Archive for the ‘Mortgage’ Category
citimortgage fha loan modification success 2012
citimortgage fha loan modification success 2012
The process involves documents being analyzed and reviewed by the mortgage lender. This often makes the CitiMortgage loan modification program a time consuming process and leaves many homeowners confused and disillusioned. But there is no need to give up – using loan modification services can make the entire process less stressful and the chance of your family being approved is higher. Their job is making sure your documentation is correct, up to date and ready for submission to your lender. They also handle all the phone calls to your lender, which can be very overwhelming if you try to do yourself.
Here are three steps to make sure homeowner before they are taking a Citimortgage Loan Modification:
First steps, make sure that you have completed your loan modification application and it is the correct one. So, it is important to you to educate yourself about the loan Modification process and what is the important thing that has to keep make your application approved.
The second steps, check your financial statement and calculate your debt ratio. Usually, the lender especially Citimortgage will look your financial statement and your debt ratio before you submit your Hardship Packet.
The third steps, format and take place together a winning hardship letter. The hardship letter is important things for your applying. The Citimorgate Loss Mitigator will look this letter first before they review your file. To get your request faster you have to produce a compelling and moving your story. You should know that there are many stories to read and you must fight to make your stories stand out above all other.
Do not think that it is the end of the road if your loan modification request was disapproved the first time. You can always re-apply, and present your finances in a better light the second time around. There’s no doubt that persistence is the key if you really want to have your loan modification request approved.At the end of the day, the final result is that the loan modification’s approval will result to your getting better interest rates, lower monthly payments or a longer allowance for the entire loan to be paid off.
The homeowner will receive $1,000 annually for up to 5 years as bonus if the homeowner can keep their modified payment now. The Citimortgage accept all over the qualified modification loan on up font payment. For the applicant who success to decrease interest rate as low as 2% the Home Affordable will give a plan for 40 years. This the time to complete your Citimortgage Loan Modification request and President Obama is supporting homeowner to work directly with the bank. You can get your entire loan modification done in 60 minutes, this mean of the 60 Minute Loan terms.
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mortgage debt forgiveness act extension
mortgage debt forgiveness act extension
The Mortgage Forgiveness Debt Relief Act of 2007 includes the cancellation of the complete debt. If the mortgage terms were renegotiated, up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). According to the IRS, the exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.
The new law applies to discharges of qualified principal residence indebtedness on or after January 1, 2009, and before January 1, 2013. California law conforms, with modifications, to federal mortgage forgiveness debt relief for discharges that occurred in tax years 2007 through December 31, 2012. The amount of qualifying indebtedness is less than the federal amount and California imposes a state-only limitation on the total amount of relief excluded from gross income.
In the stories I heard the persons tax preparer was not aware of this and therefore included the income reported on the 1099 from the lender for forgiven debt as income. Fortunately all that is necessary to receive relief from this act is to file an IRS form 982If you lost a home to foreclosure in the past two years I would suggest you ask your tax preparer about the Mortgage Forgiveness Debt Relief Act of 2007 and make sure you ahve not paid taxes on debt forgiveness that you should not have.
If you are using the form only to report the exclusion of forgiveness of qualified principal residence indebtedness as the result of foreclosure on your principal residence, you only need to complete lines 1e and 2. If you kept ownership of your home and modification of the terms of your mortgage resulted in the forgiveness of qualified principal residence indebtedness, complete lines 1e, 2, and 10b. Attach the Form 982 to your tax return.
However, the Mortgage Forgiveness Debt Relief Act of 2007 provides tax relief for some mortgage loans forgiven in 2007 through 2012. The Mortgage Forgiveness Debt Relief Act of 2007 allows taxpayers to exclude income from the discharge of debt on their principal residence.Regarding your question about the duplex qualifying, I can find no indication in the tax code that would disqualify a duplex from the Mortgage Forgiveness Debt Relief Act if half of the duplex was purchased for and used as your household residence.
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how to negotiate a 2nd motgage settlement with chase
how to negotiate a 2nd motgage settlement with chase
If you had a second mortgage, the second mortgage holder would make sure they had some collateral. This is known as loan to value ratio, or LTV. Basically, you had to have some equity.Then if you stopped paying on your first mortgage (or both mortgages), the second mortgage holder would keep your first mortgage current. And the second mortagage holder would bill you for whatever they paid on your first, plus interest and penalties, and they would go after you in foreclosure. They would go to the foreclosure sale if you still didn’t pay, and they would often end up with your house back. Still with the first mortgage on it.
1 Stay in touch with the second mortgage lender and keep the company informed about your situation, as uncomfortable as it may be. Write a letter explaining your circumstances of payment and request a modification to the payments. Explain how this arrangement will benefit both you and the lender. See Resources for a sample letter.
2 State that you have made consistently timely payments and provide an attachment listing your second mortgage payments to support your statement. Also include your first mortgage payment history to show that you have been stable with both payments. Be specific about what you can do to get the loan up to date. Mention that your situation is temporary, if you have a defined date of starting a new job. Provide confirmation of your employment. Discuss the terms you require for a manageable repayment plan.
3 Negotiate with the second mortgage lender, a possible lump sum to be due on an agreed-upon date. Use the opportunity to request a lower interest rate to manage payments. Try to remove any late penalties and annual charges. Recognize the importance of negotiating to relieve the debt on your second mortgage in part or in full, at least temporarily, to help you through your financial situation while also preventing the lender from entering into an unprofitable foreclosure.
Eisinger quotes Arthur Wilmarth, a law professor at George Washington University, sayin “seems astonishingly generous to the second-lien holders…And who are those? Of course, they are the big mortgage servicers” and goes on to note: “But this suggests that the banks, with the authorities’ tacit approval, think contracts are for thee and not for me. The price to get the banks to do the right thing contractually with mortgage modifications and foreclosure is to allow them to not do the right thing elsewhere.”
Reason being, in a transaction where I represented the Buyer, a “”pretend” short sale negotiating company received an approval with the Seller having to sign a $45,000 promissory note, $30,000 on the first mortgage, $15,000 on the second mortgage. The next correspondence in the transaction was a cancellation of escrow from the Seller. My clients wanted to purchase the home, so, getting permission from the listing agent, I spoke with the Sellers and asked why they were canceling escrow? Their response was because they didn’t want to have, nor could they afford the financial responsibility of the future payments on the notes.
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difference between fha hamp and hamp
difference between fha hamp and hamp
The Making Home Affordable Program is part of the Obama Administration’s broad, comprehensive strategy to get the economy and the housing market back on track. The Making Home Affordable Program offers strong options for homeowners: (1) refinancing mortgage loans through the Home Affordable Refinance Program (HARP), (2) modifying first and second mortgage loans through the Home Affordable Modification Program (HAMP) and the Second Lien Modification Program (2MP), (3) providing temporary assistance to unemployed homeowners through the Home Affordable Unemployment Program (UP), and (4) offering other alternatives to foreclosure through the Home Affordable Foreclosure Alternatives Program (HAFA).
FHA-HAMP allow holders of mortgage loans by the Federal Housing Agency (FHA), affiliated to modify their loans so that the license of the monthly payments are affordable and the mortgage holder will receive the total amount of balance in the original mortgage at the time of sale of the property. Furthermore, the Ministry of Finance is offering incentives for lenders in the principal amount of mortgage loans is the current (reduced quality of owners followed and periodic payments), but under water (the value of the mortgage that see the value House – Underwater FHA refinancing our website for details.
The investor who owns your loan or mortgage note must be a HAMP participant (meaning they received TARP funding). The investor could be a banking institution which is different from the bank who is servicing your loan. If your loan was part of a syndication that was sold to multiple investors and one or more of those investors do no participate in HAMP, you may not qualify for this loan modification program. One way to find out is to call your bank/lender or servicing company (toll free number is on your mortgage statement) and ask them who is the investor who owns your loan and if they participate in HAMP.
As HousingWire previously reported, FHA-HAMP mimics the HAMP already underway on mortgages owned or serviced by the GSEs. The biggest difference in the two programs is that FHA-HAMP, which became operational Saturday, allows for a forbearance of up to 30% of the unpaid principal, financed by an interest-free second-lien mortgage that is repaid as a balloon payment at the end of the original loan.
If the value of the modified loan resulting from this process is higher than under the “standard” HAMP process (e.g. start with interest reduction, and term extension, etc. as presented above), then the servicer will have the option to offer this approach to the borrower (the servicer, as we discuss below will receive an additional incentive from the government to cover the amount of principal reduction.
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bank of america financial worksheet short sale
bank of america financial worksheet short sale
Ask any agent who has had to deal with Bank of America on a short sale during the past few years and they will have war stories of hours, weeks and months spent in vain trying to get a short sale approved. There is nothing worse than investing hours, advertising dollars and more for months on end only to never make a dime when it goes to foreclosure. I can tell you that I would tell my home buyers to avoid them if I found out they were the lien holder.
Details that Bank Of America has begun a new short sale program in an effort to stave off an increasing foreclosure inventory have leaked. The new program is called the HPO short sale program in which a Bank of America representative known as a “Personal Advocate” will be assigned to the short sale and will be very responsive in seeing the short sale process to completion with approvals in just two weeks.
The reported details and benefits of the Bank of America HPO short sale program are listed below.
Key Benefits of the Bank of America HPO short sale program:
1) No deficiency judgments.
2) No pre-qualifying (the value of the home being less than the loan amount qualifies.)
3) Seller is not asked to contribute funds to the short sale.
4) Seller will receive $3,000 at the successful close of escrow (primary residence.)
5) No records documentation.
If you are a seller considering a short sale, most of the lenders like Bank of America are going to require you to disclose all of your financial information. The process is very similar to what you went through when you applied for a loan. They ask for the last two months bank statements, last two pay stubs from both borrowers, tax returns, a hardship letter and financial worksheet. In most cases if you are unwilling to provide these documents, they will not do a short sale.
A short sale occurs when the cumulative debt on the property is greater than the net sales proceeds. This results in a shortfall of money relative to the debt and requires either a cash contribution from the seller, an increased cash contribution from the buyer, a forgiveness of debt from the lender or a combination of these three. Hence, the name short sale.Please pass this vital information along to someone in need and have them e-mail Robert Stuart of Professional Real Estate Brokerage for a free housing consultation.
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