Tag Archives: home
Legalities of Home Reports
A home report is a document that is used by a buyer and mortgage lender to evaluate a properties suitability. Until recently it was paid for by the buyer who would commission a survey of the property. This is a bit like going to a car salesman and being told you have to pay to find out what condition it’s in before purchasing. The rules have changed so that the home owner or seller is the one legally required to pay for the report to be made. There are a few exceptions that do not require a home report such as properties that went on the market before 1st Dec 2008 and new build homes that are being sold for the first time. Unfortunately these reports don’t come for free and will set you back between £350 and £700.
A home report is comprised of a survey compiled by a chartered surveyor which will contain specific information on the condition of the property as well as accessibility information and an overall valuation. It will also include an energy report of the property to gauge its efficiency and a general questionnaire. The ratings run from A to G with A being the best. The better the energy report is the less the home owner will have to pay on fuel bills. The questionnaire will be about matters such as the council tax band and changes that have been made to the property.
One of the advantages of having an estate agent sell your property for you is that they will usually organize the home report and send it out to prospective buyers when necessary. There are advantages to home owners being required to provide home reports. It can mean that the process of selling a home can be sped up as sellers will not need to wait for buyers to organize their own property surveys.
How Can You Get a Chase Bank Home Loan Modification?
It is every homeowners’ worse nightmare, a financial crisis that may result in the loss of the family home. There is a solution, an alternative to foreclosure, and that is a modification to the mortgage loan. This depends on your bank and your loan insurer so before you investigate loan modification you should first make an appointment with your mortgage lender. This article outlines the usual expectations for those who hope to get a Chase Bank mortgage modification.
First you need to know who insures your loan. This is not something that people commonly know, usually you don’t even need to access this information, so don’t stress if you don’t have this information immediately. All you need to do is phone Chase Bank and ask. You are in luck if it turns out your insurer is Freddie Mac or Fannie Mae. A $75 billion government loan modification program has recently been developed for those with Fannie and Freddie loans that is meant to help homeowners survive this recession by modifying their monthly payments so they are reduced to just 31% of gross monthly income.
Of course, there are some standards that must be met before you are allowed to access this Making Home Affordable Plan. You must live in the home you own, your debt cannot exceed $729,750 and the loan must have been secured prior to January 1, 2009. Your current monthly payment must be more than 31% of your gross monthly income and you must not have had previous loan modifications. This is a very good plan and if you think you might qualify; find a HUD-approved financial counsellor who will be able to give you more information. The government is actively encouraging modification programs to help everyone by giving both the borrowers and lenders incentive payments.
If you are not insured through Fannie Mae or Freddie Mac, there is still hope. Chase Bank still offers modifications. It won’t be as good as the Making Home Affordable Plan since there is no government funding, but it is still better than foreclosure both for you and for your credit rating. Applicants must still be living in the home they own, and must be holders of a fist mortgage that has not been refinanced or modified earlier. The monthly payments, since government help is not a factor here, may be in the range of 31% to 40% of your monthly income before taxes. If you do meet these requirements, you will have to submit whatever paperwork Chase Bank requests. This will include a hardship letter, all financial records, your pay stubs and your tax returns.
If you are facing foreclosure due to an inability to pay your mortgage, check out Chase Bank home loan modification. If your income and loan fall into the eligible range, you might find you can modify your loan and reduce your monthly payment to something you can afford.