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.
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What a load of information. I have been having problems with debt management like many others. I was told about this option to re-finance my home. I knew this was not the greatest idea because it was one of those "too good to be true" things. Thanks for letting me know I made the right choice!
ReplyDeleteYou can stop dreaming about the house of your own as you will be able to make your dream come true with the help of home loan banks. This financial solution can be availed at attractive home loan interest rates and lesser paper work has to be done with it.
ReplyDeletenew homeowners list
Due to the economic crisis in the recent past, a large number of people faced immense real estate issues. Most of the properties became underwater. In such a situation, the modification of home loans became quite popular. If you can prove your financial hardship and convince your lender, then you can easily get the option of loan modification to pay off your mortgage with easier terms and conditions. Through loan modification, your mortgage interest rate will be lowered which will lead to a low monthly payment. This will make it easier for you to pay off the mortgage on time. However, the loan term will get increased due to this.
ReplyDeleteSome says that it is not good because it will also bring additional expenses but some says its worthy because it will eventually help you to solve you problem in you Loan modification.
ReplyDeleteChicago Loan Modification