Sep
30
Feldman Law Center – Loan Modification FAQs
Filed Under Loans | Leave a Comment
Feldman Law Center asked:
You may have a number of questions regarding loan modifications and how they can help you avoid foreclosure. Loan modifications have been all over the news lately. President Obama has passed major, historic legislation giving homeowners more access to loan modifications; the California legislature has also passed legislation promoting loan modifications.
Here are some questions and some answers for loan modifications:
Q: What is a loan modification?
A: A loan modification is an agreement between a lender and a borrower to change the original terms of a loan in order to make payments more affordable. For homeowners, a California loan modification could be a way to stay in their home. A loan modification attorney can be a major asset when trying to get a loan modification.
Q: How can a loan modification be accomplished?
A: There are actually a number of different ways to get a loan modification. The interest rate on a loan can be either lowered temporarily, or permanently set at a lower rate. An adjustable rate could be set to a fixed rate. The term of the loan could be changed, from say 30 years to 40 years. There could be a principal reduction of the loan amount. There are other ways and you could also have any combination of options. All of this is geared towards lowering your monthly payments and making your mortgage more affordable.
Q: How common are loan modifications?
A: As the real estate crisis continues, loan modifications are becoming increasingly common. Loan modifications have been around for a very long time, but only when many people are in danger of losing their homes does everyone begin to ask questions. Some think loan modifications are a new invention, or a scam, but people with mortgages have been getting loan modifications for quite a while.
Q: Does the federal of California state government play a role in loan modifications?
A: As so many people are suffering due to the economic crisis, President Obama and the California legislature have passed various laws pressuring lenders to offer loan modifications. Lenders are not opposed to loan modifications, especially at a time when so many Americans are facing foreclosure. A foreclosure hurts the banks’ bottom lines, and the industry has already seen hundreds of billions of dollars in financial loss due to the mortgage crisis. California passed a law in 2008 promoting loan modifications, and in early 2009 President Obama wasted no time in helping people get the loan modifications they need to stay in their homes. With Freddie Mac and Fannie Mae in serious trouble due to foreclosures (both of which are federal entities), it behooves the federal government to act that much quicker in saving people’s livelihood.
As you can see, there is a lot of information out there on mortgage loan modifications, and many people are unaware as to whether or not they qualify. If you are facing foreclosure or facing another financial crisis, contact a qualified California home loan modification attorney today and get “in the know.”
Visit us at http://www.feldmanlawcenter.com or call 800-588-0425.
CARSON
You may have a number of questions regarding loan modifications and how they can help you avoid foreclosure. Loan modifications have been all over the news lately. President Obama has passed major, historic legislation giving homeowners more access to loan modifications; the California legislature has also passed legislation promoting loan modifications.
Here are some questions and some answers for loan modifications:
Q: What is a loan modification?
A: A loan modification is an agreement between a lender and a borrower to change the original terms of a loan in order to make payments more affordable. For homeowners, a California loan modification could be a way to stay in their home. A loan modification attorney can be a major asset when trying to get a loan modification.
Q: How can a loan modification be accomplished?
A: There are actually a number of different ways to get a loan modification. The interest rate on a loan can be either lowered temporarily, or permanently set at a lower rate. An adjustable rate could be set to a fixed rate. The term of the loan could be changed, from say 30 years to 40 years. There could be a principal reduction of the loan amount. There are other ways and you could also have any combination of options. All of this is geared towards lowering your monthly payments and making your mortgage more affordable.
Q: How common are loan modifications?
A: As the real estate crisis continues, loan modifications are becoming increasingly common. Loan modifications have been around for a very long time, but only when many people are in danger of losing their homes does everyone begin to ask questions. Some think loan modifications are a new invention, or a scam, but people with mortgages have been getting loan modifications for quite a while.
Q: Does the federal of California state government play a role in loan modifications?
A: As so many people are suffering due to the economic crisis, President Obama and the California legislature have passed various laws pressuring lenders to offer loan modifications. Lenders are not opposed to loan modifications, especially at a time when so many Americans are facing foreclosure. A foreclosure hurts the banks’ bottom lines, and the industry has already seen hundreds of billions of dollars in financial loss due to the mortgage crisis. California passed a law in 2008 promoting loan modifications, and in early 2009 President Obama wasted no time in helping people get the loan modifications they need to stay in their homes. With Freddie Mac and Fannie Mae in serious trouble due to foreclosures (both of which are federal entities), it behooves the federal government to act that much quicker in saving people’s livelihood.
As you can see, there is a lot of information out there on mortgage loan modifications, and many people are unaware as to whether or not they qualify. If you are facing foreclosure or facing another financial crisis, contact a qualified California home loan modification attorney today and get “in the know.”
Visit us at http://www.feldmanlawcenter.com or call 800-588-0425.
CARSON
Sep
27
How can I take out a mortgage on a property to start flipping foreclosures?
Filed Under Renting & Real Estate | Leave a Comment
Michael N asked:
I have never had a job. I am self-employed with ample cashflow to make mortgage payments, but no bank I have asked will let me take out a mortgage without two years of tax returns.
Correct – I don’t read / watch the news.
I wouldn’t be so daft as to speculate. I’m joining forces with someone who has been in the industry for years – one who has successfully (and consistently) flipped houses in today’s market.
I have never had a job. I am self-employed with ample cashflow to make mortgage payments, but no bank I have asked will let me take out a mortgage without two years of tax returns.
Correct – I don’t read / watch the news.
I wouldn’t be so daft as to speculate. I’m joining forces with someone who has been in the industry for years – one who has successfully (and consistently) flipped houses in today’s market.
Let’s stay on topic.
CARMELO
Sep
26
FAQs – Chattel Mortgage
Filed Under Loans | Leave a Comment
Matt Burgess asked:
What is a chattel mortgage?
A chattel mortgage is a popular form of car financing that allows the borrower to take ownership of the car at the commencement of the chattel mortgage. A chattel mortgage is sometimes referred to as a goods mortgage.
What does chattel mean?
Chattel is any article of movable property, but when it comes to chattel mortgages it is most often a car or other vechicle. Business equipment is also commonly financed with a chattel mortgage.
What are the benefits of a chattel mortgage?
A chattel mortgage offers tax benefits for businesses that use the cash accounting method.
The interest rate on a chattel mortgage is fixed so you never need to worry about rate rises.
A chattel mortgage is flexible – you set your deposit, repayment and balloon payments to suit your cashflow.
A chattel mortgage can be repaid before the end of the term.
Subject to the lenders’ approval, 100% of the purchase price of a car can be financed using a chattel mortgage.
How does a chattel mortgage affect my tax?
If you use the cash accounting method, a chattel mortgage enables you to claim back the GST component. If the car is used for business purposes, interest paid on the chattel mortgage and depreciation can be a tax deduction.
Is a chattel mortgage right for me?
A chattel mortgage may suit you if:
you want to purchase a car primarily for business use
your business uses the cash accounting method
you are looking for flexible car finance to suit your cashflow.
Do I pay interest on a chattel mortgage?
Yes, the interest rate on a chattel mortgage is fixed, so you know exactly what your repayments will be for the life of the loan.
Can a chattel mortgage have a small or no balloon payment?
The flexibility of a chattel mortgage means you choose whether you want low monthly repayments and a high balloon payment, or higher regular repayments and a low or no balloon payment. This means your chattel mortgage repayments can be tailored to suit your cashflow.
Can I use a chattel mortgage for something other than a new car?
Yes, a chattel mortgage can be used for financing a boat, truck or equipment used primarily for business purposes.
What happens if I miss a repayment on my chattel mortgage?
Because a chattel mortgage is a secured loan, the lender can sell the car to recover the debt. If you are having difficulties making repayments, please contact your lender or 360 Financial as soon as possible to avoid this happening.
How do I apply for a chattel mortgage?
Contact 360 Financial Services or apply online for a chattel mortgage.
MILLARD
What is a chattel mortgage?
A chattel mortgage is a popular form of car financing that allows the borrower to take ownership of the car at the commencement of the chattel mortgage. A chattel mortgage is sometimes referred to as a goods mortgage.
What does chattel mean?
Chattel is any article of movable property, but when it comes to chattel mortgages it is most often a car or other vechicle. Business equipment is also commonly financed with a chattel mortgage.
What are the benefits of a chattel mortgage?
A chattel mortgage offers tax benefits for businesses that use the cash accounting method.
The interest rate on a chattel mortgage is fixed so you never need to worry about rate rises.
A chattel mortgage is flexible – you set your deposit, repayment and balloon payments to suit your cashflow.
A chattel mortgage can be repaid before the end of the term.
Subject to the lenders’ approval, 100% of the purchase price of a car can be financed using a chattel mortgage.
How does a chattel mortgage affect my tax?
If you use the cash accounting method, a chattel mortgage enables you to claim back the GST component. If the car is used for business purposes, interest paid on the chattel mortgage and depreciation can be a tax deduction.
Is a chattel mortgage right for me?
A chattel mortgage may suit you if:
you want to purchase a car primarily for business use
your business uses the cash accounting method
you are looking for flexible car finance to suit your cashflow.
Do I pay interest on a chattel mortgage?
Yes, the interest rate on a chattel mortgage is fixed, so you know exactly what your repayments will be for the life of the loan.
Can a chattel mortgage have a small or no balloon payment?
The flexibility of a chattel mortgage means you choose whether you want low monthly repayments and a high balloon payment, or higher regular repayments and a low or no balloon payment. This means your chattel mortgage repayments can be tailored to suit your cashflow.
Can I use a chattel mortgage for something other than a new car?
Yes, a chattel mortgage can be used for financing a boat, truck or equipment used primarily for business purposes.
What happens if I miss a repayment on my chattel mortgage?
Because a chattel mortgage is a secured loan, the lender can sell the car to recover the debt. If you are having difficulties making repayments, please contact your lender or 360 Financial as soon as possible to avoid this happening.
How do I apply for a chattel mortgage?
Contact 360 Financial Services or apply online for a chattel mortgage.
MILLARD
Sep
26
Basic Credit Repair FAQ’s
Filed Under Credit | Leave a Comment
Steve De la Rosa asked:
Here are some basics facts and tips on consumer credit repair and why you should look into having it repaired.
“What is a credit report, and why is it important?”
A consumer credit report is a factual record of your credit activities. It reports all your credit accounts and outstanding loans, the balances on your credit cards and loans, and your bill paying history. Lenders are permitted by credit report laws to check your credit report and review it in order to determine whether or not to grant you credit. Most of the information on your credit report comes directly from the businesses you have accounts or loans with. Whether you pay your bills or fail to pay your bills, lenders report your credit information - good or bad – to credit reporting agencies.
“How much money can I save by repairing my credit?”
The better your credit is, the lower your interests rates can be. You can save hundreds of dollars a month, and thousands of dollars in the long term. See our Cost of Bad Credit for more information on how good credit can make an immediate impact on your wallet!
”What can be removed from my credit report?”
Anything can be removed from your credit report including bankruptcies, foreclosures, repossessions, late payments, collections, charge offs, judgments, and more. The FCRA ensures that any item on your credit must be removed if it is found to be inaccurate or cannot be validated.
”How long can negative items stay on my credit bureau?”
Accurate negative information generally can be reported for seven years. This seven year period starts from the time you were late or the account went to collections, not from the time you first opened the account. Here are some other rules to keep in mind:
Bankruptcy information can be reported for ten years; Information reported because of an application for a job with a salary of more than $20,000 has no time limitation; Information reported because of an application for more than $50,000 worth of credit or life insurance has no time limitation; Information concerning a lawsuit or judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer; Default information concerning U.S. Government insured or guaranteed student loans can be reported for seven years after certain guarantor actions; Tax liens stay on for seven years from the date PAID.
“How long does the process take?”
You can start to see results within the first 30 to 45 days. However just as every credit report is different, so do the times vary from case to case. Depending on how many items are being addressed and how serious the problems, it could take several months.
“Is credit repair legal?”
Absolutely! Your credit report is maintained by three credit bureaus who are simply private, for profit companies whose sole motivation is to make money by keeping track of and selling your personal financial information. A survey by the United States Public Interest Research Group found that 70% of the credit reports had serious errors and mistakes. Through the Fair Credit Reporting Act (FCRA), the federal governement has given you the right to repair your credit and no longer be part of that majority.
“My credit isn’t that bad, why do I need help?”
You may be thinking, “I had no problem getting my car loan. 7% interest isn’t too high, is it?” YES IT IS! You could save thousands of dollars by lowering your interest rate just a few points. You can save even more with home loans. Look at the results when comparing a 30 year fixed mortgage for $150,000 at 7% versus an interest rate of 5%. Your savings over the life of the loan total $69,379.20, almost half the original mortgage amount!
Have more questions or need help with your bad credit? DLR Credit Solutions, LLC has free credit seminars to help you. Its never too late to start turning your credit around.
MICHAEL
Here are some basics facts and tips on consumer credit repair and why you should look into having it repaired.
“What is a credit report, and why is it important?”
A consumer credit report is a factual record of your credit activities. It reports all your credit accounts and outstanding loans, the balances on your credit cards and loans, and your bill paying history. Lenders are permitted by credit report laws to check your credit report and review it in order to determine whether or not to grant you credit. Most of the information on your credit report comes directly from the businesses you have accounts or loans with. Whether you pay your bills or fail to pay your bills, lenders report your credit information - good or bad – to credit reporting agencies.
“How much money can I save by repairing my credit?”
The better your credit is, the lower your interests rates can be. You can save hundreds of dollars a month, and thousands of dollars in the long term. See our Cost of Bad Credit for more information on how good credit can make an immediate impact on your wallet!
”What can be removed from my credit report?”
Anything can be removed from your credit report including bankruptcies, foreclosures, repossessions, late payments, collections, charge offs, judgments, and more. The FCRA ensures that any item on your credit must be removed if it is found to be inaccurate or cannot be validated.
”How long can negative items stay on my credit bureau?”
Accurate negative information generally can be reported for seven years. This seven year period starts from the time you were late or the account went to collections, not from the time you first opened the account. Here are some other rules to keep in mind:
Bankruptcy information can be reported for ten years; Information reported because of an application for a job with a salary of more than $20,000 has no time limitation; Information reported because of an application for more than $50,000 worth of credit or life insurance has no time limitation; Information concerning a lawsuit or judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer; Default information concerning U.S. Government insured or guaranteed student loans can be reported for seven years after certain guarantor actions; Tax liens stay on for seven years from the date PAID.
“How long does the process take?”
You can start to see results within the first 30 to 45 days. However just as every credit report is different, so do the times vary from case to case. Depending on how many items are being addressed and how serious the problems, it could take several months.
“Is credit repair legal?”
Absolutely! Your credit report is maintained by three credit bureaus who are simply private, for profit companies whose sole motivation is to make money by keeping track of and selling your personal financial information. A survey by the United States Public Interest Research Group found that 70% of the credit reports had serious errors and mistakes. Through the Fair Credit Reporting Act (FCRA), the federal governement has given you the right to repair your credit and no longer be part of that majority.
“My credit isn’t that bad, why do I need help?”
You may be thinking, “I had no problem getting my car loan. 7% interest isn’t too high, is it?” YES IT IS! You could save thousands of dollars by lowering your interest rate just a few points. You can save even more with home loans. Look at the results when comparing a 30 year fixed mortgage for $150,000 at 7% versus an interest rate of 5%. Your savings over the life of the loan total $69,379.20, almost half the original mortgage amount!
Have more questions or need help with your bad credit? DLR Credit Solutions, LLC has free credit seminars to help you. Its never too late to start turning your credit around.
MICHAEL
Sep
26
I have a mortgage on one home, can I get a second mortgage to pay for another house?
Filed Under Renting & Real Estate | Leave a Comment
TexasBound asked:
I’m planning to relocate, but current owe a mortgage for $50k. I also have a bankruptcy on my record thats a couple of years old. I’d like to find new home in the state I choose to live in. Would I be able to get a second mortgage or refinance my current home in order to pay for a new one?
MASON
I’m planning to relocate, but current owe a mortgage for $50k. I also have a bankruptcy on my record thats a couple of years old. I’d like to find new home in the state I choose to live in. Would I be able to get a second mortgage or refinance my current home in order to pay for a new one?
MASON
Sep
26
Is the Reverse Mortgage Different
Filed Under Mortgage | Leave a Comment
Leon Cote asked:
Payments to the householder can be made in a multiple of ways. How is a reverse mortgage different from a home equity loan? Home equity loans are paid back over a period of booked payments for a fixed number of years. Borrowers who’ve got a high debt to revenue proportion or poor credit could also find reverse mortgages appealing as the equity in the home and the value of the home are far more applicable factors than credit report. Whether or not the borrower in a reverse mortgage outlives the loan the home will never be taken and the loan not paid off till the house is sold or the borrower dies. Many pensioners have an enormous quantity of equity in their houses.
As in all cases of monetary lending, the pliability comes at a cost.
To be accepted for forward mortgage, you’ve got to have a steady source of earnings. When the last home loan payment is created, the house is yours. The major condition is the house is the property of the candidate.
As well, reverse mortgages must be the sole debt against your home.
Differing from a standard “forward mortgage”, your debt increases together with your equity.
If the loan is over a lengthy period of time, when the mortgage comes due, there may be a big amount due. Similarly , if the cost of your house decreased, there won’t be any equity left over. Failing to pay your property taxes or insurance on the home will definitely lead to a default too. Many older citizens have a massive quantity of equity in their houses. What are the needs to get a reverse mortgage? The home being mortgaged must be owner occupied. Often single family homes and little apartments and city houses are also suitable for a reverse mortgage. How will a reverse mortgage affect my estate? When the borrower of a reverse mortgage dies, the estate must pay back the loan or the proceeds of the sale of the home will pay back the loan.
Any remaining equity will be given to the successors of the estate. How can I am getting additional information on Reverse Mortgages? Contact any reputable broker to get additional information.
It may be sensible to consult an estate or estate planning lawyer to make certain a reverse mortgage is right for you.
HANS
Payments to the householder can be made in a multiple of ways. How is a reverse mortgage different from a home equity loan? Home equity loans are paid back over a period of booked payments for a fixed number of years. Borrowers who’ve got a high debt to revenue proportion or poor credit could also find reverse mortgages appealing as the equity in the home and the value of the home are far more applicable factors than credit report. Whether or not the borrower in a reverse mortgage outlives the loan the home will never be taken and the loan not paid off till the house is sold or the borrower dies. Many pensioners have an enormous quantity of equity in their houses.
As in all cases of monetary lending, the pliability comes at a cost.
To be accepted for forward mortgage, you’ve got to have a steady source of earnings. When the last home loan payment is created, the house is yours. The major condition is the house is the property of the candidate.
As well, reverse mortgages must be the sole debt against your home.
Differing from a standard “forward mortgage”, your debt increases together with your equity.
If the loan is over a lengthy period of time, when the mortgage comes due, there may be a big amount due. Similarly , if the cost of your house decreased, there won’t be any equity left over. Failing to pay your property taxes or insurance on the home will definitely lead to a default too. Many older citizens have a massive quantity of equity in their houses. What are the needs to get a reverse mortgage? The home being mortgaged must be owner occupied. Often single family homes and little apartments and city houses are also suitable for a reverse mortgage. How will a reverse mortgage affect my estate? When the borrower of a reverse mortgage dies, the estate must pay back the loan or the proceeds of the sale of the home will pay back the loan.
Any remaining equity will be given to the successors of the estate. How can I am getting additional information on Reverse Mortgages? Contact any reputable broker to get additional information.
It may be sensible to consult an estate or estate planning lawyer to make certain a reverse mortgage is right for you.
HANS