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The Treasury department has signed and agreement with CitiBanks servicer, CitiMortgage that would allow Citibank to offer a more affordable and aggressive home plan for their struggling borrowers. What this means is that the lenders offering the loans are able to accept loan applications for homeowners and also offer the lender some incentives for every loan they modify using their new plan. Not sure what this means or even how you can benefit from this?

Since this new agreement has been agreed upon by the lender and the Treasury Department, Citibank and Citimortgage they have to offer this federal plan to any and all homeowners who request consideration for the plan. This means that if you had applied for a loan and have already been turn down, you can have them review your case again to be reconsidered for the new federally subsidized plan.

Ask yourself these questions below to find out if you are a candidate for the new help plan:

1.Did you get your loan before January 1, 2009?

2.Do you live in your home as your primary residence?

3.Do you owe less than $729,750 on your mortgage?

4.Does your current monthly payment exceed 31% of your gross monthly income? (Including insurance, taxes and homeowners dues)

If you answered yes to the above questions, approach a lender regarding the affordable home plan. Not everyone will qualify for this plan, however if you meet the required guidelines and you can prove it, your current interest rate can be reduced to 2% for 40 years. What is trying to be achieved is an affordable monthly payment. The monthly payment should only be 31% of your monthly income. Since the Treasury Department is paying Citibank for every borrower they help they are much more motivated to help the borrower. On top of the better rates and lower payments, every homeowner that stays current on their modified home loan for 5 years will be paid $5000.

Homeowners are being encouraged by President Obama to work with the banks in order to keep their homes. However, before you contact Citibank or send in an application, make absolute sure that you have all the necessary paperwork so you have the best possible chance of being approved. Take some time to learn the process for loan modification so you can be as prepared as possible. Don’t take any chances learn everything you can about the loan modification process.

I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, and industry inside happenings of the mortgage refinancing industry.
For more articles on Mortgage Refinance check out my website

Article Source:http://www.articlesbase.com/mortgage-articles/citimortgage-citibank-home-loan-refinancing-and-modification-options-1730493.html

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‘No-cost’ mortgages often seem like a great deal for the most part because they don’t carry the closing costs that are typically around 3 to 5 percent of the loan amount. However, the truth of the matter is that all mortgages carry costs. The difference is that a ‘no-cost’ mortgage converts the upfront costs to costs paid over time at a higher interest rate. This means the borrower saves money now, but ends us paying more money in the long run.

Example

To illustrate better how a ‘no cost’ mortgage works and how it differs from a traditional mortgage we assume that a borrower is looking for a $200,000 mortgage at a 30-year fixed rate.

Lender A offers a traditional mortgage at 6 percent with $2,200 fees (including lender fees $600, credit report $50, appraisal $300, title insurance $800, Reconveyance fee $75, recording fee $45, wire & courier fee $55, endorsement feel $75, title closing fee $125, document preparation $30, other fees $45).

Lender B offers a ‘no cost’ mortgage with a rate of 6.5 percent.

Monthly payments:

Traditional mortgage (6.00%): $1,211

‘No-Cost’ mortgage (6.50%): $1,276

In simple terms, this means that if the borrower buys a traditional mortgage, he would have to pay $2,200 more upfront, but monthly payments would be $65 lower ($1,211 rather than $1,276). If he buys a ‘no cost’ mortgage, there are no upfront costs, but monthly payments are $65 higher ($1,276 rather than $1,211).

By buying the ‘no cost’ mortgage to avoid the upfront fees it doesn’t mean the borrower saves money. After 3 years (36 months) of paying that extra $65, he would have exceeded the $2,200 he originally saved ($65 x 36 = $2,340). Eventually, he will pay a lot of money in the ‘no cost’ mortgage, unless he chooses to refinance in three years.

The example assumes that, all things being equal, the only difference between traditional mortgages and ‘no cost’ mortgages are the upfront costs. However, in reality, not all costs associated with closing are waived in a ‘no-cost’ mortgage. ‘No cost’ mortgages do not carry processing fees and the appraisal and credit report fees, but they carry government taxes, homeowner’s insurance and any funds required for escrow. Therefore, they are not cost-free.

In particular, ‘no cost’ mortgages are subject to the following exceptions:

• Per Diem interest (the interest incurred from the closing date to the first day of the following month) is excluded because it cannot be estimated when the exact closing date it will be.
• The lender doe not cover for tax escrows, homeowner’s insurance or transaction taxes if any.

Major considerations

(a)   When selecting a lender for a traditional mortgage, borrowers typically ignore settlement costs, which they discover after they have applied for the mortgage and they receive estimates they are subject to change. This allows lenders to mark up their fees and those of third parties. On the contrary, when purchasing a ‘no cost’ loan, borrowers consider only the interest rate, which is the rate to cover the true costs of the mortgage. Therefore, ‘no cost’ mortgages can protect borrowers against being overcharged.

(b)   If the borrower buys a ‘no-cost’ loan through a broker, the broker’s fee is an additional cost that will be covered by the rate. Therefore, lenders limit the rebates they offer for higher interest rates, thus limiting broker fees. Studies on brokered loans suggest that total settlement costs including broker fees are $1500 lower on ‘no-cost’ mortgages than on other mortgages. It is estimated that this $1,500 are lower broker fees.

(c)   ‘No cost’ mortgages may carry prepayment penalties to discourage borrowers from refinancing. So, borrowers should check the rules to see if a lower rate for refinancing saves them money after all in case they are required to pay a penalty.

In conclusion, ‘no cost’ mortgages seem like a better deal for borrowers because they are easier to shop and simpler to understand. However, as they carry higher interest rates in the long run, borrowers need to investigate all factors before applying for a ‘no cost’ mortgage against a traditional mortgage. In most of the cases, borrowers end up paying more money as a trade off for saving on the upfront payments.

http://realestate.yahoo.com/calculators/no-cost_vs_traditional.html

Christina Pomoni has acquired her MBA Finance from the American College of Greece. Her advanced familiarity with financial statement analysis, capital budgeting and market research has been acquired through her professional career at high-esteemed organizations. As part of her long journey, Christina has served as an Equity Research Associate at Telesis Securities (EFG Eurobank) and a Financial & Investment Advisor at ING Group. Besides, having lived at Chicago, IL, Boca Raton, FL and Paris, France has helped her, not only to be a successful professional, but mostly to see life under a more creative and innovative perspective.

Since 2005, Christina provides high quality writing services to numerous websites and research companies contributing her knowledge and expertise. Her areas of specialization are Business, Finance & Investment, Society, Politics & Culture. She also has a very good knowledge of Entertainment, Health & Fitness and Computers & Technology.

Christina currently designs the website of her own writing company. Believing that knowledge is the road to opportunity and development, her mission is to promote her already established knowledge to a growing number of visitors and to provide high quality writing services to meet the most demanding customer requirements.

Article Source:http://www.articlesbase.com/mortgage-articles/comparing-no-cost-vs-traditional-mortages-1656638.html

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If you have been denied for a hamp home affordable modification loan program find out why and reapply.

By: Anna  Cuevas

Lets take a look Inside the Home Affordable Modification Program to see the possible reasons why you were declined:

If you have been denied for the Home Affordable Modification Program, often called the HAMP or Obama loan modification assistance program, it is of upmost importance for you to #1 remain calm and #2 find out in great detail all the reasons why you were declined.  Many people that have gotten denied can get approved for a loan modification if they have changes to their previously submitted information and they make the necessary corrections to their  application and then reapply.  Being denied is frustrating and scary but it definitely does not mean it is the only chance that you have. If you are determined to keep your home and you know you can make a reasonable payment you have a chance to still make it work., don’t be discouraged. I know people that have been denied up to 10 times for loan modifications that end up saving their homes because of their determination and refusal to give up even when it seemed they had no hope.

If you are not in jeopardy of losing your home in the very near future  this may give you an opportunity to find a job if you are unemployed, raise your income, or lower some of your expenses to then be able to reapply with updated financials and possibly qualify where you might have not qualified before.  Sometimes a chance to regroup and take a breath is all we need to turn the page and have success.

Common reasons for denial are: Insufficient Income, too much income, payment already under 31% of your gross income, too much money in the bank, borrower not living in the property, lack of hardship or voluntarily left job or went back to school, lender could not reach borrower for missing documentation, they may not feel that a default is likely to happen with information submitted and for the permanent modification the borrower did not make trial payments on time or income changes were more than 25% different than when originally qualified.

Keep in mind that if after performing the 3 steps available to the servicer to modify your loan under the Home Affordable Modification Program, H.A.M.P.  it still appears more lucrative to the investor to foreclose that is cause for a denial for them.  This is why it is imperative to verify the income and expenses they used line by line to check for human error and you just have to be resourceful and examine your information with a fine tooth comb and with a different perspective, regroup, make changes and then resubmit your complete updated modification request.  Give it all of your effort, follow up weekly, or even every other day if your in jeopardy of losing your home soon. Keep a log and follow a submission checklist.  The other reason for disqualification is missing requested documentation so stay organized, calm, patient, and keep a positive attitude.

The 3 steps your servicer will perform to qualify you for a HAMP loan modification are Term extension, rate reduction, and principle deferment or forgiveness(very unlikely and solely at lenders discretion, they are not obligated to defer principle).

If they say it is because of your income or your expenses you need to go down line by line with the representative of your bank and then compare the numbers.  It is important for you to prepare your household financial budget for yourself prior to submitting this information to your lender.

We are all human and in my experience I have witnesses many a mistake in this area.

I have been told by negotiators at many of the lenders that the lack of explanation of the hardship is another big reason people are denied.  Consider all of these factors when writing out your Hardship letter and make sure you put all of the reasons you have a hardship and are in need of help but try to keep it to one page if possible and legible.

Lets examine the Fannie Mae explanation of how the Hardship is determined per guidelines given directly to the servicers/lenders to qualify borrowers for the Home Affordable Modification Program H.A.M.P.

Determining Hardship

Every borrower and co-borrower (if applicable) seeking a modification, whether in default or not, must sign a Hardship Affidavit that attests to and describes one or more of the following types of hardship:

1. A reduction in or loss of income that was supporting the mortgage loan, e.g., unemployment, reduced job hours, reduced pay, or a decline in self-employed business earnings.

2. A change in household financial circumstances, e.g., death in family, serious or chronic illness, permanent or short-term disability, or increased family responsibilities (adoption or birth of a child, taking care of elderly relatives or other family members).

1. A recent or upcoming increase in the monthly mortgage payment.

4. An increase in other expenses, e.g., high medical and health-care costs, uninsured losses

(such as those due to fires or natural disasters), unexpectedly high utility bills, or increased

real property taxes.

5. A lack of sufficient cash reserves to maintain payment on the mortgage loan and cover basic living expenses at the same time. Cash reserves include assets such as cash, savings, money market funds, marketable stocks or bonds (excluding retirement accounts and assets that serve as an emergency fund – generally equal to three times the borrower’s monthly debt payments).

1. Excessive monthly debt payments and overextension with creditors, e.g., the borrower was required to use credit cards, a home equity loan, or other credit to make the mortgage payment.

Do Not Move Out Of Your Home you will be disqualified for HAMP – if you moved out prematurely consider moving back in if you want

If a servicer has information that the borrower does not meet all of the eligibility criteria for the HAMP (e.g., because the borrower has moved out of the house) the servicer should explore other foreclosure prevention alternatives prior to resuming or initiating foreclosure.

If you are current on your payments you may still qualify, the difference is that they won’t reach out to you- but they will not disqualify you simply for not being late, these are the guidelines they use:

Reasonably Foreseeable (Imminent) Default

A borrower who is current, contacts the servicer for a modification, appears potentially eligible for a modification, and has suffered an eligible hardship (as described above) must be evaluated using the imminent default screen set forth below. This must also be used to evaluate such borrowers who are in default but less than 30 days delinquent.

This is the Formula used when you are not currently in default to determine whether or not your default is imminent:

The borrower’s debt coverage ratio is less than 1.20. The debt coverage ratio is the borrower’s monthly disposable net income divided by the borrower’s current monthly principal and interest payment on the first lien mortgage loan (excluding tax and insurance payments). Monthly disposable net income is the borrower’s monthly gross income less (1) monthly payroll deductions, (2) monthly escrow allocations of property taxes, property insurance and mortgage insurance premiums, (3) monthly homeowner’s or condominium association fees, (4) monthly allocations of all other monthly credit

obligations, (5) all other reasonable living expenses allocated monthly, and (6) any other monthly net negative amounts paid or incurred by borrower (such as negative rental income, mortgage loan payments on investment properties); and

? The borrower’s cash reserves are less than three times the current monthly mortgage payment, including tax and insurance payments (using estimated payments if the mortgage loan is not currently escrowed). Cash reserves are liquid assets the borrower has available for withdrawal from any financial institution or brokerage firm, including checking and savings accounts, certificates of deposit (even if held for an extended time), mutual funds, money market funds, stocks or bonds.

For more Free Loan Modification Assistance go to www.askaloanmodguru.com and sign up to get your free special report “Dirty Little Loan Modification Secrets, You Must Know” along with many other tips and tools.

Consumer Advocate/ Expert Trainer for Mindset & Empowerment to Successfully Modify Mortgages & SAVE Homes/Loan Mod Guru.
Proven Record of Achievement: Modified over 100 loans including Sale Reversals. My expertise can empower others during the housing crisis w/insider tips, process, & knowledge. Extremely Resourceful. Trustworthy. Excels in meeting objectives using independent action, prioritization & leadership. Confident & poised interactions w/individuals at all levels. Self-motivated. Dedicated, Expert Reputation of Going Above & Beyond whats required. High standards. Achieves results in all life issues.

Article Source:http://www.articlesbase.com/mortgage-articles/if-you-have-been-denied-for-a-hamp-home-affordable-modification-loan-program-find-out-why-reapply-1648912.html

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If we were to set up an intra family loan (lets voice 9 yrs – mid term) at today’s rates would we have to adjust the rate every month as IRS publishes new guidelines or is it set for the entire time? Also, if its mortgage – can…

Applied for a mortgage, consequently 3 days then the interest rate go down 1/8%. I am supposed to be “locked in”
Can I get out of this and then take the lower rate? Supposedly with my application I signed something that locked me in at that rate. I cant see how…

Are 30 year fixed rate mortgages assignable next to lenders?
They are redeemable to a point. There is a break even rate (PAR) that the lender ‘borrows’ at. If they lend at the same rate, the bank have not made ANY money on the loan. So, depending on how important…

Are adjectives FHA mortgages impossible to tell apart or do different companies still own different rates for these?
we’re trying to figure out the best way to jump. we already got approved for FHA but we dont know if we got the best rate. different companies present different rates and costs. GL…

Are adjustable rate mortgages a virtuous theory?
It depends on the lingo of the mortgage. If you get a mortgage when the rates a relatively high, and can see that rates are going to stay matching or decrease in years to come, in that may be a benefit to an ARM. No…

Are Adjustable Rate Mortgages to blame for the Mortgage Mess?
It seems that the people that purchased their homes beside Adjustable Rate Mortgages got into big trouble when their rates adjusted at a high rate. Did they not see this coming since they did opt for a Adjustable Rate Mortgages vs a Fixed Rate…

Are any bank giving interest rate and or principal reduction ot associates that are current on their mortgage?
They’re doing stuff for their bad customers..anyone doing anything for their good customers? “> Check next to your lender. Some banks do offer it, and will notify you surrounded by the mail, if you have…

Are at hand any secret to getting low interest rates on mortgage loans?
Yes. If we tell you, it will no longer be a not to be mentioned though <just kidding> Actually, there are several things that contribute to getting the best available interest on a mortgage. First, hold really…

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