Many people make the unsound and untrue assumption that the only people being assisted in the mortgage crisis are those with a Fannie Mae or Freddie Mac mortgage. These mortgages are guaranteed by the government and a lot of people that have them have gotten modifications, but you can get one too. If you have a private-label mortgage you still have the opportunity to fix your situation via mortgage modification. (more…)

Many people who struggled through the financial crisis of the last few years and lost their homes did so because of the loss of a job. Other people simply made an investment that was not sound in the first place and ended up having it come back to bite them. This type of situation was compounded when the value of homes plummeted in so many areas leaving so many people with negative equity. (more…)

When it comes to the mortgage crisis of the last several years and the burden it has placed on lenders and homeowners people start to understand mortgage insurance a little more. It seems like an unnecessary expense sometimes when you are paying for your mortgage or trying to get approved for someone, but this is the reason for it. Lenders have to protect themselves against large financial losses just like anybody else might do. (more…)

When looking at your financial situation to buy a home a lender will assess your debt to income ratio and your monthly gross income. These same items will be assessed when you are trying to get a mortgage modification for reasons that include trying to figure out if you need the modification or not. If you don’t know what your monthly gross income is you will be glad to know that it is actually quite easy for you to figure out. (more…)

When you are trying to determine if you are eligible for a mortgage modification there can be a number of different factors for you to consider. Anything from your current job status to your past credit history may be considered, but what matters as much as anything is your mortgage payment ratio. The government program HAMP will use a mortgage payment guideline to look at your personal situation. (more…)

Many times people will use terminology so much that they just assume that everyone knows what they are talking about and won’t slow to consider otherwise. With homeowners and other loan terminology many people are afraid to admit that they don’t know what something means so they won’t stop to ask. This is the case sometimes when somebody will discuss the lien on a property or other loan item. (more…)

Insurance is a way of protecting or transferring risk on an investment and it is done in many different ways, shapes and forms. Sometimes it is the buyer who specifically buys and pays the insurance and other times it is the lender that does so to protect their investment. One type of lender paid and purchased insurance is lender placed insurance and it is done to protect the investment in a home. (more…)

Real estate and mortgage operations work under a million different definitions that should help to prove your credit worthiness or unworthiness, some easier to understand than others. One of these such terms is Loan-to-Value ratio and you may want to know yours before you get too far into trouble. This will help you understand the situation that you are in and to understand what you have to do to get out of trouble. (more…)

Mortgage loans have many different options because not everyone can qualify for a traditional mortgage and banks want to have the opportunity to serve everyone. In this case if you are one of the ones that can’t afford a traditional mortgage you should look in to other options like an interest-only mortgage. While it may not be your best case scenario it is certainly worth losing your home and falling to financial ruin. (more…)

After the financial crisis of the last few years the government responded by instituting programs to help people keep their homes. The main focus was to allow people to have a primary residence and not have to displace their family simply because of financial difficulties. The focus of these programs was not to help people make money and profit from the financial crisis, but to allow homeowners to stay home. (more…)

The recent mortgage crisis caused more problems than just the loss of homes for thousands of people, it caused the loss of jobs and financial future. What happened when jobs were lost and then eventually the homes is it caused a lot of foreclosures, which damages credit scores for a long time. People in this situation must deal with what happened in a small period of time for the rest of their lives, whether they caused it or not. (more…)

The last few years have been very unkind to many different homeowners as they have lost jobs and then homes because of things far beyond their control. The federal government is aware of this and has tried many different programs to stem the tide and try to fix the situation. One of the ways that they have done this is with the Home Affordable Unemployment Program that gives the opportunity to bounce back from the loss of a job. (more…)

Your home and your car must have insurance on them in most every situation, the car for legal reasons and the home so that you can get a loan to pay for it. Most lenders require hazard insurance as part of the deal when they are offering to extend a loan to you for your home loan purchase. This insurance can be costly if you don’t shop around and look for the best rate for the type of insurance that you happen to need. (more…)

When you are reevaluating your options with your mortgage to see if a modification is necessary there may be a few other things worth looking into first. One of these things would be a home equity line of credit if you are in a position to have some equity available on your home. If you don’t understand equity, it is basically the amount you have available between what you owe for your home and the value of the home itself. (more…)

Mortgage difficulties usually stem from the fact that people didn’t realize exactly how much their mortgage payment was going to be. These people will calculate their payment based on the principal and interest and then determine whether or not they can afford the monthly payment. While this is the biggest part of the equation it is not nearly everything and not including the other figures can get you into a future hole in a hurry. (more…)

You may feel like there is no way out, like you are going to lose your home and damage your credit for the foreseeable future and there is no hope for you. This isn’t true, especially with options like a HAFA Short Sale that could get rid of your home before it goes through the ugly process of foreclosure. Understanding this term may not be your strong suit, but here is a little bit of information to make it a little clearer. (more…)

To be able to live the American dream the American people sometimes need help from their government officials that they elect. In turn the politicians will make certain groups or organizations that will help the American people stay happy, healthy and invested in their country. One such example of this is a GSE, or Government Sponsored Enterprise that will help you make a large home purchase.

“Government-Sponsored Enterprises (GSEs): private corporations created by the U.S. Government to reduce borrowing costs. They are chartered by the U.S. Government but are not considered to be direct obligations. For example, Fannie Mae and Freddie Mac are GSEs.” You can see how this would help people who otherwise wouldn’t be able to make a home purchase due to lack of financial strength.

If you are having trouble with your mortgage and went through a Government-Sponsored Enterprise to get your mortgage you may have hope. These groups are much more likely to give you a break and give your home back to you with some revised terms. Contact one of the staff at the Law Office of Thomas J Sherwood to see if this applies to you.

Don’t waste any more time worrying about how to pay your mortgage, contact us today by phone at 813-612-5697 or 877-246-4486 or by email at Sales@TSherwoodLaw.com.

In order to avoid the horrible circumstance of losing your home that you have worked so hard for there are many different companies that work to help you. These foreclosure prevention companies started out with the sole intent of informing those on the personal side of the foreclosure of what is about to happen. Instead of the bank telling you what is going to happen and you feeling helpless, foreclosure prevention tells you your rights and your options. (more…)

People often make up definitions in their head based on the rumors and innuendo that they hear when something happens to someone else in their life. These definitions are often false and end up causing issues for the individual when they are in a similar situation to the one they heard rumors about. This is particularly true with foreclosure and is the reason that you should know what foreclosure is before you get too concerned about it. (more…)

Believe it or not, your bank or lender does not want your mortgage to fail and your home to be sold away in foreclosure. That is not something that would make them any money, it would actually cost them a substantial amount of money. The bank wants their investment to work out and that is why they may consider forbearance for your situation if you review it with them. (more…)

The United States of America was founded on ideas from many, one being that we should have the right to own our own land and have our own homes. Inherent in this for the government was providing a way in which more people could accomplish this goal without having to empty the life savings. In marched the “fixed-rate mortgage” as it gave more people the opportunity to have one steady payment for the life of the loan. (more…)

Many financial terms are hard to define and even harder to understand so it is always good to know a little about mortgage terms. One of the terms you will become familiar with when you are in the process of foreclosure or possible foreclosure is first mortgage. First mortgage is the first lienholder on a property should the owner of the home happen to default on their loan or just stop paying their mortgage. (more…)

So you now know what a difference someone miscalculating your escrow account can make on your mortgage, this is why escrow analysis is so important. The more your escrow account is reviewed to make sure that you are making accurate payments the better off you will be. The more frequent nature with which this is done is all the better for you and the future of your healthy mortgage. (more…)

When we go into certain purchases or investments in our lives there are times we have to take a leap of faith in order to ensure that things will happen. You may the world’s preeminent real estate agent, but you don’t know anything about cars or how to buy one. This could cause problems when you are in the market for a car, but not when you are in the market for a home. For this reason we sometimes give people more respect and confidence than they deserve. (more…)

Investments are all about taking a risk, at some point someone involved in the equation has to be open to taking the risk that they may or may not be able to earn a reward. In other situations it may be that no reward is even lurking, but the person with the investment could be in danger of losing something of great value. This is the case with a mortgage loan modification, the bank is taking a risk on you and you have to prove to be worth the investment. (more…)

People tend to freak out when they are trying to figure out if they are in danger of losing their home or not, and for good reason, it is your protection from the outside world. A home is more though, than just some walls between you and the rest of the world, it is the center of your family. What you need to figure out if you are losing your mind about possibly losing your home, is if you are just late on payments or if you are in “delinquency”. (more…)

In order to save your home from potential disclosure you need to make sure that you have explored every option available to you and/or your family. One option that many banks won’t jump to offer but you could ask if is available is that of deferred payments on your mortgage. This deferred payment option will give you the chance to skip a few payments and put them on the end of the loan to give you the opportunity to catch up on your loan. (more…)

Previously we discussed that no bank would require you to sign over your home as a part of the mortgage modification process, however, some could give you the option. Signing over your home to a bank in lieu of losing the home to foreclosure is a good option to save your financial future from complete ruin. What you need to do is get a professional from TSherwoodLaw.com to help you through the process so you are protected. (more…)

Scams are plentiful in the world of mortgage modifications these days as there are so many opportunities for scammers to take your personal information and create something of their own. Some of these scams will have to do with an attempt to take your money, while others will go as far as trying to taking your home as well. One such way to do this is to get you to sign over the deed to your home as part of the process. (more…)

Getting a mortgage loan modification will be based on many different factors that have to do with your lifestyle and your current financial situation. What you have to do is see where you stand as of now with your finances and see where that could take you in the future. Speaking to a mortgage loan modification professional at TSherwoodLaw.com is a good place to start with questions about your debt-to-income ratio. (more…)

Understanding the financial world can be tough sometimes as there are so many terms that can be confusing and frustrating to understand. When you hear about the difference between a creditor and a debtor you are hearing about the difference between yourself and Visa, yourself and MasterCard. You are the debtor as you owe money and they are the creditor as they are owed money by you. (more…)

The term itself sounds like something out of the next Transformers sequel as you get the mental image of an arm transforming into a beastly figure. What it really is can be much less interesting, but even more terrifying as this type of mortgage could cause you a lot of headaches. If you are thinking of getting a convertible ARM mortgage you should really talk to someone or educate yourself on the process. (more…)

Any company that happens to make any kind of loan to you or provides any kind of service for you for a fee will want to get their money. When this company does not get paid they will come after you and try to collect on the amount of money that you owe them. This process is called collections and when it starts to happen with your home you will start to get very nervous about the possibilities. (more…)

Anytime you sign a legal or financial document or contract with another person you are potentially putting yourself into harm’s way. You are telling the person or persons involved with the situation that you are personally taking some responsibility for their actions and whereabouts. With a home loan a co-homeowner could sound like a great idea up front, but analyze some of the possibilities before you sign on. (more…)

Your entire experience of home ownership can be made or broken at the very first step of becoming a homeowner, the closing of your home. If you don’t understand the process and know what is on the line you could potentially sign an agreement that will not allow you to survive financially. To understand closing you must first get the basic definition that will explain how the process actually works and what is involved. (more…)

You may know by now that a Chapter 13 Bankruptcy will allow you to work out your mortgage or other debts with your lender and possibly keep your property. Chapter 7 Bankruptcy is different in that it precludes you from possibly maintaining some of your assets while you make your debts right. With Chapter 7 Bankruptcy you have to exhaust all of your resources before the bank or lender will allow for your debts being cancelled. (more…)

There are multiple types of bankruptcies that could possibly apply to you and the situation that you are currently in financially. One of these types is Chapter 13 Bankruptcy and this type of bankruptcy will involve the bankruptcy court being involved for a long period of time. You will make payments to your bank or lender for an agreed upon length of time and the bankruptcy court will ensure that this happens. (more…)

Loans come in many shapes and sizes and the right one for you is likely not the right one for the person next to you or the person down the street. First and foremost, bankers are salesmen and they will find any way to sell you their product, even if it means customizing the terms to you. Balloon mortgages are exactly what we are discussing as they are used and were created for a very specific demographic. (more…)

When you are trying to buy or sell a home or keep from losing your home you must get someone to value the home based on a set of criteria. For obvious reasons banks don’t trust individuals to value their home because everyone has memories attached that cannot be erased. This is why the bank will select an appraiser but the individual who is buying or selling the home must pay for the appraiser. (more…)

Several different things can affect the purchase, refinancing or foreclosure of a home and one of the bigger items will be the appraisal of the home itself. This is an act performed by a professional that will use different criteria to value your home for banks and other lenders. Getting a good appraisal could be the difference in you being able to keep your home and losing it forever. (more…)

To understand why it is important that you make regular payments on your home and why you can’t get behind you must first understand the process. One of the terms that helps to explain the mortgage process and therefore the foreclosure process is amortization. For you to understand the term a little more clearly you have the government’s definition below. (more…)

When you know you have problems with your mortgage and you need help desperately it is one thing to admit that change must be made. It is another thing to know what that change is and be conscious of what you need to do to change for the better and keep your home. Understanding the terminology involved with your mortgage is vitally important and you must take stock of it immediately. One term many people must get to know is adjustable rate mortgage. (more…)

The recent financial distress across the globe has caused people to reevaluate a lot in their lives. The Federal Treasury announced the Hardest Hit Fund SM early in 2010 providing more than $7.6 billion in targeted aid to states hit hard by the economic crisis. (more…)

Unemployment can be a tough time that can lead to tougher times for you and your family if you don’t do something fast. If you are having a tough time making your mortgage payments because you are unemployed, you may be eligible for the Unemployment Program. The UP provides a temporary reduction or suspension of mortgage payments for at least three months while you seek re-employment. (more…)

Many people get home loans through different types of programs that are available to make the home buying process easier. Though this process makes it easier to buy a home it can sometimes make it harder to find out who to go to when your home is in danger of foreclosure. What you must do when this happens is find a professional that can help you find the right program for you. (more…)

Should you have a financial loan that is insured or guaranteed by the United Explained Department of Agriculture (USDA), you might be eligible to get a program through that government agency. FHA, VA and USDA just about all provide plans for struggling homeowners that strive to lower your reoccurring mortgage payment to 31 percent of this verified monthly gross (pre-tax) cash flow to create your payments a lot more cost-effective. (more…)

Should you have a second mortgage and the mortgage servicer of the first mortgage agrees to participate in FHA Short Refinance, you may qualify to have your second mortgage on the exact same home minimized or eliminated through FHA2LP. If the servicer of your second mortgage agrees to participate, the total volume of the mortgage unsecured debt after the refinance cannot exceed 115% of your respective home’s current value. (more…)

In the event you are current on your mortgage, but owe much more than your home is well worth FHA Short Refinance may be an option that your mortgage servicer will take into account. FHA Short Refinance was intended to help homeowners refinance into much more affordable, more steady FHA-insured mortgage. If your current loan provider agrees to participate in this refinance, they’ll be required to lessen the quantity you owe on your own first mortgage to no more than 97.75% of the home’s current value. (more…)

In the event you are current on your own mortgage and have been unable to obtain a standard refinance because the value of your home has declined, you could be eligible to refinance through HARP. HARP is intended to help you refinance into a new cost-effective, a lot more steady mortgage. The HARP personal loan can be a brand new financial loan and will call for a personal loan app and underwriting procedure. Financial loan refinance service fees will apply. (more…)

When there is a smell of desperation in the air you can bet that somewhere, someone evil is planning on pouncing on you. Scammers are in heaven these days with more people needing help than ever and these people will do ANYTHING for a little help. With so many different scams it is hard to be prepared and aware of everything all of the time. (more…)