Everett, WA

LOAN MODIFICATION ELIGIBILITY

For those in dire straits in the troubled economic times the threat of losing one's home is growing by the day, and for many others it is already too late. Whether trapped in high interest rate mortgages, with an adjustable rate about to skyrocket, or accumulating defaults and possibly doomed to foreclosure, the only thing to save the home of most Americans is a Loan Modification. 

Being aware of your loan modification eligibility is crucial due to the Obama administration's anti-foreclosure program and "Making Home Affordable" plan.  Millions of borrowers who are current but having difficulty making their payments, and borrowers who have already missed one or more payments, may be eligible.  Homeowners that can no longer afford to make their monthly loan payments may now qualify for a loan modification in order to make their monthly mortgage payment affordable.

If the following guidelines reflect your situation, then you may qualify for savings:

1.  Your home is your primary residence.
2.  The amount you owe on your first mortgage is equal to or less than $729,750.
3.  You are having trouble paying your mortgage, perhaps due to an increase in your mortgage payment or a reduction in your income or a hardship (like medical bills) that has increased your expenses.
4.  You received your current mortgage before January 1, 2009.
5.  Your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner's association dues, if applicable) is more than 31% of your current gross income.

Even though homeowners may not fit within the Obama plan's stringent guidelines, there are still a number of similar options available for homeowners to modify their loan and accomplish their financial goals.

While not every loan is fixable and a number of homeowners are getting denied, within the new Obama guidelines lenders must now accept applications from all inquiring homeowners, including any homeowner who was previously denied a loan modification.  According to the Federal Housing Finance Agency's (FHFA) most recent Foreclosure Prevention Report, Fannie Mae and Freddie Mac modified about 37,000 loans during the first quarter of 2009, a 57% increase over the fourth quarter of 2008.

Under these new regulations, all modified mortgages now must have payments reduced to no more than 31% of the homeowner's gross income.  Debt-to-income ratio, or DTI, is now being scrutinized by lenders as an essential qualification in order to determine loan modification eligibility for homeowners and other debt relief.  A homeowner's DTI ratio now determines what their house payment will be, assuring them an affordable house payment. 

In a shared effort to reduce monthly payments, President Obama's foreclosure prevention plan demands the PITIA (principle, interest, taxes, insurance, and association fees) on a modified home loan cannot exceed 31 percent of the household's monthly gross income, based on front-end DTI ratio (house payment only.  That means if a borrower had a $220,000 loan, they could receive a reduction in monthly payments of over $400.   [U.S. Treasury, 2/18/2009]

According to President Barack Obama, "Under this plan, lenders who participate will be required to reduce those payments to no more than 31 percent of a borrower's income.  And this will enable as many as 3 to 4 million homeowners to modify the terms of their mortgages to avoid foreclosure." [White House, 2/18/2009] 

By calculating their own DTI ratio, homeowner's now have a way of finding out if they qualify for a more affordable monthly house payment.  In addition to this assistance, the federal government now guarantees to cover part of the losses if the homeowners re-default.  As a result, homeowners in default or in danger of default are now encouraged to explore their options with a well-established and qualified servicer.

As suggested by Sheila C. Bair, chairwoman of the Federal Deposit Insurance Corp., "the government set out a standardized loan modification package for loan servicers to follow, enabling them to do workouts faster. In return for their picking up the pace, the government would guarantee some or all of the newly modified loans."  [WA Post, 10/26/2008] 

Randy Lowell of Mortgage Loan Center, LLC in Edmonds, WA, is currently the only instructor certified by the Department of Financial Institution to teach courses on loan modification in Washington, and is now offering free loan modification classes to Washington homeowners in order to explain the process of mortgage mitigation and loan modification.  A free online loan modification evaluation is now available in order to get you the crucial information needed and begin the process of saving your home immediately.

Mortgage Loan Center, LLC
License # 510-MB-20022
http://mlcloans.com

RELATED BLOGS:
Free Washington Loan Modification Evaluation
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OBAMA PLAN HELPS WASHINGTON

The recent anti-foreclosure bill passed by Congress, aimed at helping millions of struggling borrowers keep their homes, allows for qualified homeowners to swap out a high-interest rate for a 30-year fixed loan backed by the Federal Housing Administration.   Under the new Obama plan for homeowners, banks are encouraged to spare borrowers from foreclosure and cracks down on predatory lenders who take advantage of them.  President Barack Obama assured that homeowners facing foreclosure would have a second chance.   [MSNBC, 5/19/2009]  

Speaking in the White House's East Room, President Obama stated, "too many administrative and technical hurdles made it very difficult to navigate, and most borrowers didn't even bother to try...  This bill removes those hurdles, getting folks into sustainable and affordable mortgages and, more importantly, keeping them in their homes."   [White House, 5/20/2009]

Obama's plan allows for long-running and well-established servicers like Mortgage Loan Center, LLC, now over 10 years at the same location in Edmonds, WA, to provide borrowers' their most advantageous option, whether mortgage modification, forgive defaults, refinance to swap a high-interest rate for an affordable and fixed loan backed by the Federal Housing Administration, or other options.  Thousands of Washington homeowners are now able to securely prevent foreclosure and save their homes.

With the help of these new regulations, Mortgage Loan Center, LLC of Edmonds, WA is able to help more Washington homeowners avoid foreclosure than was ever possible before.  Randy Lowell of Mortgage Loan Center, the only instructor currently certified in Washington state to teach continuing education courses for loan modification, is now offering free loan modification classes to the public in order to empower them with the information and options needed to obtain an affordable loan.  By filling out a free loan modification evaluation online, Washington homeowners may now begin saving their home today.

Mortgage Loan Center, LLC
License # 510-MB-20022
http://mlcloans.com

RELATED BLOGS:
Obama Plan Saves Washington Homeowners
Obama Plan Avoids Foreclosures in Washington

It seems that the Port of Everett is safe once again, as the rain of terror from falling golf balls seems to have ended. Whether it is because the Port of Everett turned its security camera around to watch the hills, or if the person doing it simply realized they were actually hitting something we may never know!

Seattle Pi article on Everett's mysterious golf ball terrorist.

One of our most versitile staging pieces has got to be the classic white slipcovered sofa. This sofa looks great in any room and works with any color scheme. Our white sofas, loveseats and chairs have washable slipcovers, are lightweight and therefore easy to haul and move, and have removable cushions.

We love these classic white pieces!

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Great Room (Edmonds Bowl - Eaglewood Homes)

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Staging by SISTERS Interior Redesign, Edmonds, WA, 425.776.7890, sisters@sistersredesign.com

Give your listing the competitive advantage of professional real estate staging.

Contact us today for a complimentary staging quote. We look forward to working with you!

SISTERS Interior Redesign recently staged this home in Broadview Heights, a new 36 home community in the Silver Lake area of Everett, WA.

Here is the main living space, adjacent to the kitchen and dining area:

The beautiful hardwood floor is softened with a neutral wool area rug. Colorful slipper chairs, dark wood console and coffee tables, artwork, colorful accent pillows, greenery and well placed accessories make this a welcoming space in which to relax or entertain.

Dining & Kitchen:

This space overlooks the private backyard.

Master Bedroom:

Colorful gender neutral bedding (no florals here!) create a luxurious master suite.

Master Bathroom:

Spacious master bath.

Girl's bedroom or guest room:

A full sized bed was used to stage an additional bedroom, showing buyers they can use this space a a child's room or as a comfortable sized guest room.

Main Bathroom:

Office (or additional bedroom)

Staging provided by SISTERS Interior Redesign, Edmonds, WA, 425.776.7890, www.sistersredesign.com

Give your listings the advantage of professional staging. Contact us today for a complimentary quote.

We look forward to working with you!