Do You Qualify for a VA Loan?

March 22, 2020

| general, government, law, Legal, politic

We all know that most of us need a mortgage in order to buy a house. We go to a lender and complete all necessary paperwork and then we can purchase the house, paying back the mortgage money that was leant to us in monthly installments.

A VA loan, then is a mortgage loan that is guaranteed by the US government and for the use of American vets, military members, currently serving members and select surviving spouses of members. Veterans can then use this mortgage to purchase a single family home or a condominium, multi unit properties, manufactured homes or a new construction property.

While it the office of Veterans Affairs that financially guarantees the loans that qualify and who set the rules for who can qualify and when, and makes the guidelines the money does actually come from the government, but instead from any qualifying lender (bank or other … Read More

Payday Loan Providers: Keep Options Open

March 21, 2020

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| general, government, law, Legal, politic

Governments continue with their attempts to clamp down on payday loan regulations. In several countries, lawmakers are trying to make it more difficult for the average person to obtain a fast cash loan. Their motives are based on protecting citizens from falling further in debt. On the other hand, their methods are not as accepted. Clamping down on safe payday loan providers services and limiting access to emergency help has not proven overly successful. In fact, for many borrowers, it has made their situation worse.

It is true that payday loans are not a good solution for many people in a budget crunch. The interest is high and the payoff term is fast. People who continuously struggle with money issues are less successful with this type of money help. The 'cycle of debt' skyrockets once a short-term loan enters in. The root of the borrower's financial problems is masked by … Read More

Loan Modification Program – Mistakes You Must Avoid to Get a Modification and Avoid Foreclosure

March 21, 2020

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| general, government, law, Legal, politic

For a homeowner who is going through a financially difficult time, getting behind in your monthly mortgage payments is something you do not want to do. This is why the process of loan modification has become so popular and in many cases is vital, so that a home owner can keep their home. Filling out all the paperwork and providing all of the information the bank requests can be a bit confusing though.

Mistakes made here can be the difference between ownership and foreclosure. The government and banks have said recently incorrectly filled forms are the number one reason for failure to be accepted by over a third of applications Take the time and read about some of the most common mistake people make when filing their loan modification paperwork.

1. Getting in contact with your bank too late. That’s right, getting a loan modification program can be a home … Read More

Student Loan Debt Clock Is Ticking Away At 1.57 Trillion Dollars On Election Day 2016

March 21, 2020

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| general, government, law, Legal, politic

The academic bubble is ready to burst, all the while academics in their infinite wisdom tell us they know best how to run our society and civilization – don't you find that odd? It seems they haven't gotten their own house in order, and yet, want our entire country to run like a giant college campus – interesting indeed. These same academics want to tell us how to vote, re-distribute wealth, and how to think – well, I think their day of reckoning is right around the corner – and I fear what's to come will not be pretty. No, I don't want to be the one to say; "I told you so." Surely, there are others with more social media followers who see the reality of the situation to spread that in-your-face slap when the time comes. Okay so, let's talk shall we?

40% of the student loans are … Read More

Loan Modifications 101

March 21, 2020

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A traditional loan modification is an agreement between you and your mortgage company to change the original terms of your mortgage. For example, a loan modification might allow you to add past due payments to the balance of the loan, lower your monthly payment, lower your interest rate, change your interest rate from a variable rate to a fixed rate, and / or extend the number of years you have to repay your mortgage. Modifying your loan with new, more favorable terms, can save you thousands over the life of your loan. If you are facing a hardship, and you need help, a loan modification might be just the solution you're looking for.

Benefits of a Loan Modification

Modifying your mortgage has several substantial benefits. The main benefits of a loan modification are:

Avoid Foreclosure. A modification helps you avoid foreclosure and stay in your home by resolving your delinquency

Recent Obama Changes Favor Student Loan Borrowers More Than Ever

March 21, 2020

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Federal student loans are backed by U.S. Government. They are not based on credit histories of borrowers, since most people applying for and receiving them come right out of high school and do not have a credit history yet. They feature lower interest rates that result in smaller monthly payments. While government student loans may not be sufficient to cover the entire cost of education alone, they offer a great money-saving opportunity to fund college education, since they currently have an interest rate cap of 8.25%, with factual rates way lower than that.

Student Loan Consolidation Is Also Available With Help of Federal Government

U.S. Government, besides lending money to students, also offers loan consolidation services. Many students find it overwhelming to service the amount of debt they have accumulated through school years, especially without securing a stable employment in their field of education. While it may take some time … Read More

Where’s the Promised Government Loan Money (HARP) for Distressed Homeowners?

March 21, 2020

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| general, government, law, Legal, politic

THE HISTORY OF HARP

Since 2007, when the American housing bubble burst, untold numbers of homeowners have found themselves in the dire dilemma of seeing the value of their homes sink below the amount they owe on their mortgages, putting them “under water” in mortgage jargon. With most mortgage lenders requiring a loan to value ratio (LTV) of 80% or less on refinancing (not requiring private mortgage insurance [PMI]), these homeowners have been basically locked out from taking advantage of the record low interest rates. Seeking solutions, the Federal Housing Finance Agency (FHFA) introduced the Home Affordable Refinance Program (HARP) in March 2009 thus began the history of HARP.

WHO QUALIFIES FOR HARP?

HARP was designed to help homeowners obtain refinancing when the value of their home exceeded 80% LTV without having to pay the additional PMI costs. Originally, this program was intended for homeowners with 105% LTV mortgages or … Read More

Foreclosure Solutions – Mortgage Loan Modification – Does It Really Work?

March 20, 2020

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| general, government, law, Legal, politic

First let me answer a question you may have and that is exactly what is a Mortgage Loan Modification? A Mortgage Loan Modification is a fixed alteration to the terms of a Mortgagor's loan, it permits the loan to be reinstated, and the end result is generally a lowered monthly payment the Mortgagor can afford. This sounds like a good answer when looking for foreclosure solutions.

A short while ago in a hearing, convened by the bipartisan Congressional Oversight Panel, which had been given the duty of keeping track of the government foreclosure bailout programs, the panel members hammered the Treasury Department regarding the flaws in its mortgage loan mod procedures. This hearing came only days after a report published from the inspector general showed the agency's efforts failed to have apparent benchmarks and fell horribly short of its original goals and objectives. This program was hoped to be one … Read More

Small Business Loan Update – Stimulus Bill Helps Bailout Businesses If They Cannot Pay Loans

March 20, 2020

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As we continue to sift dutifully through the over 1,000 pages of the stimulus bill (American Recovery and Reinvestment Act of 2009), there is one provision that is not getting much attention, but could be very helpful to small businesses. If you are a small business and have received an SBA loan from your local banker, but are having trouble making payments, you can get a "stabilization loan". That's right; Finally some bailout money goes into the hands of the small business owner, instead of going down the proverbial deep hole of the stock market or large banks. But don't get too excited. It is limited to very specific instances and is not available for vast majority of business owners.

There are some news articles that boldly claim the SBA will now provide relief if you have an existing business loan and are having trouble making the payments. This is … Read More

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Tag: Loan