements.

Property location

Ideally, your home should be in a popular city, or a popular state like California or Massachusetts. While this won't decide whether you're approved for a new loan, it will determine how many lenders you can work with, which can yield more choices.

For more information on refinancing and mortgage topics, check out the Help Center at America's Lending Partners. They also have a range or services which might help you refinance into a great new mortgage.

Foreclosure Prevention Tips 

So what can you do if you find yourself in a foreclosure predicament.

Here are some foreclosure tips from the Department Of Housing and Urban Development:

1. Don't ignore the problem.

First things first, get a grasp of the situation and start analyzing what needs to be done to prevent the situation from becoming worse than it already is the further behind you become in your mortgage payments, the harder it will be to reinstate your loan and the grater the likelihood that you will lose your house in foreclosure.

2. Contact your lender as soon as you realize that you have a problem.

A lender as options that can help borrowers through difficult financial times; remember lenders don't want your house

3. Open and respond to all mail from your lender.

When you receive your first foreclosure notification read it, you will find good information about the options that are available to you that can help you prevent foreclosure.

Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.

Mortgage Foreclosure Information 

4. Know your mortgage rights.

Every state is different when it comes to foreclosure laws and the various times it takes to foreclose on a residential property, therefore contact the State Government Housing Office.

Take out your mortgage loan documents and read them thoroughly so that you are aware of what your mortgage lender may do if you can't make your payments.

5. Understand foreclosure prevention options.

Visit www.fha.gov/foreclosure/index.cfm for valuable information on foreclosure prevention

also called loss mitigation and the various foreclosure options available to you.

6. Contact a HUD-approved housing counselor.

Free and very low cost housing counseling is available nationwide through the U.S. Department of Housing and Urban Development (HUD).

Housing counselors can help you understand foreclosure law and your options in preventing foreclosure, help you organize your finances and represent you in negotiations with your lender if you need this assistance.

You can find a HUD approved housing counselor near you or you can call (800) 569-4287 or TTY (800) 877-8339.

Financial Foreclosure Considerations 

7. Prioritize your spending.

You need to review your finances and determine where you can cut spending in order to make your mortgage payments. Look at optional expenses such as cable TV, club memberships, trips, entertainment expenses that you can live without. Also consider delaying payments on credit cards and other "unsecured" debt until you have paid your mortgage.

8. Use your assets.

Consider the assets around you that you can sell for cash; do you need that second car, jewelry, etc... Can you get extra income from a second job..., these efforts will demonstrate to your mortgage lender provider that you are willing to make sacrifices to keep your home and the lender will intern be willing to work with you to help you keep your home.

9. Avoid foreclosure prevention companies.

Do your best to avoid foreclosure prevention companies, these companies charge fees and this money can help you pay the mortgage instead. Also consider that some foreclosure prevention companies are not legitimate businesses and even those that are charge a hefty fee that may amount to two or three month's mortgage payment for information that is available for free.

Contact your mortgage lender or HUD at (800) 569-4287 or TTY (800) 877-8339 for any information you may need on foreclosure solutions.

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Mortgage Term Life Insurance Protection 

Mortgage term life insurance protection comes in several types of policies. Two common forms of mortgage protection are Mortgage Protection Insurance and Mortgage Life Insurance.

Mortgage Protection Insurance provides a life insurance limit of protection that declines over the life of your mortgage, in line with the declining outstanding mortgage you owe.

Mortgage Life Insurance offers term life insurance protection at affordable rates that remain level for up to 30 years. Mortgage term life insurance will provide level limits of protection over the period of your policy, and will not decline with the amount of mortgage you have outstanding. That way, your family will have money to pay off the mortgage, and additional funds to pay final expenses or outstanding debts.

Mortgage term life insurance is available in limits up to $1,000,000 or more. You can even qualify for up to $250,000 of mortgage life insurance with no medical exam. You can apply online and get approved in minutes.

Mortgage Life Insurance provides the protection your family needs, when they need it most. By purchasing mortgage life insurance you guarantee that your loved ones have the money they need in order to keep their home if you should pass away.

To learn more about mortgage protection, visit Mortgage Life Insurance today.