| Loan Modification Processing! Yes you can do it your self! Avoid headaches! Let our professional handle quality work for you Loan Workout Processing by Our Attorneys and Agents. Let's say you have a 30-year mortgage and have been paying it for five years. If you modify the loan at a lower rate, you still have 25 years remaining on your mortgage. It's the same loan, at lower interest. On the other hand, if you refinance the mortgage, your old loan is paid off and you start off with a brand-new loan for the term you choose, whether it's 15, 20 or 30 years or some other period. Financial Stress: “Stress is an ignorant state. It believes that everything is an emergency.” If you're in trouble with your mortgage, you're probably aware of it, but it's likely that you’re not doing much to make it better. Some repress or ignore that they cannot meet their monthly mortgage obligation. Others agonize and worry to the point of depression. Surveys show that homeowners fail to contact their lender because they are embarrassed, don’t believe the lender can help, and/or believe it would cause them to lose their home more quickly. The truth is that doing nothing will only cause the problem to get worse. Mortgage Modification Group steps in to get the ball rolling towards open communication and resolution of your mortgage problems. Legitimate Hardships Homeowners experience hardship for all kinds of reasons. 32% experience a job loss. 25% experience a health crisis. Most have no savings, no available credit, and their extended families have limited resources. Homeowners in danger may have already refinanced two or three times. It is time to get your financial life back in order. No matter the basis for your financial hardship, your lender is likely to work with you to reach an alternative to foreclosure. Warning Signs: Many of us are simply in denial and won't acknowledge or recognize that there's a problem. Well, if you're not convinced that you have a problem, go down the list of financial danger signs. If one of these danger signs applies to you, chances are, several do. * You received a foreclosure notice. * You’re not sure how much you currently owe. * Your lender is being uncooperative. * You're supplementing monthly income with money from your savings. * You're using credit cards to pay basic living expenses. Please Contact Us for more information Tel: 408-207-5656 What is the HOPE for Homeowners Program? This is a new program for borrowers at risk of default and foreclosure. The program provides new, 30-year, fixed rate mortgages that are insured by the Federal Housing Administration (FHA). It may help you refinance your mortgage into a more affordable payment. H4H is voluntary. Both lender(s) and borrower(s) must agree to participate. When does H4H Begin?The program begins October 1, 2008 and ends September 30, 2011. Who is eligible? You should contact your lender to determine eligibility, but you may be eligible if, among other factors: * The home is your primary residence, and you have no ownership interest in any other residential property, such as second homes. * Your existing mortgage was originated on or before January 1, 2008 and you have made at least six payments. * You are not able to pay your existing mortgage without help. * As of March 2008, your total monthly mortgage payments due were more than 31 percent of your gross monthly income. * You certify that you have not been convicted of fraud in the past 10 years, intentionally defaulted on debts; and did not knowingly or willingly provide material false information to obtain existing mortgage(s). Who should I contact? FHA does not accept loan applications. Borrowers seeking help should contact their lender, another FHA-approved lender, or a housing counselor to apply or learn more about their options. How much can I borrow? Your new H4H mortgage will be no more than 90% of the new appraised value of your home with the lender essentially writing down your current mortgage to that amount. What costs do I have to pay? * The new mortgage, if approved, will replace all of the current mortgages on your home. You will not owe any payments, fees or debts on mortgages you now hold. * You must agree to share both the equity created at the beginning of this new mortgage and a portion of any future appreciation in the value of your home. * In addition to an upfront mortgage insurance payment of 3%, you will pay a 1.5% annual mortgage insurance premium on your outstanding mortgage balance. This premium will be included in your monthly payments. * You will need to pay closing costs on the loan. You will receive a Good Faith Estimate of these costs. Will my new interest rate be lower than my current rate? The interest rate for the new mortgage will be based on current market interest rates and will be provided by the lender. I currently have a second mortgage. If needed, can I take out a second mortgage under this program? You cannot take out a second mortgage for the first five years of the loan, except under certain circumstances for emergency repairs. How can I learn more about the program and start the application process? * Review the Frequently Asked Questions page at www.fha.gov to learn more about the program. * Contact an FHA-approved lender to apply. You can find a list of lenders at www.fha.gov * Contact a Housing Counselor. A list of Housing Counselors can be found at www.fha.gov |
New Programs
| California Dept of Real Estate Licenses CA # 01840801 / FL # MBB100000117 |
DIRECT TO WHOLE SALE LENDERS
5223 Park Blvd. Pinellas Park, FL 33781
3005 Silver Creek # 206 San Jose, CA 95121
TEL: 408-207-5656 / 727-546-9707
Hiring Agents or Co-operation Lic. FL & CA
5223 Park Blvd. Pinellas Park, FL 33781
3005 Silver Creek # 206 San Jose, CA 95121
TEL: 408-207-5656 / 727-546-9707
Hiring Agents or Co-operation Lic. FL & CA
AMERICA 1ST FINANCIAL GROUP, INC.
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