More Options for you

So, in my last post we touched on "streamline Refinancing" for those of you in FHA mortgages. In this post we'll look at options for those of you in conventional mortgages that have not been late but want to stay ahead of the curve. Unfortunately this is a tight place to be in! Yet there are some things that can be done if you don't qualify for a refinance, which is the best way to go as long as it's saving you money and the cost of the refinance can be recovered in reasonable amount of time.

Moving forward, your first line of defense is to contact your current mortgage company in regards to one of the following solutions: 1) Deferment of payment 2) Forbearance 3) Loan modification. I will tell you that most of you will experience resistance from the mortgage company when you contact them about any of the options, however be patient. There are hundreds of cases where theses solution have worked.

I like the deferment because the mortgage company can defer 1-6 months of payments depending on the situation. When contacting the mortgage company about a deferment it is a good idea to be prepared with a reason and supporting documentation. In other words get your story together before you call. As I said before they will try and discourage you early in the process, by being prepared you can avoid some of common pit falls. To learn more about being prepared visit www.thenelsongroupmo.com

Option 2 is much like option 1 however it is not as common. And option 3 is probably a term that you may have heard a lot about over the last several months. A loan Modification is clearly the best option once you finally get it because it is permanent fix. This is where your rate and payment are reduced for the life of the loan. Although this is a great solution is highly uncommon that without outside help to get a modification pushed through on your own. I DO NOT RECOMMEND PAYING ANYONE TO DO THIS FOR YOU!!!!!!!! There are free agency's that handle this you should begin with them to get more info goto the website I mentioned before and go to the contact page with your questions.

What You Can Do to Save Your Home!

In todays difficult economic times many of us are fearful of loosing or homes. Some of us maybe out of work or have spouses that are out of work thus making it very difficult to make mortgage payments! However, there are things that can be done to save your home. The thing is, that the programs that are available to us we just don't know about are who to ask. Well thats the reason for this blog. Although, each situation is different there is relief for most of us and my goal is to arm you with information that will assist you in find a long term solution to your problem. Lets face it saving your home from foreclosure is difficult, and even more so difficult to have your current mortgage modified or getting payments deferred. However, it is possible it is just going to take energy and effort on your part.

Lets get started!!! I'm going to begin with what I call preventive measures, because it's the most difficult yet most effective way to insure the security of owning your home. This is for those of you that are proactive and looking to make adjustments before there is a problem. As I stated before many of are out of work and need to low our mortgage payment. How do we do this if we don't have lenders call verifiable income due to loss of employment or a spouses loss of employment??? Well... this is one solution that applies to anyone who has a FHA mortgage that is current and has been for the last 12 months. You may have heard the term "stremline refinance" this is an awesome tool because you do not have to qualify based on your income, it largely based on payments that have been made on time for the last 12 months. This program also protects you from sharks because in order to be approved for it there must be a benefit to you i.e. (you must save at least $100.00 a month on your mortgage payment and lower your current interest rate. You will also have about 30-45 days before you will make your first payment on your new loan. I'm sure that sounds to good to be true, but it is very true!!!!! To get more information about this program goto www.thenelsongroupmo.com click on the contact us tab leave your questions or comments.

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