Tag Archives: lower
Been Denied A Chase Loan Modification
If you have tried to get a Chase loan modification and have been denied, you may still have options.
The problem with homeowners trying to get a loan modification approved themselves is that they do not understand the guidelines like a professional does. Many homeowners believe that you should lie to you lender and tell them that you make hardly any money or that you make more money than you do. This is not the case at all. Your lender wants to see a specific debt to income ratio, which normally shows that you would be able to make your monthly payments if they were lowered.
Makes sense, right? Why would your lender take all the man hours to modify your loan if they knew you were just going to end up defaulting on it anyways? That is why they have these specific guidelines set up.
One loan modification company is having great success with the “Obama Mortgage Plan”, otherwise known as the HAM program. While there are many articles on the internet doubting the effectiveness of this program, they are having great success. It all comes down to getting the files properly prepared so that you are within your lenders guidelines.
If you get qualified for the Obama program, you will be in great situation to lower your monthly mortgage payments. With this program you lender will do a few things to lower your monthly payment to 31% of you net pre tax monthly income. Here’s what they do:
1. Lower your interest rate to as low as 2%. If this does not lower your payment enough, they move to step 2.
2. Extend your mortgage terms. If you have a 30 year loan, they will extend it to 40 years to further lower your payment. If this is still not within the 31% guidelines, they move on to step 3.
3. Reduce your principal. While this is pretty rare, it does happen. Though usually, lowering your interest rate and extending your terms will drop your mortgage payments pretty low.
With home prices falling so low, many people are concerned about getting a principal reduction. They should be concerned with a payment reduction! I know it stinks that your house is worth less than you owe on it, but right now you should just focus on lowering your payments to something you can afford so you can still live in it! A 2% interest rate is going to cut your monthly payments just like cutting your balance would anyways, you will just have to stick it out until the markey comes back up…whenever that will be. I’m in the same boat, my house is negative $140,000 and I put 20% down on it in ’05 and never refi’d at all.
For a great company that can help get you qualified for a Chase loan modification, just visit the links below.
Personal Loans
If you think yourself to be in the midst of those borrowers who enjoy their life by gratifying their demands and requirements at easy rates, then you ought to ascertain that you are get the best personal loan for yourself. These loans are effortlessly available. Thanks to internet!! These loans are available even if you have a poor credit rating. Such loans can be:
Secured
Unsecured
Bad credit can be pretty aching. Now with the availability of instant lenders in the loan market, the whole situation of these loans search has changed. Immediate or we can say on line lenders assist the borrowers to look for the best loan at the viable cost to comply with their needs and pocket.
Gone are the days when borrowers with sound credit history used to enjoy a variety of striking loan opportunities. But these days the borrowers with their poor credit history like CCJs, bankrupts, defaulters or arrears holders can also benefit form these loans.
And usually it so used to happen that the bad credit borrower had to pay a high rate of interest as compared to good credit borrower. But now, due to cut throat competition in the market, bad creditors also can get the loan at a lower interest rate and larger repayment tenure. These loans can be used for the following purposes: Debt consolidation, holiday, learning, Car purchase, wedding ceremony, home renovation etc.
When we talk about the secured personal loans, it is to say that the borrower has to mortgage some security like house, patent, ornaments, vehicle etc. against the loaned amount. The loan amount for secured personal loan depends on the price of the collateral. Generally the amount of the loan ranges from £ 5000- £ 75 000 and the time period ranges from 5 to 25 years.
While on the other hand when we talk about unsecured personal loans, it suggests that the loan can be borrowed without placing any asset as collateral. However, due to nonexistence of security the interest paid by you is comparatively high. But, after finding a good lender, you can grab unsecured personal loan at lower interest rate.
These loans thus:
* Have comfortable reimbursement options
* Easy approval
* Comparatively lower interest rates
* Secured loans for any personal use
* Unsecured loans for any personal use
* No poor credit problems