Loan Modification

Loan Modification Process: Like a Ride on a Ferris Wheel

For many homeowners, a loan modification request is much like a ride on a Ferris wheel. The lender offers assistance through HAMP or some other federal program, raising hopes and expectations. Then, the bank suddenly withdraws its offer, many times based on technical grounds, such as turning in documents a day or two late, a Debt To Income ration that is a few points too low or a Loan To Value ratio that is a few points too high.
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Reasons Your Loan Modification Request Was Denied

Trulia, a leader in the real estate industry, recently reported that refinance rates for a 30 year fixed mortgage in Waukegan, Illinois can be obtained for as low as 2.250 percent. Trulia further reported that the median sales price of a home in Waukegan is $91,250, a 30.4 percent home value increase as previously reported a year ago.
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Ways to Lower your Mortgage Payments

Many people worry about their mortgage every month.  There is a palpable dread when they open their mailboxes to find their monthly bill.  If you feel the same way about your payments, then follow these steps to lower your payments and alleviate your stress.
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Zombie Foreclosures Stymy Financial Recovery

The worst of the housing crisis may be over, but many Illinois homeowners are still facing an uphill battle on the brink of financial insolvency. Filing for bankruptcy may be the best way that a family can keep its home during financial hardship, even with the challenges that bankruptcy itself can present. Bankruptcy can offer some people a way to start over, a fresh beginning, and an opportunity to get out from under crippling debt that keeps plaguing recovery.
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Baby Boomers Experience Mortgage Issues, Foreclosures

Now that mortgages rates have lowered, people are looking to refinance their homes in order to keep them.  To be eligible for refinancing a mortgage, applicants must have good credit ratings and a steady income source.  This presents a problem for older people who could really benefit from easier mortgage payments.
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New Fiscal Cliff Tax Extensions Helps Short Sales

Many news reports from the last few months have talked about the “fiscal cliff” and how badly consumers and businesses would be affected by increased taxes.  At the last moment, Washington came to an agreement about how the tax breaks would be handled, if that meant modifying them, extending them or letting them expire at the end of 2012.  One tax measure included the decision was the Mortgage Forgiveness Debt Relief act of 2007.
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com