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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.
Cash Payday Loans to the Rescue
All of us do encounter financial crisis every now and then whether you are living independently or you have a family on our own. Due to the ever demanding of the needs nowadays, you have to put more effort in finding a decent job so that you would be able to meet all your needs. But there are times that even having a job on your own is not enough. There are many times that you dont know what you would be doing in order to have all these payments be paid. There are these situations that you have to produce instant cash because if youll not, something bad will happen. But dont worry! Cash payday loans are here to save the day.
You dont have to find your friend on the other side of the world just to help with your finances. These loans are easily done with the use of the World Wide Web. There would be no impossible with the technology. These could easily be done with the use of the internet and it is as easy as counting one, two, and three. And at the same time you would be able to use the Web as your source of information in finding a good lender. There is much information that you would be able to get from the internet. But you also have to be careful on what it is that you are going to get in the internet. There is also much false information that you can get there. Be a critic when it comes to getting information in the internet. You have to be wise in knowing if the site you are searching is reliable or not.
After the initial choice that you have made what you can do next is to evaluate these top three choices that you have gathered. Make sure that these three are worth of your time and effort and there would be something good that would come out on these. These companies that are giving loans to those who are in need are great news to each and every one. There are different kinds of quick loans and you should know what kind of loan is more appropriate to your needs.