The Process of Home Loan Modification

Incomplete forms and applications will be strictly rejected by the lenders. It is vital to follow the instructions while filling them. The application for the chase loan modification has got tons of instructions which have to be filled with an expert’s assistance.

Some tips to follow:

o Prepare a financial statement which has got clear details about the income, tax payment, other payments, bank transactions and every minute detail.

o Finalize the account statement to have sufficient funds in the bank account which can improve the credentials

o A hardship letter explaining the difficulties will help in easy approval. The situations which gave rise to defaults and the steps that were taken to overcome should be projected. Explaining the commitment about the repayment can improve the chances of getting an approval for a chase loan modification.

o Substantiate the hardship letter with adequate proofs. This testifies the integrity.

o Have a well planned family budget which will accommodate all the expenses with the new monthly payments. There should not be bounce backs in the budget.

o Calculate the debt-ratio to estimate the financial situation and develop the plan.

o Do not contact the lender until getting all the required details about their process and payments.

o Seeking an expert’s assistance might give a vivid picture about the chase loan modification process.

o Doing a bit of research work about the lending company is important. Check for any scam reports against the lenders.

o Do not provide any fake information as legal issues may arise. This will affect the credit rating and reputation.

o Do not pay any upfront fees to the lenders

o The terms and conditions are to be understand while signing the document

The above facts will help the borrowers in getting approval for the chase loan modification easily.

Making Money From A Second Home – Opt For A Remortgage

If you have a small mortgage or even no mortgage at all on your family home, online remortgage uk can be a cheaper and easier way of raising money than going down the buy-to-let route. Another advantage of an online remortgage uk is that you can use the money for any legal purpose, whether it is for long lets, holiday lets or pork belly futures. This is especially useful if you do want to go into holiday letting because your borrowing options are more limited.

As a general rule, you can online remortgage your home for up to 85 or 90% of its value, as long as your income is enough to cover the online remortgage loan uk. Any anticipated future income from the property you are purchasing cannot be taken into account at this stage. Like any online uk remortgage, there will be some extra costs, arrangement and valuation fees, but these will be tiny in proportion to your total investment in your letting property.

When do you seek for an online remortgage uk advice:

You do not have the time or inclination to do your own research on online remortgage loan
You are not confident on the internet or do not have easy access to it.
You are not confident about doing your own sums.
You are not confident about interpreting the mass figures and terms your internet research will throw up.

Why should we seek out for financial adviser for an online remortgage loan uk?

More over an online remortgage loan uk brokers or financial advisers may be able to get discounts that you as an individual cannot.

Where to go for an online remortgage uk advice?
If an online remortgage uk financial advisor has been offering similar kind of service for about 20 to 30 years, they are probably doing something right. If he has been referred by a friend of yours, it’s so much better.

Online remortgage uk helps in remortgaging your existing property and chasing the best interest rate deals which is hugely popular. Serial remortgagers are known in the industry as ‘remortgage tarts’. If you are one of the majority who cannot be bothered to switch away from the Standard Variable Rate, you are an inert, which one are you?

Don’t get into mortgage debts by being inert towards your high interest rate on your existing mortgages, instead consider online remortgage uk. You can consider online remortgage uk even to consolidate all your high rate mortgages. Why pay whopping interest rate when you can avail the current low rates and make that extra cash yours today, seek out for online remortgage uk help.

How to Avail a Chase Mortgage Loan Modification

Like so many homeowners, you may find yourself in the same drought. That is, trying to obtain a mortgage loan that covers all housing expenses yet is conveniently affordable making repayments. The security that a house is safeguarded and preserved is one of the most important thoughts every home owner has in mind. After all, investing in a house does not come easy. Getting a Chase mortgage loan modification might just be the answer to your mortgage troubles.

A Chase mortgage loan modification is a permanent alteration to the terms of mortgage to so as to make it more affordable for borrowers facing financial adversities. Chase loan modification has truly stepped out in terms of helping people out, specifically home owners in securing their homes. It has joined the government’s new loan modification program in order to improve its services by letting borrowers change their mortgage in order to get monthly payments back under control, eliminating the chances of residences to be foreclosed. This is very beneficial to you since you not only get protection for your house as well as financial leeway but as well as a more affordable repayment amount.

Steps to Getting A Chase Mortgage Loan Modification

Chase loan modification serves a lot of home owners openly that is why the need to fully understand what goes around it and how the process works is very essential. Applying and qualifying for this loan must be completed with precise information to ensure your approval.

1.)Show them that you are in financial turmoil.

· Mortgage loan modifications are only given to people who are truly in dire need of support so it is your task to show them that you are in hardship. Show them proof.

· You can start out by asking help from a financial firm to help you put together a hardship letter stating that you are way beyond your means of supporting yourself, that your debts outdo your earnings and that you need to make a reassessment of your present loan condition. Present valid documents that will prove to them that you are paying more than 37% of your monthly income to your mortgage lender.

· To further make your evaluation easy, take the eligibility test of Chase website. It is a tool that gives a quick review whether or not you are qualified for a Chase mortgage loan modification.

2.)Check with a financial service.

· The application process for Chase modification is quite a hassle so it is best that you seek help from a professional and tell them that you are planning to avail a Chase loan modification. This way, the company will help you gather all needed requirements. Also, this allows you to get a cut back on interest rates.

3.)Make a budget.

· This is the most crucial step in Chase loan modification since this will determine your success in negotiating monthly repayments. So, it is advised that you set aside money just for this and for the mean time cut back on unnecessary splurges.

· If you can, make the amount of budget be the amount of repayment as well.

4.)Complete the application process.

· Once you have proven that you are suitable for obtaining such mortgage, now is the time to gather all required papers.

· As always, be honest when filing up the information form. See to it that it validates every supporting document you have.

· A Chase form usually lists down all details needed such as financial statements, bank statements, W-2 forms, etc. so make sure that you have all of it handy.

5.)Continue home loan repayments.

· Since your application is still being evaluated which normally takes about 30 days, maintain making payments so as to avoid any more debts to incur.

6.)Complete the trial period.

· Once approved, you are placed in a 3 month trial plan as a probationary period in order to help Chase programs ensure that you are able to make mortgage payments and that the terms work for you.

7.)Make on time repayments.

· When you surpass the trial period, final loan modification is given to you. This is permanent so see to it that you do not make any defaults on payments.

If You Refinanced Your Home Within the Last 3 Years, Your Mortgage May Have TILA Violations

TILA stands for Truth In Lending Act, and the mortgage companies were not disclosing everything they should have to you. Millions of Americans are currently losing their homes from the Sub-Prime Mortgage meltdown, the news is finally starting to talk about Predatory Lenders. The lender liability subject isn’t new, good laws have been passed for many years, but they have not usually been enforced much, because most people do not know about them. How do lenders fit into this sad story? They started the problem by forcing loans without regards to a borrower’s best interest. They did not just bend a few rules – they threw the normal rules out the window. Anyone with a house was fair prey.

Some of those being foreclosed upon are elderly people, many of which owned their home free and clear before refinancing, many others were young first time home-buyers who were talked into borrowing more than they could actually afford, some just needed to borrow some money to do home improvements or for college or a wedding. If you look up the REO properties that lenders have foreclosed on, you see both million dollar properties and broken down old shacks.

Today Very few people in society have resisted the lure of adjustable arm mortgages and the more dangerous option arm mortgages. Mortgage companies devised nice-sounding sales pitches and set up sham companies to receive kickbacks. The Lenders put together incentive plans like the YSP(Yield Spread Premium) to get brokers to shove borrowers into higher rates. Many lenders have their own reinsurance companies, title companies, management companies, and set up multiple affiliate business arrangements. Lenders often incorporate in different states and operate under more than one name, with often as many as 35 aliases. It seems OK, until you understand why they do it. They double, triple and sometimes quadruple their money at our expense.

I have read that Mortgage companies have sold these mortgages primarily because Wall Street wanted them and would pay more for them. The Federal Reserve waited until over half of the US had taken out adjustable rate mortgages and started raising interest rates 17 sessions in a row, which caused a disaster. When the real estate market was at its peak, you could always refinance to borrow more or sell your house and take a profit and start over. Now millions are stuck with a lower housing market and difficulties in refinancing. The market is not going up, but homes are going down in value – depreciating. There is another avenue to pursue here, known as where is the note holder for your mortgage note. I will speak about this later in another article.

What you need to look for in your mortgage contracts are: These are other examples of T.I.L.A. violations you will find on a lot of Mortgage contracts. There are a total of 58 (fifty eight) possible violations in quite a few cases.

1. Over-escrowing.

2. Junk charges.

a: yield spread premiums

b: service release fees

3. Payment of compensation to mortgage brokers and originators by lenders.

4. Unauthorized servicing charges.

5. Improper adjustments of interest on adjustable rate mortgages.

6. Up selling.

7. Overages.

8. Referral fees to mortgage originators.

9. Breach of Fiduciary Duty

10. Failure to disclose the circumstances under which private mortgage insurance (PMI) may be terminated.

11. Unauthorized servicing charges

a: The imposition of payoff and recording charges.

12. Improper ARM adjustments

13. Stated income, they said you have more money than you had.

14. Failure to provide the husband and wife the booklet provided by the government (HUD)

15. When they add up the mortgage cost to the borrower they put it in the loan and do not calculate the costs right, they only have the original amount calculated. In an article I read, I found this interesting ruling: In issuing Summary Judgment of liability in favor of the Plaintiff Class Members, the Judge ruled that Chevy Chase failed to properly disclose the payment schedule on the loans, failed to properly disclose the cost of the loans as an annual percentage rate, and failed to disclose the variable rate feature in the first 5 years of the loans. The Judge further ruled that the bank inserted in their disclosures misleading teaser rates that were only available for one month, and language suggesting the loans were 5 year fixed.

16. When they pull the credit they should have a good faith estimate with in 72 hour.

17. The appraisal is embellished and not the truth value. (RESPA violation) Real Estate Procedure Act, here is an example to the RESPA violation: I know square footage can be off somewhat, but 228 sq, ft.? I do not think so. Here is what happened: The appraisal was coming in too low, the letter from the broker to the State confirms that and she mentions the loan was impossible due to the “low” appraisal. Now, do not know if I mentioned this but she shared office space with the appraiser. All three parties (broker, lender and appraiser) knew the home would not appraise for $200,000as indicated in her letter. So what did they do? They used the gross square footage (not what is under heat and air) to beef up the appraisal and then, unbelievably, they ignored a comp in my own subdivision because it sold for only $172,000. Then, they went over a mile away and found a comp that sold for $205,000. If that is NOT fraud, I do not know what is. This explains the broker not answering the lawsuit; the appraiser calling me and threatening me and the lender doing the same.

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