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Loan Modification Tips and Tricks to Deal With Your Lender (Page 1 of 3)
Loan Modification Tips and Tricks to Deal With Your Lender By Moe Bedard of www.LoanSafe.org
Are you having trouble with your mortgage? Has it adjusted and you cannot afford the new payment? Were you placed into a bad loan and you can’t refinance into a good one?
The first thing that a homeowner should do is identify that the mortgage on their current property is a lawful one. Meaning that there are no Truth in Lending Act Violations or RESPA violations and there wasn’t fraud involved on behalf of the lender or broker that originated your loan. When you are trying to stop foreclosure, you need to have as much ammo as you can to go up against your lender.
With that said, let’s go over some essential tips that might help you save your home.
1 Homeowner Tip = Have an experienced mortgage attorney examine your loan documents for these potential violations.
2 Homeowner Tip The homeowner needs a complete written life of loan history to see all the bogus charges and fees included in their mortgage balance. Also, the homeowner should make sure that any inflated appraisal and/or loss of property value is calculated into the workout.
Red Flags and Things to Look Out For in Your Loan:
Start by comparing the loan you got with the one you thought you were getting. Are the terms the same? That is, is your Annual Percentage Rate (“APR”) the same as the one you were quoted? Are your total monthly payments the same as you were told they would be? Is there a prepayment penalty, and if so, were you told about this prepayment penalty?
If you have refinanced your primary residence, that is, the home your currently live in, then the first thing you should look at is the “notice of Right to Cancel” which is also called the Three Day Right of Rescission. You usually has three days after signing loan documents to change your mind and cancel the loan.
The borrower must be told of this right in writing.
If the creditor fails to properly provide notice of this right to cancel, the right of rescission may be extended for up to three years.
When the right is extended for three years you can rescind the loan at any time before three years, meaning that the loan is treated as if it never existed. Essentially, you become entitled to all profits made by the creditor as a result of this loan. This means that the creditor must refund all interest paid, all closing fees, all broker fees, and even pay for your attorney fees. As you can imagine, this amount can be quite significant.
The extended right of rescission is a powerful tool to help borrowers who have been victims of predatory lending, and helping our clients exercise this right is often the first step in holding a creditor responsible for illegal behavior.
If it is determined that no laws have been violated on your mortgage, then it’s time to approach your lender for a possible loan workout or loan modification.
Mobile Phone Contracts – 10 Things To Compare When Looking For A Phone Contract (Page 1 of 2)
These days you can get a range of competitive deals when it comes to mobile phone contracts, and there is certainly no shortage of choice for those eligible to opt for a mobile phone contract. However, it is important to remember that you need to get the right deal, otherwise you could find yourself tied into an unsuitable contract for a fairly long period, which can prove frustrating and costly.
There are a number of things to look out for when you are looking for a suitable mobile phone contract to help ensure that you get the right one for your needs. This includes:
1. Price: Of course, one of the most important things that you will need to consider is the monthly cost for your contract. You need to ensure that you find a competitive deal with affordable monthly costs, and don’t forget that on top of the monthly charges you will also have any applicable call charges to pay, so make sure that you look for something that fits in with your budget.
2. Offers on calls and texts: The world of contract mobile phones is a highly competitive one these days, and in order to entice new customers many providers offer special deals on texts and calls, with packages that include a number of free texts, free calls during certain times of the day, and more. Look out for these packages, and find one that suits your mobile needs, as this could save you a packet each month.
3. Phones: Of course, the most common freebie that you get with a mobile phone contract is the phone itself, and many providers offer the latest state of the art mobile phones with all the bells and whistles. Keep your eyes peeled for special offers on new phones on the market, and you could enjoy sporting the latest hi-tech phone as well as getting a great deal on your contract.
4. The contract term: As with any other type of contract, getting tied into a mobile phone contract for too long can prove to be a bad idea, as there are always new, improved deals coming onto the market. Try not to sign up to an excessively long term wherever possible, as this could ultimately end up costing you when you could be switching over to a better deal or more suitable packaged with another provider.
5. Transferring information: The last thing that you want with your mobile phone is cost and hassle when it comes to transferring your existing number, and at the same time most people do not want the hassle of having to change their number. Check to see whether you are able to transfer your number with ease and whether this is free of charge.
6. Choosing the right provider: Another thing that is important when selecting a mobile phone contract is finding a reliable provider. Find out which network provider offers the best signal strengths and coverage for your area before you make any commitment.
7. Check out the regulator website: Before you commit to any particular network or package, it is worth checking the website of the Office of Telecommunications, Oftel, which regulates mobile phone services and providers. Here you can learn more about the phones that offer the best coverage for your area, as well as other important information.