Stop Foreclosure Mortgage Help Online

The federal government offers two programs that help homeowners refinance their mortgages in order to make their payments more affordable. These programs include the Making Home Affordable Program and the HOPE for Homeowners programs.

To qualify for a Making Home Affordable refinance or modification, home owners must have a mortgage guaranteed or owned by Freddie Mac or Freddie Mae. Also, homeowners must be current on their mortgage payments. In addition, your current mortgage payment must be more than 31 percent of your gross monthly income.

To qualify for the HOPE for Homeowners program, your mortgage payment must be more than 31 percent of you gross monthly income.

Federal government mortgage programs allow home owners to refinance their mortgages to reduce their payments to no more than 31 percent of their gross monthly income. These programs allow homeowners to reinstate their mortgage at a lower interest rate.

The federal government does not manage or accept applications for these programs, but rather offers mortgage companies incentives for helping struggling home owners. Homeowners who want to apply for these programs should contact their lender. Those applying for the HOPE for Homeowners program pay closing costs and mortgage insurance up front.

Article source: About Federal Government Mortgage Help to Stop Foreclosures | eHow.com

Stop Foreclosure – Mortgage Help

Trying to find the right foreclosure mortgage help can be difficult, especially when the economy is in the shape that it’s in. Hundreds of thousands of people are seeking help in order to stop foreclosure on their homes. If you have taken out a mortgage loan in the past 10 years or so and over extended your credit you may be facing the same sad dilemma.

If you’re like many people you could possibly be searching the Internet praying that you’re going to find something that will show you how to find a way to stop foreclosure mortgage help. Although there are no easy one step solutions – There are a few things that you can do that can help the situation and save your home from foreclosure.

Many people are unsure of just what happens in a foreclosure situation. Basically, if you have missed at least one to three payments on your mortgage then a bank has the legal right to come and claim that property. Several years ago, this might have been something that banks would act on very quickly. However these days, you will find that banks and lending institutions are much more lenient in hopes that you will be able to work out a solution in order to stop foreclosure on your mortgage.

If you are able to get foreclosure mortgage help and stop the foreclosure on your home. You will find that most lending institutions will tack the remaining balance on to the end of your loan for the payments at your unable to make. Although most lenders may ask for you to pay some money up front – They will often times waive this if they feel that you’re going to continue on making your mortgage payments.

If you need more foreclosure help then quickly head over to http://foreclosure-help-now.com where you will find helpful foreclosure tips, advice and resources including information on foreclosure plans, negotiating and more Stop Foreclosure Mortgage Help.

Article Source: http://EzineArticles.com/?expert=Tom_Turner

You have options to avoid foreclosure

If you are one of the many homeowners facing tough choices in today’s economy, we understand. We know that looking for assistance with your mortgage and deciding where to go for help can be confusing and frustrating. And we’re here to help.

Whether your financial hardship or current situation is temporary or more permanent, options are available. Even if you have decided you want relief from the responsibility and the burden of your mortgage payments, now’s the time to take action before it’s too late.

Source: www.fanniemae.com

Stop Foreclosure: What Mortgage Options Are Available?

Forbearance: Lenders may let you make a partial payment, or skip payments, if you have a reasonable plan to catch up. Tell your lender if you expect a tax refund, a bonus, or a new job.

Reinstatement: Reinstatement refers to making a payment that covers all your late payments, usually at the end of the forbearance period.

Repayment Plan: If you can’t afford reinstatement, but can start making payments to catch up, the lender may let you pay an additional amount each month until you are caught up.

Loan Modification: Your lender may agree to amend your mortgage to help you avoid foreclosure.

The options include:

• Adding all the missed payments to the loan amount and increasing the monthly payment to cover the larger loan.
• Giving you more years to pay off the loan, lowering the interest rate, and/or forgiving part of the loan, to lower your monthly payment.
• Switching from an adjustable-rate mortgage to a fixed rate mortgage, so you aren’t exposed to increases in your monthly payment.
• Requiring amounts for taxes and insurance to be included with your monthly mortgage payment so you avoid big bills in addition to your mortgage.
• Sign Over the Property to the Lender in Exchange for Debt Forgiveness: This can hurt your credit, but it is better than having a foreclosure in your credit history.

Source: The National Association of REALTORS®.

Stop Foreclosure By Forensic Mortgage Loan Audit

Consumer Warning! Federal Trade Commission (FTC) What is the First Nations Agency for Consumer Protection has released the latest warning about the scam operates homeowners in financial trouble, the mortgage is only a forensic audit.Foreclosure fraud scams can save systems from misuse of funds for emergency services that promise to sell to owners in need.

The Federal Trade Commission (FTC), a fraud case in exchange for an advance of several hundred dollars for work that is supposedly ready forensic accounting mortgages or auditors to prevent predatory lawyers legal guaranteed offer to review the mortgage documents you can see if your lender with the state and federal laws to comply with mortgages.

How a Mortgage Loan Audit Can Save Your Home From Foreclosure?

Control is a comprehensive analysis of all documents under a mortgage of real estate, including contracts, minutes and actions taken both lenders and borrowers. The objective of control is a mortgage, errors, injuries, false or fraudulent claims, which have taken place, while the mortgage available, and can also determine if the mortgage is in accordance with federal and state level, the bank legislation . With the help of Auditors and the audit of Housing Mortgage Specialists, tens of thousands of struggling homeowners facing foreclosure, and many winners.

Mortgage checks that is a growth strategy in popularity as a way for financially struggling homeowners to avoid foreclosure. The idea is that disclosure of errors of law or other problems with the mortgage, homeowners can get the power to negotiate a new loan and even reduce the amount owed.

An audit of a mortgage contains a detailed examination of the mortgage files and other documents. The examiner of things like the truth in Lending Act violations, the evidence of predatory lending is not working properly, and other payments. In some cases, such as accounting firms, the paper trail by which the mortgage was sold and repackaged to be able to break their investors, the bank can not prove ownership of the debt.

The provision of consumer mortgages Control Center, one of the claims of the leading service that 83 percent of all mortgages contain violations. The company spokesman said that so fast suggests that many borrowers were not qualified for loans and mortgages, as couldnt afford.

We reviewed dozens of online mortgage companies offer audit services. Some even sell the software, you can use to control your mortgage yourself.It sounds good. But only to problems or defects, the mortgage is not sufficient for the bank to reduce its debt, or modify to get the loan.

This article is originally published at http://www.becnn.com

Many homeowners are facing foreclosure but a program exists to help relieve some of the pressure.

Q: How can the Emergency Mortgage Assistance Program help me?

The Emergency Mortgage Assistance Program (EMA), also called the HOPE loan, is to help homeowners avoid foreclosure.

The EMA is a zero interest loan, up to $50,000, where you make no payments as long as you stay within the guidelines.

The homeowner would be required to contribute 31 percent of their current gross income to their mortgage payment. The loan would kick in to cover the difference.

You would have this assistance until one of the following happens:

After 24 months of payments have been made
If the property was sold or the homeowner bought a second property
If you missed a monthly mortgage payment or failed to report an increase in income.

Q: I’m six months behind on my mortgage payments, is it too late?

No!

EMA is designed to help homeowners who are anywhere between 3-12 months behind on their mortgage payments on their first loan.

Q: Do I pay this loan back?

That depends on how you manage your mortgage payments after the assistance period of 24 months comes to an end. As long as you make your mortgage payments on time for five years, you will never repay this loan.

The loan amount owed decreases by 20 percent per year for five years. At the end of that five years, the loan is forgiven.

However, if within that five years you miss a mortgage payment or sell the home, you would be required to pay back a portion of that loan.

Q: Am I qualified for the EMA?

Qualifications for this program include those who:

Are earning 15 percent or less than they were prior to a medical or economic hardship (loss of job).
Have a household income of less than 120 percent of the Area Median Income (AMI). In Baltimore, the AMI is $82,200. This means you can have a household income of $98,640 or less and qualify.
Are between 3-12 months behind on your mortgage payments on your first loan.
Have a reasonable likelihood that full mortgage payments can be resumed within two years.

Q: How do I apply for the EMA program?

The first step in applying for EMA is to contact an approved counseling agency. They will help to make sure you’re qualified and walk you through the paperwork process. You can find an approved agency by clicking here.

You can also call the HOPE hotline at 1-877-462-7555 for more information.

About this article: Claudia has been in the real estate and mortgage business for 9 years and brings wisdom and perspective to the ever-changing face of Severn housing and development. Count on her each week to keep you updated on what’s happening in your backyard, literally![source]

Get Help to Stop Mortgage Foreclosure

Finding a way to stop mortgage foreclosure is sure to be on your mind if you are in the middle of it. What can you do to stop it? Who can you turn to for help? What options are there to stop foreclosure on your home?

You have many options open to you to stop foreclosure. The trick is finding the right one for your situation. The truth is that there is not one cookie-cutter approach to foreclosure. What works for one person does not always work for another.

The best place to start is to begin a dialog with your mortgage company. Be honest with them about what your financial situation is. Did you lose your job? Did you get divorced? Did you become disabled? Face up to what has caused your foreclosure in the first place. It may be a liberating exercise to simply own up to what is really happening in your life. Your mortgage company is in a much better position to help you if they simply know what is going on.

The sad fact though is that some mortgage companies will not be easy to deal with or may not deal with you at all. That is when you need to look elsewhere for help. There are many websites and resources to help you stop mortgage foreclosure on your home.

Foreclosure is a messy battle but it is one that you don’t have to fight alone. There are people who can help you, resources that you can turn to. This site is filled with information about how you can stop mortgage foreclosure and save your home. Look at the free foreclosure articles here to help you.

About the author:
This article “Get Help to Stop Mortgage Foreclosure” is originally published at stopping-home-foreclosure.com

How to Stop a CitiBank Mortgage Foreclosure

Americans in their thousands are currently having trouble making their monthly mortgage payments. And if you’re one of the unlucky ones, the most important thing you can do is contact your lender immediately. Lenders like CitiBank say they’re keen to help borrowers meet their payments. It’s important too that you don’t despair, put your head in the sand, or think missing a payment is going to end in foreclosure. But, for best hopes of a good result, if you are behind with mortgage payments, or in danger of missing one, you’ve got to act now. If you are a CitiBank customer, phone the bank immediately. Each lender has a different policy when it comes to mortgage aid procedures and here’s what you can expect if you’re a CitiBank customer attempting to stop a foreclosure.

1 Borrowers at risk of missing a payment should contact Citi at one of the following numbers:

CitiMortgage: (866) 272-4749.
Citi Residential Lending: (800) 211-6926 or (800) 430-5262.

2 CitiBank says it has a good track record helping distressed borrowers.
“Overall, in the fourth quarter of 2007, borrowers serviced by Citi who received extensions, modifications, reinstatements or repayment plans outnumbered those who were foreclosed by almost five to one,” the bank says.

3 CitiBank says that for those who make the call it can offer a number of possible solutions.

According to the bank, its loss mitigation efforts fall into two major categories:
a. Those with outcomes that lead to home retention, such as loan extensions, modifications, repayment plans and reinstatements.
b. Those with outcomes that result in the homeowner surrendering possession of the home without foreclosure, such as short sales and deeds in lieu of foreclosure.

4 CitiBank Modification Agreement.
The bank explains that this is typically used when the customer has a significant reduction of income that impacts his or her ability to pay and will last past the foreseeable future. ”Typically, the customer’s loan terms are modified in order to resolve the mortgage delinquency,” the bank says. “This agreement makes the mortgage more affordable for the customer.”

5 The CitiBank Repayment Plan option.
This is a written agreement between the borrower and CitiBank to implement a payment moratorium due to unforeseen circumstances wherein the property or employment status is affected. At the expiration of the term, the customer pays the total arrearage in a lump sum payment or elects a further repayment plan.

“This agreement is typically used when a customer has a short-term reduction of income that severely impacts his or her ability to pay for a short period of time,” the bank says. “The repayment plan brings the customer current over time as the payment obligations are met. It can also include a repayment plan under which the customer pays the regular monthly payment and an additional amount each month to catch up delinquent payments over time.”

6 Some borrowers will want to abandon their properties and make a fresh start. One of the options that may be available to them from CitiBank is the Short Sale.

This option is most useful when the homeowner does not have either the desire or ability to keep the property and is willing to sell it to pay off the debt. “This option is utilized when the amount owed less acceptable closing costs to sell the property is more than the value of the property,” CitiBank says.

7 Another option for those who want to put a bad home-owning experience behind them is the “Deed in lieu of foreclosure.”
According to CitiBank this, “occurs when the customer does not have either the desire or the ability to keep the property and is unable or unwilling to sell the property but is willing to sign the property over to Citi in exchange for stopping the foreclosure action.”
Deeds in lieu of foreclosure are generally accepted only after all other options have been exhausted.

8 Another possible option from CitiBank is called “Extension.”
This is used when the borrower has experienced a temporary hardship and is unable to bring the loan current.
“The customer has the ability to continue making future payments, but does not have the funds to completely reinstate the loan,” CitiBank says. “An extension may re-amortize the loan or defer the interest to the back of the loan. It brings the customer’s account current immediately.”
The bank adds that an extension is generally used in the early stages of delinquency when a customer is one or two payments behind. It warns that borrowers should not expect it to be available to them if they are seriously delinquent with their payments — more than 90 days past due or in the foreclosure process.

9 Another possibility, the “Reinstatement” option, is used CitiBank says when a customer that is 90-plus days past due is able to pay all of the delinquent fees, interest and principal owed to the bank with a single payment. ”This brings the customer’s account current immediately and allows him or her to continue to pay off the loan according to the original amortization schedule,” CitiBank says.

10 CitiBanks says it supports foreclosure prevention and backs education and counseling programs sponsored by national and local counseling agencies, including Reform Now (ACORN), Neighborhood Assistance Corp. of America (NACA), Consumer Credit Counseling Service (CCCS), Consumer Counseling Resource Center (CCRC) and other community-based organizations.

Read more: How to Stop a CitiBank Mortgage Foreclosure | eHow.com

What is Second Mortgages?

A second mortgage is simply a new mortgage placed against a property where there is already a first mortgage loan in place. It would not replace the first mortgage but is added onto the property title as a second charge.

First mortgage lenders have priority over the second mortgage lender. If the property is sold or goes into default the first mortgage holder is paid.
If the second mortgage were to go in to default, the second mortgage lender would essentially have to pay off the first mortgage loan to gain access to their collateral.

Lenders, therefore, consider seconds to be riskier loans.

Are There Different Types of Second Mortgages?

There are generally two types of second loans

1. Home Equity Lines of Credit.

A home equity line of credit (HELOC) will be set-up with a maximum limit available for the homeowner to draw against. It usually has an open term and can be drawn upon like a credit card. You can normally access the funds by writing a cheque, making a cash withdrawal or completing an online account transfer. This type of account is used in cases where homeowners may need access to funds but they pay no interest on the funds till they withdraw them.
Most HELOCS are based on the banks prime rate and can be interest only payments. Interest payments are made monthly on the outstanding balance for that month. There is considerable competition among banks and lenders for these HELOC mortgages.

2. Home Equity Loan

A more traditional second mortgage loan is the home equity loan. Home equity loans are fixed-rate loans with set payments each month. The interest rate is usually higher than that of a first mortgage but may be less than that of a HELOC. The benefit of the home equity loan is that it amortizes to a zero balance over the term of the loan. This type of loan is more common for people who need access to large amounts of funds at one time for such things as home renovations, large consumer purchases and college tuitions.

Your choice between these types of mortgages will depend on your individual needs, your budget along with the terms conditions imposed by individual banks or lenders.

Mortgages for People in Foreclosure

The Federal government has launched a number of programs to stop foreclosures that have become rampant after the collapse of the housing market. Some of these programs are meant to help homeowners modify mortgage payments while others help home owners refinance their home. In addition to modifying mortgage payments and aiding mortgage refinancing, the Obama administration is also trying to provide relief to homeowners, who are unable to make the necessary mortgage payments, by encouraging mortgage lenders to allow short sales. To know more about the eligibility criteria, to qualify for mortgage modification or refinancing, one may refer to the article titled, “Government Help to Stop Foreclosures“.

Mortgages for People in Foreclosure

Mortgage refinancing refers to the process of replacing a mortgage loan with another mortgage of the same size having relatively favorable repayment terms. Of course, mortgage refinancing is possible only if one has positive built up equity in the house. The following programs can help homeowners refinance their mortgage and thus prevent foreclosures.

Home Affordable Refinance Program

People, whose loans are owned or guaranteed by Freddie Mac or Fannie Mae, have the option of refinancing their mortgage from an adjustable-rate mortgage (ARM) to a low fixed rate loan. In fact, they may be able to replace their current mortgage with a mortgage that demands interest only payments or balloon payments. The new mortgage loan, that is provided under HARP (Home Affordable Refinance Program), cannot exceed 125 percent of the current market value of the property. The Home Affordable Refinance Program is a part of the Making Home Affordable Program and will be operational till June 10th, 2010.

HOPE for Homeowners Program

The HOPE for Homeowners Program was launched on October 1st, 2008. This program is meant for homeowners whose loans are insured by the FHA (Federal Housing Administration). This program can help homeowners refinance their mortgage even if the built up home equity is less than 20 percent. The program, which expires on September 30th, 2011, was modified on May 20th, 2009, with the intention of providing additional compensation for primary and subordinate mortgage holders.

Bad Credit Mortgage Refinance

People, whose loans are not owned or guaranteed by Freddie Mac or Fannie Mae or individuals who do not have FHA insured loans, may consider approaching a mortgage broker, who may be willing to provide a new mortgage loan to replace the current mortgage, provided they have sufficient built up equity in the house. However, the borrower may be forced to pay a high rate of interest on the loan and this may very well defeat the purpose of mortgage refinancing. Moreover, mortgage brokers may also expect the borrower to purchase points wherein the cost to purchase one point is equal to 1% of the total principal amount of the mortgage loan. Although purchasing points will lower interest rates, the Internal Revenue Service (IRS) considers points as prepaid interest which has to be deducted over the term of the loan rather than at the time of closing. Again, the borrower would be required to pay closing costs that are rather steep to refinance the mortgage. A cash strapped borrower, who is not eligible for refinance under HARP or HOPE, may be unable to afford mortgage refinancing due to the aforementioned reasons.

It’s evident that mortgage refinancing may help prevent foreclosures. Just as mortgages for people in foreclosure are hard to come by, seeking a mortgage after foreclosure is also a tough task. The best way to obtain a mortgage after foreclosure is to improve credit scores that may fall by up to 350 points as a consequence of foreclosure.

About the author:
By Aparna Iyer

Avoiding Mortgage Fraud

Mortgage fraud has become increasingly common across the country, particularly as it relates to foreclosure rescue, loan modification scams and short sale scams.

There are many organizations that can help you when facing financial problems or foreclosure, but it is more important than ever to make sure you are dealing with a reputable organization before getting involved. A good rule of thumb is that unsolicited help, whether in person, on the phone, or by mail should be fully researched before accepting any help.

Remember, you should never:

- be charged a fee in exchange for housing counseling services,
- be charged an upfront fee for services related to the modification of a delinquent loan,
- or be pressured into signing paperwork you do not understand.

To protect your home and your equity and avoid falling victim to fraudulent schemes, it is important that you are able to recognize – and report – fraudulent activities as soon as possible.