Is A Loan Modification A Good Deal for the Homeowner?

Save Money With Lower Payments!

Every one is trying to qualify for a loan modification, HARP, Home Affordable Refinance Program. It may be a good deal to lower the mortgage payments but some lenders are not making it a good deal for the homeowners. Yes, the homeowner may qualify for the interest rate reduction but the homeowner may be stuck with a 40 years mortgage. These loans will be sold in 2014 and the homeowner's home may cost 50% more from a 40 years mortgage.

Principal Reduction

The homeowner should do a principal reduction on the loan if the fair market value in the neighborhood has dropped. There is nothing free about these HARP loans with the big boys in the white house. The Government controls the monetary market in the world that includes interest rate etc. It sounds great to a homeowner that is struggling with their mortgage payments but the lenders will make more profit from these programs.  These programs have been reviewed a thousand time before approved by the government. The homeowner should review both plan before choosing their loan, 30 years or 40 years terms.

The Worst Term-40 Years

The homeowner should contact the lender to modify their loan to a lower payment. When the homeowner signs a modification for 40 years, they receive the lowest interest rate reduction for the life of the loan. The homeowner may not pass wealth to their next generation of children like the Rockerfeller, Hilton and Kennedy. If the homeowner is 75 years old, the homeowner will be 115 years old before the loan is paid in full. Every homeowner should check to see if the loan has a prepayment penalty. It is a choice a homeowner should review closely before sign the documents.

Credit Score Below 600

All Applicants with credit scores below 600 may still have the opportunity to purchase an affordable home. The booklet, "Increase Your Credit Score After Short Sale, Foreclosure and Bankruptcy", provides the techniques to increase an applicant's credit scores. The program offers “FREE 30 DAYS COACHING” as well as the booklet at increaseyourcreditscorenow.com

 

We provide monthly newsletters on how to increase an applicant's credit scores and weekly blogging information at increaseyourcreditscorenow.blogspot.com

Opt-Out

What Is The Debt Of A Person With A Credit Score Of 785 Or Higher

People with credit scores over 785 are "high achievers. These people account for 25% of the consumers in the United States. The consumers that are "high achievers" make their payments on time and keep their credit cards balance low. High achievers are not debt free consumers. They have multiple credit cards as well as most consumers. These are the facts about the "high achievers" group as shown:

 Here are other key facts about this group:

• High achievers have an average of seven credit cards, including both open and closed accounts.
• They have an average of four credit cards or loans with balances.
• One-third of high achievers have total balances of more than $8,500 on non-mortgage accounts; the remaining two-thirds have total balances of less than $8,500.
• 96% show no missed payments on their credit report; of those who do, it happened four years prior, on average.
• Many people have high scores without using credit cards at all. Those that do use credit cards often keep balances low, only using an average of 7% of their available revolving credit.-(FICO)

Credit Score Below 600

All Applicants with credit scores below 600 may still have the opportunity to purchase an affordable home. The booklet, "Increase Your Credit Score After Short Sale, Foreclosure and Bankruptcy", provides the techniques to increase an applicant's credit scores. The program offers “FREE 30 DAYS COACHING” as well as the booklet at increaseyourcreditscorenow.com

 

We provide monthly newsletters on how to increase an applicant's credit scores and weekly blogging information at increaseyourcreditscorenow.blogspot.com

Opt-Out

Increase Your Credit Score With Federal Laws

Credit Score Below 600

All Applicants with credit scores below 600 may still have the opportunity to purchase an affordable home. The booklet, "Increase Your Credit Score After Short Sale, Foreclosure and Bankruptcy", provides the techniques to increase an applicant's credit scores. The program offers “FREE 30 DAYS COACHING” as well as the booklet at increaseyourcreditscorenow.com

 

We provide monthly newsletters on how to increase an applicant's credit scores and weekly blogging information at increaseyourcreditscorenow.blogspot.com

Opt-Out

Increase Your Credit Score As Easy As 1-2-3

Credit Score Below 600

All Applicants with credit scores below 600 may still have the opportunity to purchase an affordable home. The booklet, "Increase Your Credit Score After Short Sale, Foreclosure and Bankruptcy", provides the techniques to increase an applicant's credit scores. The program offers “FREE 30 DAYS COACHING” as well as the booklet at increaseyourcreditscorenow.com

 

We provide monthly newsletters on how to increase an applicant's credit scores and weekly blogging information at increaseyourcreditscorenow.blogspot.com

Opt-Out