May 31, 2009

Ways to stay in foreclose home payment free

An unemployed single mom in Georgia stayed in home foreclosing home for more than 18 months. A lady aged 65 year with only social security income saved her home from foreclosure with no need to make any mortgage payment. An angry and frustrated homeowner lost his home and large amount of home equity and destroyed his credit due to his uncontrollable emotions and ignorance. Those are the real stories or examples you can find in a newly released book entitled “How to Save Your Home & Credit, Stay Payment Free & Get Cash Legally from Mortgage Foreclosure”, which is available online at Barnes & Noble, amazon.com, BookaMillion, Biblio, AbeBooks and several other websites. Millions of American homeowners unfortunately lost their homes that could have been saved due to the lack of understanding the foreclosure laws, borrowers’ rights and available options, based on John Wen, the author and also an investor specialized in real estate foreclosures, tax foreclosures and default mortgage notes.

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An unemployed single mom in Georgia stayed in home foreclosing home for more than 18 months. A lady aged 65 year with only social security income saved her home from foreclosure with no need to make any mortgage payment. An angry and frustrated homeowner lost his home and large amount of home equity and destroyed his credit due to his uncontrollable emotions and ignorance.Those are the real stories or examples you can find in a newly released book entitled “How to Save Your Home & Credit, Stay Payment Free & Get Cash Legally from Mortgage Foreclosure”, which is available online at Barnes & Noble, amazon.com, BookaMillion, Biblio, AbeBooks, and several other websites.Millions of American homeowners unfortunately lost their homes that could have been saved due to the lack of understanding the foreclosure laws, borrowers’ rights and available options, based on John Wen, the author and also an investor specialized in real estate foreclosures, tax foreclosures and default mortgage notes. Read more

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A new book authored by John Wen, an investor in real estate foreclosures, default mortgage notes and tax foreoclousre. The title of this new release is "How to Save Your Home & Credit, Stay Payment Free & Get Cash Out Legally from Mortgage Foreclosure".  It is the only book that teaches you 8 ways to save your home, 4 ways to delay or stop the foreclosures to buy you time to save your home or credit, or stay payment free. It also teaches you 7 ways to walk away with cash from your foreclosing or foreclosed home if home foreclosure is inevitable.

In this book, you can see how an unemployed  single monther in the State of Georgia stayed in her foreclosing home for more than 18 months without making a single mortgage payment.

Through your reading, you can also see how a man not only lost huge amount of home equity from his foreclosing home, destroyed his home, but also his credit because of his uncontrolable emotions and his igorance.

It also teaches you on how to do loan modifications with examples and hot to take advantages of Obama Foreclosure Prevention Programs and  other government programs.

This book now is available at amazon.com, Barnes & Noble, Booksmillion, AbeBooks, Biblio, StudentStore, TextBookRUs Click HERE for the book preview or

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March 7, 2009

Loan modification: Obama foreclosure prevention program

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Now, there is a new federal program by the new President Barak Obama in March 2009 and Congress is working on that to make it a law. This $75 billion loan modification plan provides incentives to borrowers and loan servicers and investors to spur mortgage modifications. The government also subsidizes interest rate reductions to get borrowers to affordable monthly payments. It focuses on people who are behind in their payments or are at risk of default. To those borrowers who are default at mortgage payments, it helps them by loan modification so their payments are no more than 31% of monthly gross income. To those borrowers who haven't missed a payment can refinance into lower-cost loans even if they have little or no equity. It is effective until the end of 2012, but your loan can only be modified once.

To qualify for this program, you must: Read more

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February 19, 2009

How to use loan modification calculator - with examples

Can I use this simple mortgage calculator as a loan modification calculator?

Simple Mortgage Calculator

It is very hard to find a single loan modification calculator to fit your needs for the complicated loan modifications because there are many ways to do the modifications. The basic ways of the loan modifications are
1. Write-down principal
2. Reduce interest rate
3. Re-amortize the mortgage terms to more years
4. Combination of Writing-down principal and reducing interest rate
5. Combination of Reducing interest rate and Re-amortization
6. Combination of re-amortization, interest rate reduction, and writing-down principal

If you can decide what kind of the loan modifications you want to do, things become much simpler. You can just use a simple mortgage calculator to get the job done. Following are some examples on how to use a simple mortgage calculator as a loan modification calculator.

Example 1. Write-down principal
This is very simple if you just want to reduce the principal and keep interest rate and term unchanged.
For example if your current loan balances is $300,000 with a fixed interest rate of 5.5% for 30 years and you wanted to ask your lender to reduce the principal by 10%. You want to know what the new monthly payment is. You also want to know how much principal you have to reduce in order to get down to $1,300 which is you monthly affordable payment. Here is how you can do it:
1. Get the amount of the loan reduction: $300,000 X 10% = $30,000;
2. Get the amount of the new amount: $300,000 - $30,000 =$270,000;
3. In following simple mortgage calculator enter
- The new loan amount ($270,000) for the "Home Price" as the principal
- 5.5 for the "Interest Rate"
- 30 for the term “Years"
- 0 for the "Down Payment"
4. Then you get your monthly payment, that is, $1,533.03 in this example.
5. Just change the number in the "Home Price" until you see the number in the "Monthly Payment' at the bottom becomes $1,300. The amount in the "Home Price" box is the new loan amount you can afford. In this example, it is $228,959.

Simple Mortgage Calculator

Example 2. Reduce interest rate
For example if your current loan balances is $300,000 with a fixed interest rate of 7.5% for 30 years and you want to at what interest rate you can get your monthly payment to $1,350. Here is how you can do it:
In following simple mortgage calculator enter
1. The loan amount ($300,000) for the "Home Price" as the principal
2. 7.5 for interest rate
3. 30 for the term “Years"
4. 0 for the "Down Payment"
5. Then you get your monthly payment before the interest rate reduction, that is, $2,097.64 in this example.
6. Now, just change the number in the "Interest Rate” box until you see the number in the "Monthly Payment' at the bottom becomes $1,350. The amount in the "Interest Rate" box is the new loan amount you can afford. In this example, it is about 3.5%.

Simple Mortgage Calculator

Example 3. Re-amortize the mortgage terms to more years
For example if your current loan balance is $300,000 with a fixed interest rate of 5.5% for 30 years and you want to know how much monthly payment reduction you can get if your loan is re-amortized to a 40 years term. Here is how you can do it:
In following simple mortgage calculator enter
1. The loan amount ($300,000) for the "Home Price" as the principal
2. 5.5 for interest rate
3. 30 for the term “Years"
4. 0 for the "Down Payment"
5. Then you get your monthly payment before the interest rate reduction, that is, $1,703.37 in this example. You can write down this number in a piece of paper.
6. Now, you can change "year" to 40 years, your new monthly mortgage payment is $1,547.31. So you know you get a reduction for about $150 per month.

Simple Mortgage Calculator

Now, you under stand the basic, you can easily do the calculations for the following combination.
For the combination of Writing-down principal and Reducing interest rate - just change the number of the principal both and the interest rate to get your desire the monthly payment.
For the combination of Reducing interest rate and Re-amortization - just change the number of years and the interest rate to get your desire the monthly payment.
For the combination of re-amortization, interest rate reduction, and writing-down principal - just change, principal, the number of years, and the interest rate to get your desire the monthly payment.

Hope this can help you.

To get more help tool to stop home foreclosure, click here: http://besthomesellingtips.com/foreclosure-help

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Bush Administration unveils mortgage modification plan and show its effort focuses on Fannie, Freddie - sets standards for private sector to stop the ever increasing crisis of home foreclosures. But, it has no direct financial help from U.S. government.

"The Bush administration on Tuesday unveiled a new program to modify mortgages and stabilize the battered real estate market, but the plan stops short of providing direct government financial help to at-risk homeowners. Read more

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July 31, 2008

How Housing Rescue Bill Can Help You?

President George W. Bush has signed into law a bill designed to help struggling US homeowners on July 30, 2008. It is a $300 billion housing rescue bill aimed at helping troubled homeowners avoid foreclosure and supporting mortgage giants Fannie Mae and Freddie Mac. The Bill is called Hope for Homeowner Rescue Program or H4H.
Thousands of at-risk borrowers will be benefited. They will be able to refinance their unaffordable old mortgages into new low-cost fixed-rate loans insured by the Federal Housing Administration (FHA).

The Congressional Budget Office estimates that 400,000 borrowers with $68 billion in loans may benefit from the program - but the bill allows for as many as 1 million or 2 million borrowers to participate in the program.

Here are the highlights of the bill about who is eligible:

1. Qualified borrowers must live in their homes and have loans that were issued between January 2005 and June 2007. Read more

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Based on CNN news,  Bush threatens foreclosure bill veto

Here is the whole report in CNNmoney.com


Bush threatens foreclosure bill veto

The White House opposes proposed legislation's $4 billion to help states purchase foreclosed properties with Fannie and Freddie footing the bill

WASHINGTON (AP) — A broad bipartisan coalition supporting a massive foreclosure rescue beat back GOP efforts to gut it Thursday, defying a White House veto threat and quashing a bid to make it victim to revelations about two senators' VIP mortgages.

Administration officials said they oppose the inclusion of $4 billion in the measure to help states buy and rehabilitate foreclosed properties, and a plan to have government-sponsored mortgage giants Fannie Mae (FNM, Fortune 500) and Read more

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March 11, 2008

The Worst of Home Foreclosures Yet to Come

Foreclosure avalanche triggered by subprime mortgages started in 2007 will peak in 2008, based on the data from Credit Suisse via the IMF. Following chart from Credit Suisse via the IMF shows the heavy subprime resets in 2008. Number of home foreclosures will be down in 2009. However, the worst is still not over yet. Starting from 2010, home foreclosures due to the reset problems with Alt-A and Option Adjustable Rate Mortgage (ARM) loans will show up if there is nothing to be done.

option ARM resets

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News Release from Fannie Mae. On Feb 27, 2008, Fannie Mae (FNM/NYSE) announced  that, as part of its HomeStayTM initiative to support its mortgage servicers as they provide at-risk borrowers with refinancing and loan workout assistance, it is offering a new option — HomeSaver AdvanceTM. 

HomeSaver Advance is designed to help qualified borrowers bring delinquent mortgages current and keep their homes. With HomeSaver Advance, servicers can now offer an unsecured, personal loan that will enable a qualified borrower to cure the payment default on a mortgage loan that Fannie Mae owns or has securitized, with fewer up-front costs and generally in less time.

"HomeSaver Advance will help Fannie Mae streamline its loss mitigation efforts and offer loan servicers a new way to cope with a delinquent loan," said Mike Quinn, Fannie Mae Senior Vice President for Single-Family Credit Risk Management. "Our research shows that most borrowers become delinquent because of a temporary life event or hardship. This loan can offer these borrowers another alternative, and help prevent a temporary setback from becoming a foreclosure."

HomeSaver Advance will provide Fannie Mae with an enhanced ability to manage credit risk and conserve capital during the housing downturn. Fannie Mae anticipates that HomeSaver Advance will reduce the number of delinquent mortgage loans it purchases from its mortgage-backed securities trusts and the fair value losses it would record in connection with those purchases. Read more

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