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Who really qualifies for LOW interest rates?

01-09-09

Steve Schneider: Real Estate - Other in Beaverton, OR

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Office: (503) 928-8889

Mobile: (503) 928-8889
Secondary: (800) 678-1150

I keep hearing about incredible low low mortgage rates... I’d like to know who are getting these historic low interest loans!!!

Here’s the truth; the people who really need the help are being turned away in droves. It’s like watching a heard of majestic elk being hunted down, and driven over a cliff to their death!

It sounds extreme right? The fact is, if you have an adjustable rate mortgage that required 100% financing, and if your rate is about to go up with zero appreciation…you are definitely heading for that cliff!

More often than not, the reason for not qualifying for a low interest mortgage is not a credit issue but rather a lack of value issue. You might be shocked when you learn that 10 or so of your neighbors lost there homes to foreclosure. Since those homes were sold under value, your home could be worth less than you think.

So is home ownership going the way of the buffalo? Is the American dream on the “Endangered species” list? The answer is no …and believe me when I tell you that there is HOPE!

Let’s look at this objectively:
First of all, banks DO NOT WANT YOUR HOME!
What does that mean? It means your lender does not want to go through the expense and hassle of foreclosing on a home that they are going to sell for pennies on the dollar!

The solution is simple; you need to re-negotiate (Modify your loan) with your lender and work out a win-win solution. Here are some questions to ask yourself to see if you are a candidate for a loan modification with your lender:

1. Have you had a hardship that has caused or is going to cause you to get behind on your Mortgage?

2. If your mortgage payment was 20% to 40% lower, would you be able to make it?

3. Have you decided that you want to keep your home?

If you answered yes to these questions then give us a call today for a free consultation to see if we can help you save your home and get a fresh start in 2009.

Get a fresh start and save your home
Call 800.678.1150

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What is a "Loan Modification" a blog by First American Consulting Group

11-04-08

Steve Schneider

view my blog
Office: (503) 928-8889

Mobile: (503) 928-8889
Secondary: (800) 678-1150

The loan Modification experts
"The HomeSaver Prgram"

Blog of the Day

What Is A Loan Modification?
A Loan Modification is a negotiation between a lender and a borrower whereas the loan terms are restructured without refinancing. The rate and terms of your loan are restructured to fit your current financial situation.

In these market conditions, the banks and lenders have been mandated by the president to do everything they can to work out a payment plan with their borrowers. This is a great thing for today's borrowers, especially for those who are running late on their payments or are having trouble making them on time.

The banks and lenders would rather take less money and keep you in your home making a payment that you can afford, rather than go through the expense of foreclosing on the home, hiring a listing agent, rehabilitating the home, and letting it sit empty on the market for months, only to lose thousands in the process.

We currently work with most every major bank and lender to secure a loan modification in order to help them help you. In many cases we actually have taught smaller banks and lenders how to go about completing a loan
modification.