Category: General

Can Your Mortgage Foreclosure Case Really Be Dismissed?

It is true. A mortgage foreclosure case can be dismissed. Florida foreclosure fighting attorneys at the Florida law firms have been successful in dismissing residential mortgage foreclosure cases pending in the State of Florida. Utilizing knowledge, experience and persistence, defense attorneys are able to have mortgage foreclosure cases dismissed.

The internet provides access to a vast and variety of information, documentation and viewpoints on every possible issue imaginable. Harnassing that ability with reality allows even an unrepresented borrower the opportunity for success in defending a mortgage foreclosure case.

Dismissals of foreclosure proceedings may be the result of several different methods of defending the foreclosure actions and prosecuting claims against the bank for truth in lending violations and unfair and deceptive trade practices among other grounds. Of course, the fortunate clients are always ecstatic to learn of the success of these “Florida Foreclosure Fighters” in their respective cases. After receiving a copy of the dismissal, homeowners are certainly thrilled at the news.

Utilizing the right of rescission pursuant to the federal Truth in Lending Act, among other legal arguments, attorneys and legal advocates may quietly forced the plaintiff to dismiss the case against their clients. In this instance, if a borrower is unable to obtain or afford legal representation, the pro se defendant is able to access information relating to the applicable truth in lending laws to his or her particular situation.

Form rescission letters are typically and widely available on the internet or in a local law school library. Ordinarily, this forms contain guidelines for the applicability to a particular situation. Of the dismissed cases, several matters included foreclosures initiated by the former Indymac Federal Savings Bank now owned and operated by One West Bank. Part of the foreclosure defense team discovered loan errors and miscalculations during the law firm’s loan audit and examination. If you have refinanced your primary residence within the last three years to an adjustable rate mortgage, you should consider a careful and professional examination of your loan documents. Again, software programs are available for download on the internet to review and examine loan documents.

However, this process is slightly more complex if the pro se litigant is unfamiliar with mortgage terminology and identifying loan documents necessary for the process. However, there are services that are fairly inexpensive to obtain loan examination results. In other cases, the persistent and patient defense of the mortgage foreclosure case may lead to the case being dismissed at a status conference and/or show cause hearing before the presiding judge if the bank fails to timely move the case forward. In cases, such as the aforementioned matter, where the defendant is able to defend the case for some extended period of time, the judge often becomes frustrated with the case not advancing on the court calendar. In such instance, the court may dismiss the case for the bank’s failure to timely prosecute the case.

Common problems and issues existing in these cases included loans that were transferred and assigned through …

How to Find the Best Home Mortgage Rates

How to find the best home mortgage rates on a loan is a matter of plugging in all the factors of each loan into a mortgage calculator to see if you can afford it. Annual percentage interest rates and monthly payments are hardly enough information to see if a home mortgage is affordable.

For example, even the simplest loans can have the following factors to consider:

– Annual percentage interest rate (APR)

– Total principal loan amount

– Length of loan in months

– Annual insurance costs

– Annual taxes

– Prepayments monthly or annually (if any)

– Extra payments monthly (if any)

– Interest only payments (if any)

– Adjustable rate mortgage (ARM) interest rate changes (if any)

– Fixed rate period in months (ARMs only)

– Rate adjustment period in months (ARMs only)

– Starting interest rate (ARMs only)

– Expected adjustment percentage (ARMs only)

– Interest rate cap percentage (ARMs only)

You will need all of the above factors before you can calculate what your monthly mortgage payment is going to be. Rates on interest will usually be higher on longer term loans due to the increased risk to the lender. Often the insurance and taxes are not taken into consideration when computing home mortgage rates yet can have a profound effect on the final monthly payment calculation. Since APR is an annual percentage rate it almost goes without saying that the total interest paid for a 30 year mortgage is going to be twice that of a 15 year mortgage even if the interest rate is the same.

To calculate all these factors you really should use a mortgage calculator. There are several really good free ones on the Internet. To find them you can just enter “mortgage calculator” without the quotes into your favorite search engine. It is recommended to get several loan quotes from several lenders and compare them using the online calculator so that you get a better idea on how much you are going to have to pay both monthly and in total.

With the current state of the economy it is likely that rates are going to stay low for awhile. Of course, they will not stay low forever so if you want to buy a home then now would be a great time. Use your favorite mortgage calculator and see if you can swing the monthly payments using different loan factor scenarios.

Some people bought their home when the interest rate on home mortgages was much higher. These people may want to consider getting a mortgage refinance loan to take advantage of the low rates of today. Once again it is advisable to use an online calculator to compute the monthly payment based on each lender’s home mortgage rates. When refinancing always make sure to check to see if your mortgage has a refinancing or early payoff penalty. If it does, you will need to factor it in as well.

If you do not want to deal with the complexity …

Mortgages for Teachers with Bad Credit

Special bad credit mortgages are available for teachers. Educators have access to some exclusive mortgage products that are not available to other individuals. There are several low-interest mortgages open for teachers with bad credit. These teacher-specific bad credit mortgages have several advantages that ordinary mortgages do not enjoy.

A bad credit mortgage is an affordable way to clear your bad credit. You are very often asked what your credit rate is when you apply for a mortgage or home loan. Your credit worthiness is determined after considering the credit score contained in your credit report. A credit score less than 620 is considered a bad credit. However, many loan providers do not consider bad credit a hindrance in granting you a loan. A teacher with a credit score ranking below 620 can also obtain a mortgage thanks to special bad credit mortgages. There are different mortgages available for teachers with bad credit. Teachers can find a bad credit mortgage broker or lender via the Internet.

Different bad credit mortgage lenders have different requirements. They usually lend money after determining three important factors: they view the credit, check whether the person is capable of repaying the amount, and check the assets and establish the capability to undertake stronger down payment.

Many mortgage lenders are considerate to teachers, as teaching is a safe and sound profession involving little risk. As teaching is a long-term career, a teacher is treated as a low-risk applicant. Some lenders even take the risk of not accepting any deposit from teachers. Also, teachers enjoy many advantages such as low application fees.…

Guide to Mortgage PMT Insurance

Mortgage pmt insurance is a type of insurance that will make your mortgage payments in the case you cannot. Policies can differ greatly in the requirements for a payout and the method of the payout. Mortgage payment insurance may not be for everyone, but it can be beneficial for many. To understand a bit more about it, take a few moments to read through this article. You may find out this type of coverage will help you sleep a little easier at night.

Types of Mortgage PMT Insurance

There are several types or functions of mortgage payment protection insurance. There is protection in case of unemployment. There is protection in case of death. There is also protection in case of a disability that keeps you from working or causes a reduction in work hours. Policies are available that fit just one type, for instance, a policy that provides payment of your mortgage premiums if you become unemployed only. You can also purchase an all-encompassing policy that will protect against any instance in which you are no longer capable of making mortgage payments.

Who Should Consider Mortgage PMT Insurance

Payment protection for your mortgage is a good idea for most individuals and families with a mortgage. The first thing to consider is how much remains on your mortgage. If the amount is significant, insurance protection may be a good idea. You don’t want to leave the debt behind to your family if you pass away. It is nice to have a safety net in case you lose your job for an extended period of time. On the flip side, if there is very little time or principle balance left on your mortgage, this type of protection may not be necessary. Older individuals with a significant portion of the principle balance remaining on their mortgage are the best candidates, as well as young families who have recently purchased a home.

How Does Mortgage PMT Insurance Work

Of course, different policies will have different terms and conditions, but for the most part, you pay a premium for mortgage payment protection and in exchange the policy will either make your mortgage payments for a specific period of time or pay off the mortgage in full if you meet the requirements for a payout. If the requirement is death, then the mortgage will be paid off in full so that you do not leave behind a large debt. If the requirement is temporary unemployment, then the policy, after a waiting period of usually 60 days, the policy will make your payments for a specified period of time or until you become employed again. If you become permanently disabled and unable to work, most policies will then pay off the mortgage in full.

Shopping for Mortgage PMT Insurance

Mortgage payment insurance is similar to other types of coverage in that you will get a better deal if you take the time to shop around. Shopping around will give you the opportunity to gather information on insurance …

Real Estate Property Rates in Mumbai VS Hyderabad

Real estate market outlook – Hyderabad

Hyderabad is a growing city. After the bifurcation of Andhra Pradesh and formation of Telangana with Hyderabad as its capital, the real estate market of Hyderabad has got a new impetus. Even before the bifurcation and the political turmoil, Hyderabad started growing as Cyberabad a potential challenger to Bengaluru for the crown of IT capital of India. The city was growing at a brisk pace with a number of commercial and residential projects undertaken by reputed builders. IT parks, Special Economic Zones (SEZ) and ultra-luxurious residential projects along with lifestyle project like malls and resorts cropped up in all parts of Hyderabad. The infrastructure of Hyderabad city also received a shot in the arm with big ticket infrastructure projects such as a new airport and the Hyderabad metro. Now with the formation of Telangana and the political situation settling down we can expect a renewed vigour in the government to develop Hyderabad as a world-class city on par with not only Mumbai and Bengaluru but international cities as well. If you are planning to buy a house in Hyderabad then click on this link to know more https://propstory.com/home/hyderabad-real-estate/

Real estate market outlook – Mumbai

Mumbai is the financial capital of India and no wonder then that real estate costs here are the highest in India. Top constructions companies from India and the world, over the years have invested in the real estate markets of Mumbai. Over the years Mumbai has expanded and now most of the real estate action lies in the suburbs of Mumbai. The town is well connected with these suburbs through various modes of transportation such as local trains, roads and more. Mumbai being the financial capital of India attracts migrants from all parts of the country like no other city. This is both a boon and a problem as this creates pressure on the city’s basis infrastructure. But the authorities and the government are working overtime and investing big time to address this problem. Property rates in the Mumbai town are easily the highest amongst all cities in India. Due to saturation there is limited supply of new projects in the town but so is the demand due sky-high prices property rates. Thus the property rates in the town are stable and unlikely to see any correction in the near future.

Pros and Cons of investing in Hyderabad vs. Mumbai

The current scenario presents a unique investment opportunity for potential real estate investors. For the last few years due to political turmoil the real estate market of Hyderabad has remain stagnant. But now with the political turmoil behind us and an unspoken competition between Telangana and Andhra Pradesh to develop their respective capital cities to be better than the other, expect massive investment both by the government and by property developers in Hyderabad. Now is the best time to invest in the property market in Hyderabad, due to the recent slowdown property prices in Hyderabad are conservation and the outlook …

What Is the Difference Between Reinstatement Vs Modification of a Home Loan or Mortgage?

If your mortgage lender has sent you a letter demanding that you pay all of your back payments, as well as all late fees, penalties and legal fees in order to become current, then the process they are working with is called a reinstatement of your loan. Your lender views the delinquent amounts as defaulting on the terms of your home loan. This requires them to demand you catch up or they must foreclose on you and take your home. Can a home loan modification avoid this process and get you current without your having to pay this large amount? If the answer is yes, then why is this true? You may ask, what is the difference between reinstatement and modification of a home loan?

The demand for payment letter that a borrower receives is based on the terms of the loan. It only allows for paying the payment as described in your loan documents. If you are behind on your payments, you are still going to be held to the terms of your contract with the lender. There is no language in your loan to allow for changes. Therefore the lender has no other option other than collect or foreclose. You have fallen into default and the only contractual way to become current is to pay all past due amounts. Then your loan has become “reinstated” and you can keep your home as long as you continue to make payments on time. This process is called reinstatement.

But, the problem with the reinstatement process is, that if you are too far behind then you will be unable to find enough cash to catch up all at once. The language of your loan, then triggers a foreclosure that you are unable to stop.

Unless….You are able to work out an agreement with your lender to “change” the language and terms of your loan. This type of situation will call for “modifying” your loan. You modify the terms to make it possible for you to continue owning and paying for your house. It would include interest reduction to lower your monthly payment and taking your unpaid payments and putting them back into your loan. The new terms would have the effect of creating new monthly payments, which would be affordable to you. Your monthly payments would now fit within your monthly budget.

Why would the lender do this? Because, your lender loses a great deal of money whenever they foreclose on a home. This is complicated, but the costs your lender must pay can include:

1. The cost of the foreclosure process going through the court system.

2. Your home will probably sell for less today that just a few years ago due to the economy. If your lender receives less than you owe them, then they lose this money.

3. Care of your home while it is in the selling process. This includes large realtor commissions, utility bills and upkeep.

4. The lender borrowed money from an even larger lender …

Buying Vs Renting: When to Buy a House and When to Rent

Buying your first home can indeed be an incredible milestone in your life. In line with this, you may feel a mixture of many emotions like fulfillment, happiness but at the same time, there’s nervousness that may impair judgement. You feel nervous about this big decision that you have to make, likely the largest financial decision in your life. And one of the most common questions you have to face is – are you going to rent or buy? Let us discuss about buying vs. renting in this post.

Before you come up with any further decision about moving on your own, you have to ask yourself, is it time that you buy your own house or are you better off renting a home?

When to rent?

Living solo? Renting a home might be more suitable for you. Living alone in a big house may be a bit too much – too much space and too much work or cost for the upkeep. If you don’t have the money for a down payment and all the costs of owning a house then renting is likely more advisable. Also, if you are concerned about job security then this is a sign to perhaps continue renting for the moment. Think of the impact to you and your family if you decided to buy a house and then lose your job after few months.

How can you afford to pay for the mortgage? Do you need to rent a room or part of the house to make it work? These considerations are very important before you come up with your final decision.

Do not rush in to buying a house most especially if you’re not financially and mentally ready. There is nothing wrong with renting first. Being practical will give you more benefits in the long run. Most of all, your REALTOR® is a source of valuable information to you as a first time home buyer.

When to buy?

Now, when is the perfect time to buy your house? One main factor to that is when you are financially stable. And when we say financially stable it means that you have funds for at least a 5% down payment for the new house, a permanent and stable job and probably a savings to serve as your back-up plan, should you need to repair or renovate the home. Also, you have to remember that it doesn’t end in paying the down payment; you also have to pay for other costs in buying your own house like budget for the furniture, utilities and of course the monthly mortgage rate. During the purchasing process you will be writing cheques to home inspectors, insurance policies and lawyers.

Having a family could be another factor that will lead you into the decision of buying a house. Raising a family in a house you can call your own is definitely ideal. Having your own garden so that your children can play or a big kitchen where you cook and …

55 Years Old – Don’t Buy A House

If you have owned a house and paid off the mortgage over the years you know the first 10 years is almost all interest payments with very little equity.

There is nothing wrong with buying a house as long as you can qualify. That means a good down payment and a steady job. None of that no-down-payment nonsense. The buyer must be serious about making those monthly mortgage payments and have a good job. Banks are checking these days.

The financial community in the recent past has been required to make mortgages for those who did not qualify with no down payments and had no serious intention of paying if it became economically uncomfortable. It is too easy to walk away.

The true cost of home ownership is not just the monthly mortgage payment. In a new house all the appliances, plumbing, roof, pool equipment, window frames, etc., etc., everything has an estimated life expectancy after which they need to be replaced.

Buying an older home means all of the above will occur sooner. Replace or repair can be expensive.

The true cost of keeping the house is the mortgage payment plus upkeep. Oh and let’s not forget taxes. Then there is a little thing called insurance that is required by the mortgage holder.

The industry calls it PITI = principle, interest, taxes and insurance. Depending upon the length of time of the mortgage and whatever your down payment was it normally comes out 10% annually of the selling price divided by 12 or 1% of the selling price each month.

If the house cost $200,000 that figures about or close to $2,000 per month.

If you are 55 years old do you want to take on that obligation? Wouldn’t it be smarter to rent? If the same quality home can be rented for $1,200 per month the renter could save the difference of $800 each month and in 10 years at retirement have $96,000 plus interest. I can guarantee he would not have that in home equity if he bought the house when he was 55.

Furthermore renters pay much less for rental insurance and have the ability to move to a new location any time. Renters do not have to put on a new roof or replace an old hot water heater. No major upkeep out of pocket expense.

How about a 6 month rental in Canada for the Summer and 6 months in Florida, Mexico or Dominican Republic for the Winter? The only extra would be travel expenses.

With so many rentals available the foreclosure prices are not yet a great buy. If a person wishes to buy there are yet about 4,000,000 more distressed properties to hit the market in the next 2 years. Prices will be even lower than today.

Do the numbers before you buy.…

Reverse Mortgages – What Does the Term Principal Limit Mean?

When explaining a reverse mortgage to a senior homeowner, one of the most important terms a reverse mortgage loan officer will discuss is the “Principal Limit.”

What is the Principal Limit and why is it important?

The Principal Limit (PL) is the gross amount of money the lender is willing to lend to the borrower of a Home Equity Conversion Mortgage or HECM reverse mortgage, based on a formula derived from Congressional legislation and implemented by the Department of Housing and Urban Development (HUD) and using the following three criteria: 

  • The lower of the Maximum Claim Limit or the Federal Housing Administration (FHA) appraised value of the home;
  • The age of the youngest borrower (must be 62 or older);
  • The current expected interest rate (based on the current 10 year London Interbank Offered Rate, or LIBOR rate, plus a stated margin for the adjustable rate HECM and based on the current fixed interest rate for the fixed rate reverse mortgage).

The three listed criteria affect the PL in the following ways:

  • The higher the value of the home (up to the maximum claim limit of $625,500) the higher the amount of the PL will be;
  • The older the youngest borrower (age is always based on the youngest borrower’s age, not a blending of multiple borrowers’ ages) the higher the amount of the PL will be;
  • And, conversely, the higher the current expected interest rate, the lower the amount of the PL will be.

The reason potential borrowers should become familiar with the term Principal Limit and what it means is because it is from this cash figure that all fees and set asides will be subtracted in order to arrive at the maximum cash or loan proceeds available to the borrower.

Congress Plans to Lower the Principal Limit

Congress lowered the Principal Limit for the fiscal year 2010 signifantly to make up for a perceived budget shortfall of approximately $798 million for HECM reverse mortgages put in place within that fiscal year. HUD has announced that for the fiscal year 2011 there will likely be decreases in the Principal Limit as well. The 2011 year begins in October 2010 for budgetary purposes.

 Until the budget bill has made it through the joint Senate and House committee, been voted on and signed, we do not know what the exact amount of the cut in the principal limit will be. Senior homeowners who have investigated HECM reverse mortgages prior to October 1, 2010 should contact a reverse mortgage lender to learn how the decreases in Principal Limits could impact  them personally if they pursue a reverse mortgage.…

Advantages of Legal Mortgage Modification Programs

If you are still confused about what legal mortgage modification programs are, it can be easily spelt out as a blessing in disguise. This is a once in a lifetime opportunity coming knocking on your door and guess what it might be the one that can help you stay in your same house without facing the dramatic consequences of foreclosure. Let us have a look at the various advantages of opting for legal mortgage modification program or the loan modification program:

o    Legal mortgage modification programs have been allowed by the government to allow those crushed under the huge debt of repayment of home loans to be able to repay them and keep the house as well. This program will help you to reduce your monthly payments which mean getting a huge burden off your head.

o    Fix your adjustable rate with proper negotiations with your lender. A loan modification program is designed to prevent your from defaulting your payments any further by fixing a rate as per your capability to repay.

o    Lowering your interest rate is a big bonus of opting for legal mortgage modification program. It will help you to get the same loan from the lender at better terms and conditions.

o    Reduce your loan balance by choosing the legal mortgage modification program. This program can negotiate a reduction in the lump sum amount that you need to repay apart from the fall in interest rates.

o    In cases where there are many default payments being made that have attracted negatively accrued interest, you can get these waived off by joining the legal mortgage modification program.

o    A very good thing coming out of joining the program is that it will help to re-amortize loan to include past due payments.

o    You can get some extensions grant regarding your payments by joining the program. The lender will be also more submissive when you approach him this way.

o    Loan modification helps you as well as your lender to save lots of money involved in the process of foreclosure. In fact, the amount of these proceedings is so high at times that even your lender would prefer to avoid foreclosures at any cost.

o    Loan modification does not involve any other costs. This is a huge advantage over re-financing option and also for those in dire needs; this is the only workable option at times.

o    Opting for loan modification will not affect your credit scores negatively unlike in the case of facing a foreclosure.  In short, it will help the borrower to keep his credit record intact.

o    Finally it all goes down to the wire and you get to save your home. This in fact is the biggest advantage of opting for legal mortgage modification program.

Loan modification reviews show that there is absolutely no reason for you to not opt for this tremendously successful program. It will help you to get a substantial decrease in the amount of interest you need to pay over …