Anew Home Loan Services Call today, 800-385-0502 or Email tracey@anewhomeloanservices.com

2012-08-11T08:17:00.005-06:00

HAMP Changes Take Effect Friday June 1

Effective Friday, June 1, 2012 HAMP “Tier 2” - which many people have simply referred to as HAMP 2.0 - will roll out for the Making Home Affordable (MHA) loan modification program. Like many MHA updates, these changes apply to non-GSE mortgages.

The goal of HAMP 'Tier 2' is to increase eligibility for homeowners, including:

those who did not meet the original HAMP guidelines,
those who may have failed on a HAMP modification, or
those who own rental properties.

With HAMP 'Tier 2', many of the initial qualification criteria are still in place:

loan must have been originated before January 1, 2009,
homeowner must be able to document a financial hardship;
Only loans on properties with one-four units can be modified;
there is a maximum outstanding loan amount (maximum unpaid principal balance.

But now, a borrower may also be considered for HAMP 'Tier 2' if any of the following also apply:

they did not successfully complete (defaulted on) a HAMP 'Tier 1' modification;
their monthly mortgage payment is below the minimum 31 percent front end Debt-To-Income ratio;
and, most controversially, up to three seperate mortgages may be modified if they secure rental properties

No mortgage loan may be modified more than once in either Tier 1 or Tier 2.

People interested in learning more about the HAMP program and the new 'Tier 2' changes, can visit the Making Home Affordable website, here.

The Anew Home Loan Services will continue to focus its attention on helping owner-occupants avoid foreclosure, but can answer questions for rental property owners as well.

HAMP, HAMP 2.0, DTI, VPN, HARP, MHA, GSE... the 'alphabet-soup' of programs, agencies and programs can be overwhelming for struggling homeowners. In Minnesota, there is a FREE, effective resource available: The Anew Home Loan Services. Trained and certified foreclosure prevention experts can work with YOU to find a solution to YOUR mortgage issues.

A Debt Negotiation program may be a better option than filing a bankruptcy.

2012-07-30T19:21:00.002-06:00

Unsecured Debt Settlement Program by Debt Free Partners

Are you tired of your monthly unsecured debt?
Stop the collection calls.
Avoid possible bankruptcy.
Want one monthly affordable payment?
Our company has some of the best debt negotiators and credit information specialists in the business.
We have programs that will have you be debt free in 12-48 months.
On average we can negotiate your debt balances down 40-60% of what you owe, including all fees.
Debt Negotiation has no negative impact on your credit score.
We will help stop creditor harassment.
Debt Negotiation and Debt Settlement are not for everyone. If you qualify for our program we will design a debt free plan that is best for you and your family.

Once you have been accepted into the program, your life will get a lot simpler. You only need to set aside an affordable amount of money each month to save up and pay off your creditors. Your money will go into a savings account that you control. We will be available to answer your questions, deal with creditor calls, concerns, negotiations, monthly statements and administrative issues.

A Debt Negotiation program may be a better option than filing a bankruptcy.

Let us help you throught this difficult process

2012-07-30T19:18:00.001-06:00

Getting behind on your mortgage can be a very stressful experience. Working with your bank to try and work out new loan terms can be scary if you do not know who to talk to and what questions to ask when trying to do a loan modification.
We can give you free information to guide you through the loan modification process. The Government Bailout has mandated that lenders work with homeowners to re work mortgages. This is the best time for a home loan modification. Our team will guide you through the loan modification process and the loan modification requirements.
Do not let your home go into foreclosure, we can help you.
Our loan modification information is free. You do not need to pay anyone to do this for you. You can modify your own loan. Just call your lender and ask them what you need to do to get started or call us and let us help you through this difficult process. We have the experience and knowledge to work with your lender.

HARP PROGRAM MAY BE WHATS RIGHT FOR YOU!

2012-07-29T20:51:00.001-06:00

Fannie Mae (FNMA) just announced the guidelines for the New HARP Program. Freddie Mac (FHLMC) also announced their guidelines for this program. The Harp Program is designed to help property owners who are underwater. Have questions give me a call or email me?

What is happening today in mortgage lending: Tracey Smith has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.anewhomeloanservices.blogspot.com
or www.anewhomeloanservices.com

Making Homes Affordable Program

2011-09-03T09:23:00.002-06:00

With The Making Home Affordable Program It Is Possible To:

Stop Foreclosure
Erase Back Payments
Eliminate Late Fees And Penalties
Lower Your Rate To As Low As 2% Fixed
Extend Your Loan To 40 Years
Reduce Or Eliminate Negative Equity
Receive Up To $1000.00 Per Year For Making Your Payments On Time

A Loan Modification using HAMP guidelines can lower your mortgage payment to 31% of your gross monthly income. Over 4 million homeowners are eligible to qualify for this program. This program also offers options for "underwater" mortgages and in 2010 revisions were made to the program to offer assistance to unemployed homeowners. There are no credit checks to qualify for the program and there is no cost to you from your lender to participate in the program.

Put the strength of the Nations leading Mortgage Relief Firm to work for you today. Even if you have been denied help in the past, you may still qualify for HAMP or other programs. We have helped thousands of homeowners in need of Mortgage Relief by helping them lower their mortgage payments and save their homes from foreclosure. Mortgage Relief counselors are standing by to offer you a free, no obligation consultation.

Take advantage of Government Programs while they are still accessible!!!

Avoid Forclosure with a Loan Modification

2011-08-10T20:26:00.000-06:00

Foreclosure Modification Act; Became Real Estate Law in most states. Loan Modification Can Help!

We have recently written about short sales as a means of avoiding foreclosure or bankruptcy, so this week we will mention loan modification as another way to avoid losing your house and credit.

A loan modification is one possible tactic available as part of a foreclosure prevention strategy. Obtaining a loan modification is a complex process that involves discussions with your mortgage company and others, perhaps a HUD counselor. The main problem with this solution, especially if you have already received notification of foreclosure, is the amount of time it takes to reach all of the parties involved and to then negotiate a modified loan – all while the clock is continually ticking toward a looming deadline.

The Foreclosure Modification Act (A.G. File No. 11-0014), make a mortgage loan modification a requirement by lending institutions if certain economic criteria exist in the marketplace, such as the nationwide real estate devaluation as a result of the recent recession fueled by the collapse of the housing market.

The concept behind the initiative is that individual homeowners need protection against external market forces over which they have no control, such as when residential properties lose huge chunks of their “value” while the economy seems to be entering the second half of a double-dip recession with few new jobs available.

If you are approaching a foreclosure, we will comment about your need to fully understand the current laws and all of the available options today, including a short sale or a loan modification. You can start learning about your rights by contacting Anew Home Loan Services, today.

In a stressful situation with deadlines quickly approaching, it can be hard to think straight and properly deal with all of the paperwork and calculations involved in legal and financial aspects of your life – and a possible foreclosure. And it can be even harder to determine exactly what is the best option for reversing a bad financial situation, without completely understanding the real estate market and knowing the full legal and financial implications of your decisions.

We understand the uphill battles brought on by a difficult financial period. We are qualified to help guide you through all of your legal, financial and real estate negotiations and transactions, so you emerge as unscathed as possible and in a position to rectify your financial position and move your life forward.

We understands all of the aspects of a loan modification in today’s market and she will help you handle the details quickly and efficiently to your best advantage. If you fear you will soon lose your home, please contact us, before it is too late.

Forgiveness Debt Relief

2011-07-27T13:57:00.000-06:00

What Happens When The Mortgage Forgiveness Debt Relief Act Expires?

There are many ways to answer the question: what happens when the mortgage forgiveness debt relief act expires. In this post we are going to cover what happens with respect to the taxes you owe on your property should you sell your home through a short sale.
In the past, before the Mortgage Forgiveness Debt Relief Act was implemented by the US government several years ago, if you paid your mortgage company less than what was owed on it and they released their lien they could issue you a 1099 (income statement). With receipt of the 1099, you would owe self employment income taxes on that money such that it would amount to somewhere around 30%. So if you owed your mortgage company $250K and you paid them $200K you would owe them 30% of $50 which would be around $15K.
For many people this would create some serious financial hardship. So, during this tough economic times, the US government passed the Mortgage Forgiveness Debt Relief Act which provides for many homeowners to have this income be forgiven as a form of income even though the mortgage company issues a 1099. This provision/protection for homeowners is expected to run out at the end of 2012.
If you have considered a short sale in the past you may want to reconsider your options if you see a short term need to sell your home within the next few years. This is especially the case if your real estate market is depressed enough that it is unlikely that your home’s value will rebound to a point where you can sell your home for more than what you owe on it.
If you have questions about your options you should talk to someone who specializes in short sales and loan modifications. One such company is Anew Home Loan Services & Mortgage Mediation Group. We handle loan modifications and short sale consultations from the perspective of protecting the homeowner from future deficiency actions from the departing mortgage company.
What this brings to mind is that if you are a homeowner thinking about a loan modification or short sale you need to know what your options are. You will have different outcomes depending on which option you take: short sale, loan modification, bankruptcy or foreclosure. Don’t trust what a real estate agent says, or a mortgage loan officer. The only real advice there is to follow is an experienced real estate sspecialist.

How does the streamlined loan modification program for Fannie Mae and Freddie Mac work?

2011-07-13T14:30:00.002-06:00

How does the streamlined loan modification program for Fannie Mae and Freddie Mac work? This new mortgage bailout program will be set to begin on December 15, 2008. It will apply only to mortgages that are owned or guaranteed by Freddie Mac or Fannie Mae. A borrower who is 90 days delinquent will be eligible for a new mortgage with a monthly payment that does not exceed 38% of their gross monthly income. Proof of a hardship will need to be justified, jobless or illness etc. If you are not experiencing a loan default you will not be eligible for this mortgage bailout program. You do not need to be in a bankruptcy proceeding. This program is only available to primary residences. Second homes and investment property will not qualify for this program.

If you are interested in a loan modification please call toll free 1-800-385-0502 for a new hassle loan modification review.

Our company has some of the best debt negotiators and credit information specialists in the business.

2011-07-13T14:24:00.000-06:00

Our company has some of the best debt negotiators and credit information specialists in the business.
We have programs that will have you be debt free in 12-48 months.
We can negotiate your debt balances down 40-60% of what you owe, including all fees.
Debt Negotiation has no negative impact on your credit score.
We will help stop creditor harassment.
Debt Negotiation and Debt Settlement are not for everyone. If you qualify for our program we will design a debt free plan that is best for you and your family.

Once you have been accepted into the program, your life will get a lot simpler. You only need to set aside an affordable amount of money each month to save up and pay off your creditors. Your money will go into a savings account that you control. We will be available to answer your questions, deal with creditor calls, concerns, negotiations, monthly statements and administrative issues.
So before you get too involved with a bankruptcy attorney, give us a chance to alleviate your financial burden. Our program may be the solution you've been looking for.
Call toll free 1-800-385-0502 for a free no hassle debt review

Debt Consolidation Program is the best Option!!!

2011-07-08T19:30:00.000-06:00

Debt Consolidation Program The Best Option?

Choosing to sign up for a debt consolidation program is certainly one option to get out of credit card debt. But is this the best and only option that you may have? The solutions that are out there seem to stem from whether you are a home owner or not. We will review the options for both.
Options To Get Out Of Debt As A Home Owner
The first option to look at if you are a home owner is doing a cash out refinance. Paying off credit card debt with your home’s equity will in most cases give you a lower rate and a much lower payment. Credit cards work off of simple interest calculations and mortgages are amortized usually over a 30 year period. A credit card balance of $30,000 may give you a payment of over $1200. However, if you were able to move that balance into your mortgage, your new payment would be just under $200 when calculated on an amortized basis.
Refinancing Your Mortgage To Payoff Debt – Advantages
Refinancing your home mortgage to payoff credit card debt can have huge advantages for you. The first advantage is that you can probably now write off the interest you were paying on the credit cards in the form of the mortgage interest tax write off allowed by the IRS. Second, with a lower payment comes stress relief. Can you imagine having an extra few hundred dollars in your bank account at the end of the month?
Potential Disadvantages Of Refinancing To Pay Down Debt
I am only an advocate of transferring unsecured debt to secured debt – like a mortgage or auto loan – if you have the discipline to not go out and repeat the past. Wiping your credit cards clean is great but if you act on the temptation to use them again, you may end up in worse shape. You may end of with no equity and no emergency backup plan.
Refinancing your mortgage will have closing costs which could cost you a couple of thousand dollars. You will also be starting over with a new thirty year term.
The Home Equity Loan Option To Get Out Of Debt
The other option with your home would be to add a home equity loan or a second mortgage. Typically a home equity loan will have no costs associated with getting it started. It also gives you flexibility in getting access to the cash in your home. But with most home equity loans being interest only you will need to make extra payments above the minimum payment to pay off your debt.
Similar to a straight cash-out refinance of your first mortgage as I mentioned in the previous section, the mortgage interest is a possible tax write off on your tax returns. For both tax write off possibilities you will need to consult with a tax adviser to see if and how you can write off your mortgage interest.
There is one drawback to consider if you roll your credit card debt into your mortgage. What happens if you get into trouble and cannot make the extra payment? In the case of it being your mortgage, you can lose your home to a foreclosure. But if it is with your credit cards, the collectors cannot take your home, nor are they likely to take the stuff back that you bought. So be careful of moving unsecured debt to a new mortgage.
Options If You Do Not Own A Home To Get Out Of Debt
Unfortunately, the opportunities for getting out of debt by leveraging your home’s equity just aren’t there for you if you do not own a home. However, there are still some viable options that might work if you do not want to go into a debt consolidation program.
Get A Lower Interest Rate On Your Car Loan
One way to pay off debt is to rearrange where you are paying your debt. Often, car loans can be refinanced to lower the payment due on the loan. Most people do not think about lowering their monthly bill payments with a refinance of the car loan.
You can go online and search car loan companies to see if you can get a better interest rate. Getting a better rate on your car loan can free up $100 or more. Give yourself a raise without working any harder. I would start my search for lower car rates on Google and see what you come up with.
Credit Card Companies Lower Their Interest Rates – Just Ask
Another way to lower your monthly bill payments is to get your credit card interest rates lowered. Amazing as it sounds, this may be one of the easiest things you can do to make headway at getting out of debt. Just pick up the phone and see if you can negotiate better rates with your credit card companies.
The key to remember is: that they do not want to loose you as a customer. You may have to play hard ball with them and threaten that you will move to a company that is offering you a lower interest rate. If you have been with them for a longtime they do not want to loose you.
Switch to Lower Interest Credit Cards
If your credit card company will not lower your interest rate switch to another credit card with a lower interest rate. Make sure that you keep the date handy for the introductory period if you do get a 0% balance transfer. If you go over this time period, your payments will go up.
Also, if you do payoff an older credit card do not close your account. Closing this account could hurt your credit scores considerably.
For more information about credit scores see GetPreQualified.com’s article on tips for raising your credit scores: things your creditors do not want you to know.

Zero Cost Mortgage Loans Are they really the best???

2011-07-08T19:25:00.003-06:00

Zero Cost Mortgages – No Cost Mortgage – Are They Good?

Zero Cost Mortgages, also known as the No Cost Mortgage seems to be making a comeback because mortgage rates are so low. With rates making the zero cost mortgage more attractive, GetPreQualified decided we should spell things out again regarding these mortgages – the real deal about no cost mortgages so to speak.
If you are thinking that there is a mortgage program out there that doesn’t cost you anything it is time to correct your way of thinking. All mortgages have costs – underwriters, loan officers, processors, appraisers, title companies, attorneys, county recorders, and in some cases even insurance companies all seem to have their hand the mortgage loan cookie jar when it comes to getting paid.
In a typical mortgage scenario, all of these folks get paid their cut through what is called your "closing costs". With a purchase mortgage you are either having to pay this money out of your pocket along with your down payment, or you are getting the seller to assist you through the sales contract that you negotiated. In a refinance loan scenario, you are paying these costs out of your home’s equity (the new loan amount is made of up of what you owe on your old mortgage plus your closing costs) with the new mortgage or you are going to have to pay them through bringing money to your loan closing.
However, in a zero cost – no closing cost – mortgage scenario, you agree to take a slightly higher interest rate for your mortgage which translates into cash upfront to pay your closing costs. In this way, you don’t have to add to your mortgage balance (a good thing in the case where you don’t have any more equity to give because your home has lost value) to get a new mortgage – nor do you have to take money out of your pocket to get your new mortgage. Instead you will pay a slightly higher mortgage payment each month because you elected to take a higher interest rate that what you could have paid if you had the equity in your home and used it to pay your closing costs or if you had taken the money out of the bank.

Zero Cost Mortgage – Compare Different Offers

The no closing cost mortgage isn’t a bad program, but you do have to understand what you are getting. You also have to be careful and compare several loan closing cost scenarios from different mortgage companies. You could end up paying too high of an interest rate than necessary. During the mortgage and real estate hay day of 2005 and 2006 mortgage loan officers were charging interest rate markups in some cases equivalent to 4-5 points in upfront fees – which left the homeowner holding the bag with a higher than necessary mortgage payment.
There is a break even point of something like 5 years where it makes sense to have this program in place, but after that initial period, the loan is now costing you more than normal closing costs because the interest rate is stuck where it is so your mortgage payment stays at a higher amount. Take a good look at what makes most sense – pay now or pay later.
Bottom line – use this program wisely – but the zero cost mortgage does serve a very nice purpose when not abused the parties involved.

2011-07-08T19:24:00.000-06:00

Getting The Right Price For The Home You Want To Buy

Buying a home in today’s 2011 real estate market brings uncertainty and excitement. Mostly the uncertainty stems from questions about the stability of home values. Are home values still going down, are they stable, or are they going up? The excitement stems super low va rates, FHA rates and conventional mortgage rates which can set up a scenario where a mortgage payment can be less than a rent payment. And, ultimately what’s behind both of these is the economy.
We don’t have enough time, and certainly we don’t want to get into a debate about how to fix it in this particular article. Rather we’re going to look at few points to consider should you decide to purchase a home that can help you offer a competitive price.
First of all, play poker with the seller. Don’t layout your cards like you can afford more than what you are offering for the home. If you get a pre-approval letter from your lender, make sure that if you qualify for more than the home price that the letter sets your approval at or near the offer price of the home. If you can buy more the seller is more likely to hold a higher price for acceptance.
Second, use a buyer’s agent. If you can avoid it, try not to use the listing agent directly to negotiate with home seller. Listing agents are hired by the seller to sell their home. They are in a position to get paid a higher commission if they sell the home at a higher price. A buyer’s agent can help you negotiate in a way that better represents your buying position – however keep in mind – buyer’s agents get paid based on the sales price too. With this being the case, keep your financing limits between you and the lender if you can help it.
Third, get a copy of the title history on the property you want to purchase. You can tell what kind of money the seller owes on the home which can give you a sense of what sales price they might accept. The title history won’t tell the whole story, especially if the seller owes some unrecorded private debt say for example like a down payment loan from a parent or relative that was kept off the books. Along with what’s owed on the home to a mortgage company and other lien holders like the IRS for back taxes, keep in mind the real estate commissions. Real estate commissions come from the seller of the home, so there needs to be room in the deal to pay both the listing and the buyer agent.
These are just three quick tips to help you with your home buying process. There are plenty more, you can view more here at: the steps to buying a home.

No up front fee

2011-06-29T13:35:00.001-06:00

No Upfront Fee Loan Modification – What We Do

Anew Home Loan Services provide homeowners facing financial hardship a step by step process to get their finances back on track so they can save their home and keep their American dream.

Your Options

Most lenders will consider one of the following options to quickly bring a loan current, out of foreclosure and the homeowners out of a hardship. Our list of services includes but is not limited to:

In-House Lender Loan Modification Programs
HAMP modification program’s (Including The New Principal Reduction Alternative)
Emergency Foreclosure Stoppage
And Much More!

WHY Anew Home Loan Serivces?

We do not charge fees until the service has been rendered – only after your lender says “it’s approved”.
The secret to our success has been the commitment to our core values, strong ethics and our No Up-Front Fee policy. We knew that if a mortgage payment could be lowered, an interest rate could be reduced, or a balance could be forgiven, we are the ones who can do it. We are truly devoted to removing the stress of home ownership in a down economy one household at a time. We continue pushing the No Up-Front Fee policy and are ready to help those in need.
We strive not only to get your loan modification approved, but to get you the best modification possible!

Not only do we get them approved for zero fees upfront, but we also strive to get GOOD loan modification approved so that homeowners can comfortably make the mortgage payments!

Our loan modification program offers homeowners a no risk solution to lowering their mortgage payments.
First, we pre-qualify all of our clients to make sure they are a good candidate for a loan modification program. If so, you can then decide if you want to use us to handle loan modification negotiations with your lender.
We handle every aspect of the loan modification process. We deal directly with your lender, so you don’t have to. All you have to do is send us the required information to submit to your lender, we take care of the rest.
When we have our consultation with you, we will determine what the best loan modification program is for you. The HAMP modification programs are great, but sometimes in-house lender modification programs are better. It all depends on your situation and who your lender is. We will find the best program for you!
Once everything is completed and your lender says “It’s approved”, we then collect our contracted payment. This means, if your modification is not approved, you don’t pay. This is a loan modification program with no risk, the way it should be!
We have performed loan modifications with no upfront fees from the start and will continue to help homeowners as long as this housing crisis continues.

We do not charge of fee until you have been approved for a loan mondifiaton.

2011-06-29T13:28:00.000-06:00

No Upfront Fee Loan Modification Program?

Yes, it's true. We have been performing successful loan modifications with no upfront fees since 2003.

Infact, we have never charged upfront fees to our clients. We do not believe in collecting fees until services have been rendered.

This eliminates the risk to homeowners looking for help lowering their monthly mortgage payments to something affordable. You do not pay until the loan modification is approved by your lender.

Don't forget, we also have some of the best success stories in the business. We know how to get loan modification approved, even if your lender has already turned you down.

We are experienced with many lender specific loan modification programs and HAMP modifications as well. This includes the new Principal Reduction Alternative program as of October 2010. We will assess your situation and find the modification program that is best for you.

We pre-qualify every client to make sure they are a good candidate for our no upfront fee program. To get started, fill out the form above to see how we can help you!

Learn More About Our No Upfront Fee Loan Modification Program...

Let us be your advatage in getting "Anew Home Loan"

2011-06-29T10:17:00.001-06:00

Loan modifications are for homeowners in crisis. It is not an opportunity to have your loan written down just because the real estate market has crashed. I would not even waste your time if this is what you are thinking of doing. You must be employed and be at risk of a foreclosure.
If you need to modify your mortgage, do not wait til your home is being auctioned at the courthouse. You need to get in touch with Anew Home Loan Services as soon as possible. You may even want to consider a short sale also. A short sale is a way to sell you home if you are upside down. The bank is willing to take the loss. You will have a hit to your credit however. Call us we can give you the advise you need. We have the experience you need to help you make the best choice for you and your family. Call 800-358-0502, today...
Problems just don't go away. You need experience and knowledge to help you through this difficult time.

Time Is Of The Essence!

2011-06-14T08:05:00.001-06:00

Another bump in the road for home sales recovery

June 14th, 2011 @ 7:30am

By Paul Nelson

SALT LAKE CITY -- At the end of September, Fannie Mae and Freddie Mac will no longer back home loans in Utah larger than $417,000.

Mortgage analyst Al Bingham says Fannie and Freddie were asked to back luxury loans when the real estate market started its downfall, but that's being phased out.
"Other than that, Fannie Mae and Freddie Mac have no authorization to purchase loans above that limit because Congress has mandated it," Bingham explained.

In the short term, this could lead to more unsold homes in the market, bringing prices down.

He said, in the short term, this could lead to more unsold homes in the market, bringing prices down.

"You have homes that maybe were worth $400,000 that are now being priced around $250,000 or $275,000. Now, they've become direct competition for those homes in the $250,000 to $275,000 range that will now come down in the $200,000 range," he said.
Even though the recovery may be difficult, Bingham said there is hope.
"In having the government exit some of these housing programs, even though we may have a direct consequence or a direct problem right off the bat, it actually could be healthy down the road," Bingham said.
He added that, eventually, the private sector will have to take more control of the mortgage industry. He equates it to a child learning to swim who takes the water wings off for the first time.
"One of the bigger problems that we're having, why people can't get home loans right now, is the over regulation of the lending industry," Bingham said.

Anew Home Loan Services is now giving away free information

2011-06-08T09:02:00.000-06:00

Anew Home Loan Services is now giving away free information on loan modifications.
Getting behind on your mortgage can be a very stressful experience. Working with your bank to try and work out new loan terms can be scary if you do not know who to talk to and what questions to ask when trying to do a loan modification.
We can give you free information to guide you through the loan modification process. The Government Bailout has mandated that lenders work with homeowners to re work mortgages. This is the best time for a home loan modification. Our team will guide you through the loan modification process and the loan modification requirements.
Do not let your home go into foreclosure, we can help you. Our loan modification information is free.

Maintaining a Good Credit Score While Obtaining a Mortgage Loan (VA Loan)

2011-06-08T08:55:00.000-06:00

Buying a home, or refinancing your current VA mortgage to take advantage of low va rates is possible if you have good credit, but for many Vets and otherwise eligible VA loan candidates low credit scores and credit problems will get in the way.
If you are looking to use a VA loan to purchase a home or to refinance your current mortgage and you are not sure what your credit looks like you should get in touch with a VA lender as soon as you can. As you apply for a VA mortgage, the lender will get your credit report and let know you if you have any credit issues to be concerned about. They may even give you a copy of your credit report – all you have to do is ask them. Some lenders will give it to you and some won’t.
No matter whether your scores are good now, or they are low and you need to get them up in order to qualify for a mortgage here are some suggestions to follow for raising and maintaining your scores.

Pay any car loans, student loans, credit cards, mortgages, other bank loans, and in some cases even utility bills first and on time. These types of accounts report to the credit bureaus and they have little leniency when it comes to someone being 30 days past their due date.
When it comes to your rent payment – make sure you are not more than 30 days late. Chances are when you apply for your mortgage one of the credit accounts you’ll have to provide documentation for will be your housing history. Late payments to your landlord could be a deal breaker, especially if it has been within the past 12 months. Other items such as your cell phone bill, insurance, etc. are not as critical as they typically don’t report to the credit bureause for late payments unless you let your account go into collections.
On your credit card accounts you want to make sure that your balance stays at least under 50% of your account limit and it is best to keep your balance under 30% of the limit. This balance to limit ratio is very important to your credit scores. A quick way to improve your scores is to make a payment to one of your accounts that is over 30-50% of the limit to reduce the balance.
Make sure that you get a copy of your credit report. You want to go through it very carefully looking for errors and charges/activity that you didn’t do. Many instances of identity theft are found by just looking for unauthorized activity on a credit report. You never know what has happened to your credit if you haven’t checked it in awhile. If you find errors and mistakes you’ll want to go through the process of fixing them. This usually takes some letters back and forth with the credit bureaus – always keep in mind that the burden of proof is on you to show the correct information. The FTC.gov has a lot of good information about fixing credit report errors.
Now this might sound odd, but if you have any unpaid collection accounts – don’t pay them! That’s right, don’t pay them. If you do, you could actually cause your credit score to go down even more (at least in the short term) which could hurt your qualification for a mortgage. Get some advice from your loan officer about how to handle these accounts. Often, you can just pay them at your loan closing, or in some cases you won’t have to worry about them at all.
In the case where you have had a Chapter 7 Bankruptcy, you will want to monitor your credit report to make sure all of your discharged creditors update their records on your credit report. You will have time to get any of these changes made as you will have to two years from your bankruptcy discharge date to get a VA loan.
If you have a short sale you will have a two year wait and if you have a foreclosure you’ll have to wait at least 3 years to get a new VA loan.

With a foreclosure, short sale, or bankruptcy you will also need time for your credit scores to recover.

Will my Mortgage Company Modify My Loan Evan If I Am Not Behind?

2011-06-02T11:39:00.000-06:00

Will My Mortgage Company Modify My Loan Even If I Am Not Late On My Mortgage Payments? Most mortgage companies and banks will not want to speak with you until you are behind on your mortgage payments. I know a person that is going late on their mortgage on purpose just because they will not talk to him. I do not advise just stopping payment to your mortgage company. In the instance I was speaking about earlier is in regards to a gentleman who has a $6000 a month mortgage payment that they can see that they will not be able to make in the future due to a job loss. He can see the future coming straight at them.
Let Us Contact Your Bank Before You Are Late On Your Mortgage
It is wise to contact your bank before you are late on your mortgage payment. Some banks and lenders do have policies that allow for a loan modification to be completed even before a late payment has occurred. If you are in an arm or have an option arm you may be eligible for an automatic loan modification. We must consult with your lender about this. I would not make any assumptions about loan modification until you have all of the information.

Debt Settlement We work for you, not your creditors

2011-06-02T11:34:00.000-06:00

We work for you and not your creditors.

Anew Home Loan Services has helped hundred's of people reach their debt free goals. Our mission is simple, to end our clients suffering over their debt and to assist them in achieving a better quality of life. We do this by educating each and every person we serve to significantly improve their financial well being through education and creating new financial habits.

On average we will save you 40-60 cents on the dollar through the debt settlement process. This includes all fees.

Client education is one of the key components in the debt negotiation process. The more you know about debt negotiation, the more peace of mind you will have throughout the negotiation process. We do not want any client to have any more sleepless nights worrying about their debt.

Anew Home Loan Services is not just financial education but financial coaching to give you a sense of freedom and ease about your finances. You will receive coaching throughout the program. Our coaching is designed to keep you on track throughout the entire program.

You either have circumstances or they have you. Debt Settlement is not a miracle debt cure but it does work. It is a process and will take effort on your part to achieve being debt free.

How does Debt Settlement and Debt Negotiation work?

Debt Settlement is a process of working out negotiated settlements with your creditors. Debt Settlement is an alternative to filing bankruptcy. Most consumers do not have money lying around to make one time lump sum settlements. That is why we have created a payment program that allows up to 48 months to have you out of debt. We will set up a separate trust account in your name that you control. Each month you will deposit your monthly payment into the account. Once there is enough to pay off a debt we will get it settled and save up for the next one. We will do this until they are all paid off.

Each time a collection account is paid off your credit score will improve. When a debt is settled you will receive legal documentation as evidence that you debt has been satisfied. You can even buy a home while you are in the program.

What kind of debt will we work with?

1. Unsecured Credit Cards

2. Past Due Utility Bills

3. Hospital Bills

4. Pay Day Loans

5. Attorney Fees

Loan Modification Help!!!

2011-05-31T11:07:00.001-06:00

It's Difficult to accomplish a modification on your own.

When a person simply calls a mortgage holder and asks for a modification, it is very common for that person to experience extreme frustration and exhaustion due their lender’s stall tactics, delay techniques and disorganization (by design). Some homeowners are just completely ignored. To do this on your own is very aggravating, time consuming as well as risky.

If you try to negotiate your note on your own you may soon find that your lender is extremely unorganized - one hand usually doesn’t know what the other hand is doing.

Often times, lenders will even string you along with the hopes of getting your loan restructured, and instead force you into default or foreclosure and ultimately risk losing your home. Other times they will even offer a modification and then renege on the deal. The bottom line is that mortgage companies often take advantage of what most homeowners are not aware of.

That type of response does not occur for clients that we represent. We know the laws of lending and have a dedicated staff that is constantly communicating with mortgage companies to achieve our clients' goals. With many years of experience on our side, we know how to optimally proceed and best promote the client's interests in any loan modification matter. When you choose At Anew Home Loan Services we let the bank know that it's time to sit down and take you seriously.We have built relationships with the lenders and know just who we need to contact to get the job done.

We conduct a full Forensic Audit on your loan documents.

80% of home loans that were originated and funded within the past 10 years do not comply with the applicable consumer credit laws (loan fraud). The most likely way to get a loan modification accomplished is to uncover loan fraud violations. Simply put, the banks are overwhelmed with loan resolution requests and mortgage foreclosures. It is nearly impossible for them to keep up with all of the requests. If our forensic loan audit were to determine that the bank violated federal or state lending laws, you can expect that they would be interested in accommodating that borrower, since they could be avoiding potentially significant fines and penalties as well as a potential lawsuit for loan fraud related instances.

We do not collect any fees upfront! There are a lot of scams out there:

Please beware; most states have implemented laws against collecting fees upfront for a loan modification. Generally, only attorneys are allowed to collect fees upfront for mortgage modification. This legislation was put into place because “ABC Loan Modification Companies" were ripping people off, and performing with no results. Remember, loan modification companies are not Law Firms. You do not need a Attorney to get a loan modification either. You just need someone who knows the law and how to get you the help you need.

Thousands of homeowners across the country have fallen victim to loan modification scams, losing their money and their home in the process. Many of these scams advertise themselves as "attorney supported" or “attorney based” services, but don't be fooled. They generally are not law firms and are not bound by the strict legal and ethical rules that attorneys must obey.

Another stratagy "Produce the Note"

2011-05-31T10:18:00.002-06:00

Asking your lender to produce the note could be the difference between keeping your home or losing it to foreclosure. The strategy entails asking your lender to produce the note for your mortgage. In order for a lender to proceed with a foreclosure, they must be able to produce mortgage note for the property. The strategy can be effective since producing mortgage documents by the lender can be difficult if not impossible for them. At the least it will give you time to get your finances together so you can get caught up or work something out with your mortgage lender.
The strategy is gaining momentum across the country. If your bank will not issue you a loan modification, you may want to consider a produce the note strategy. You really have nothing to loose. This strategy is not intedt to help you get a free home, it is only intended to delay the foreclosure process and put pressure on the lender to negotiate better terms that you can afford.

What you need to know about refinancing

2011-05-31T10:15:00.000-06:00

As a consumer if you are considering a refinance or a new purchase, you need to have all of your financial information available. By having all the information available, the lender will be able to assist you and explain to you all your various options whether under a FHA financing program or another loan program.

It is important for the consumer to present the following items which visiting with a lender:

Complete copy of last 2 years personal tax returns for all borrowers
Copy of most recent paystub for all borrowers
Complete copy of last 2 months bank statement on all types of accounts

Some programs may not require this type of financial information. However, the more information provided to the lender allows for a smoother the transaction for the consumer. In addition, it allows the lender to have a frank discuss with the borrower on the types of programs that will meet their financial requirements.

Debt Settlement is one option available.

2011-05-31T10:12:00.000-06:00

Debt settlement is one option available to the consumer as a way out of their financial hardship. Debt settlement deals with unsecured credit. This unsecured credit can take the form of credit cards, medical bills and any other unsecured debt the consumer has incurred.

The consumer needs to realize there are two types of credit available to them. Secured credit means debt has some type of collateral backing - your home, your car or in some cases, cash secured loans. The other form of credit is unsecured which is normally credit cards from lenders or retailers.

The unsecured credit is where the consumer has caused the majority of their financial problems. The consumer has used credit card to purchase daily expenses, like their groceries, gas, airline tickets, and on-line retail shopping. The credit card companies would offer points to the consumer to purchase items and give them reward points or points toward travel. In addition, the credit card companies would offer us new credit from higher interest rate cards to lower interest rate cards, if we transferred the balances. It was like a shell game, moving balances from one card to other which allows us to have more credit.

The one way to get out of debt is to look for a debt settlement company. Debt settlement may not be for everyone. It requires the consumer to start saving money monthly until enough monies are available on the lowest outstanding balance credit card before the debt settlement company to begin negotiations.

Yes, there are drawbacks to this approach as there is to other options. This is not an overnight fix it may take anywhere from 12 to 48 months. However, the first step is to discuss with a debt settlement company the ways in which they may be able to assist you out of debt. But if the consumer is really wanting to do something and get out of this financial hardship, call us today to discuss your options. Call us at 800-385-0502 for more information on Debt Settlement.

You have a Responsibility

2011-05-23T10:27:00.000-06:00

You Have a Responsibility!

The federal government is once again getting involved in the mortgage lending sector. They haven't done well in the past when this has happened. They create regulation to help the consumer that has been so far over the consumers head that it confuses everyone.

There are many who believe that the reason the mortgage industry is in the current mess is because of the mandates that were imposed on the industry by congress to increase homeownership. (Here is one article and if you want all the detail go here and there are many, Google them) There is regulation already in place that should have prevented the mortgage melt down if the government had not imposed additional requirements that made banks lend to borrowers who were not credit worthy or could not afford their mortgage loan.

I have been in the mortgage business for over 20 years and I have also seen the greed that added to the problem. But... none of this could have happened if the consumer had taken responsibility for their own best interest.

I designed this blog to help educate anyone that is looking for a mortgage loan. This will help you decide if you really are ready for home ownership or to refinance your home. You will understand what type of loan you are getting and if it is best for you. Do not depend on the government, your loan officer, or anyone to tell you if you can afford a home until you have done your home work.

Remember do not sign anything you do not understand!