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According to economist, Edward Wolff, US minorities will experience the shattering blow of foreclosure this year. Home ownership for blacks and Hispanics in the US is plummeting down to an alarming rate. The high interest rates and mortgage payments are primary factors that interplay in painting this bleak economic picture. In Rhode Islands alone, 50% of Hispanic homeowners are spending 38% of their overall monthly income on home loan payments.

Although there was a significant hike in the home ownership and rate among Hispanic minorities in the early 90’s, a closer look at the situation will show a double-edge sword effect. During the controversial housing boom in the US, many Latino families were offered home loans without any requirement of turning in income reports, but were charged of higher interest rates… Continue reading

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When it comes to loan approval, lenders will use different criteria for different situations. Unsecured debt is riskier than secured debt in general since there’s no collateral involved in unsecured debt. You see, it’s all about “what happens if you default?” A house or auto is collateral, and if you default, the lender can always come and take that collateral to mitigate its loss. If you’re getting a good deal on a car and putting money down, you have a better chance of getting approved than if you’re paying above book value and putting no money down. Once again, if the lender repossesses the car due to nonpayment, then it can mitigate its loss if there’s equity in the car. Likewise, if you already own property and have equity, then… Continue reading

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A really unique aspect of FHA loans is that non-occupying co-borrowers are allowed to be co-signers on the loan in addition to the primary occupying borrower. This means that if a person buying a home does not have the required income to qualify on their own, they can have a co-borrower who doesn’t live in the property co-sign to assist them in purchasing a house. One really interesting way to utilize this unique feature of FHA loans is for parents to assist their children in buying homes. For example if your a parent and your child is in college, and you would like to invest in a property for your child to live in while they attend college, a FHA loan is a terrific way to purchase a property for… Continue reading

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Here’s a list of loan modification do’s and don’ts to help you avoid common pitfalls.

Do know your rights.

More than 80% of mortgage contracts violate one or more lending laws-and most of them go unnoticed. But these violations can be your biggest weapon in the loan modification process. They can give you the leverage you need to negotiate with your lender and stop foreclosure. Your loan modification attorney can help you understand your rights and use them to get the results you want.

Don’t wait too long.

The foreclosure process is designed so that you have time to get back on your feet and save your home. But that doesn’t mean it’s safe to procrastinate. The longer you wait, the harder it gets to get you out of that fix. As soon as… Continue reading

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A home loan modification is a process for the lender to adjust the current contract. Many adjustments can be made on the contract to bring it to a current status, if delinquent. Lenders will be able to assist you with your current situation by one or many of the following:

?lowering the interest rate and payment ?reducing the principal balance ?converting an adjustable rate to a fixed rate ?halting foreclosure ?Stopping Auction

My experience thus far, the lenders are willing to assist the customer with the current situation by doing a loan modification. Lenders are going to lose more if the loan stays in the delinquent status; by changing the current loan and bringing the contract current the lender wins! With a loan modification, the contract is brought current and the lender… Continue reading

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Applicants having a good credit record are capable of enjoying many benefits such as reduced interest rates, flexible repayment schedule and many more. However, the same benefits are not made available to applicants with a history of bad credit. the mark difference in the attitude of the loan providers is because of the high risk involved and the low credit score. In fact, loans are not that easily available to the bad credit borrowers. But sensing the need of these borrowers, so that they can keep off their financial worries, lenders are now offering special loans in the form of loans for bad credit.

Your multiple credit problems such as CCJs, IVA, arrears, defaults etc have nothing to do with the approval of the loans. These loans provide you the much… Continue reading

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