If you have bad credit, mortgage lenders are hard to come by these days. But that doesn’t mean you have no hope of getting a better deal on your home loan. If you have a bad credit mortgage, mortgage rates may be much lower than the rate on your current mortgage. As long as you have some home equity, you may be able to improve your situation. Continue reading ‘Bad Credit Mortgage Refinance Alternative: Modification Through LoanPort’
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If you’re experiencing mortgage credit problems, have missed home loan payments, and are perhaps delinquent on other credit accounts as well, it may be tempting to give up. The stress can be debilitating, the balances pile up, and you think you will be in bad-credit Hell forever. A recent study by VantageScore shows that’s not necessarily the case. Continue reading ‘Fix Your Credit in Nine Short Months. Really.’
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Yes, Indiana homeowner Lisa Stuart almost lost her home because she didn’t know about an unwritten HAMP rule. She was put into a trial modified mortgage and set her account up to automatically make the payment on the 25th of the month. She was concerned that if she set it up to transfer on the 1st, when payment was due, that it wouldn’t be credited because one of the trial payment due dates fell on New Year’s Day. But GMAC mortgage wasn’t impressed by her responsible attitude. Their collection department called her to tell her that she owed them $4,000 of would be foreclosed on, and that she has been kicked out of HAMP for making her payment too early. And that’s not the only secret rule that can get you kicked out of the program. Continue reading ‘Borrower Kicked Out of HAMP for Making Payment Too Early’
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If you have an interest-only mortgage and you’ve been making the payments for a few years, you need to take another look at your loan, grab a mortgage calculator, and start working on your future. Your payment may be about to go up. A lot. Continue reading ‘Do You Have an Interest-Only Mortgage? Contact Your Lender’
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I have spent hours searching online and have come up with zip. If you have bad credit, home loans seem to be out of your reach right now. Any search of sub-prime mortgages, bad credit mortgages, high risk mortgages, home loans for people with bad credit, or bad credit refinance comes up empty these days. But you still might have some options. Continue reading ‘Are There Any Subprime Mortgage Lenders Left?’
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You and your lender are talking mortgage modification. You have a $300,000 mortgage on a $200,000 house. You’re paying 6% because you can’t refinance to a better interest rate. What would you rather have the lender do, drop your interest rate to 2% or your balance to $200,000? Most borrowers would take the $200,000 balance. And now, more lenders may be willing to give it to them–especially bad credit lenders that don’t sell their loans to investors. Continue reading ‘Mortgage Modification: Show This to Your Lender’
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If you don’t have enough cash to make your entire mortgage payment, but could pay some of it on time, does the lender have to right to refuse your payment and give you a bad credit rating? Continue reading ‘If You Make a Partial Mortgage Payment Does it Hurt Your Credit?’
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You’re in trouble with your home loan. Your income has dropped. Your expenses have not. You’ve been dipping into your savings to make your payments, and they’re almost gone. Your retirement account is all you have left. Can you get a mortgage modification? You check www.makinghomeaffordable.com and take the quiz on the site to see if you’d qualify for a mortgage modification. You do! Except that you don’t. What the site doesn’t tell you is that just because you are experiencing hardship doesn’t mean that your loan servicer is going to modify your loan–the program is voluntary and lenders all have their own criteria for determining who gets a modification–and who doesn’t. Continue reading ‘The Truth About Mortgage Modification: What www.MakingHomeAffordable.com Doesn’t Tell You’
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Over half of homeowners who get a mortgage modification or forbearance don’t get the happy ending they expected. They simply get behind on their payments again according to a new report by bank regulators. More than 50% of mortgage borrowers with loans modified in the first half of last year had missed at least two months of payments a year later, government officials claimed. Continue reading ‘Mortgage Modification May Not End Mortgage Credit Problems’
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The chairman of the House of Representatives Financial Services Committee said that he plans to keep working on legislation to reduce mortgage balances via bankruptcy proceedings, and that the lame performance of lenders, some of which received taxpayer bailout funds and have yet to modify a single mortgage, increases the support for that legislation. Continue reading ‘New Legislation May Help You When Your Lender Won’t’
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