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Loan Modification Tips and Tricks to Deal With Your Lender (Page 1 of 3)
Loan Modification Tips and Tricks to Deal With Your Lender By Moe Bedard of www.LoanSafe.org
Are you having trouble with your mortgage? Has it adjusted and you cannot afford the new payment? Were you placed into a bad loan and you can’t refinance into a good one?
The first thing that a homeowner should do is identify that the mortgage on their current property is a lawful one. Meaning that there are no Truth in Lending Act Violations or RESPA violations and there wasn’t fraud involved on behalf of the lender or broker that originated your loan. When you are trying to stop foreclosure, you need to have as much ammo as you can to go up against your lender.
With that said, let’s go over some essential tips that might help you save your home.
1 Homeowner Tip = Have an experienced mortgage attorney examine your loan documents for these potential violations.
2 Homeowner Tip The homeowner needs a complete written life of loan history to see all the bogus charges and fees included in their mortgage balance. Also, the homeowner should make sure that any inflated appraisal and/or loss of property value is calculated into the workout.
Red Flags and Things to Look Out For in Your Loan:
Start by comparing the loan you got with the one you thought you were getting. Are the terms the same? That is, is your Annual Percentage Rate (“APR”) the same as the one you were quoted? Are your total monthly payments the same as you were told they would be? Is there a prepayment penalty, and if so, were you told about this prepayment penalty?
If you have refinanced your primary residence, that is, the home your currently live in, then the first thing you should look at is the “notice of Right to Cancel” which is also called the Three Day Right of Rescission. You usually has three days after signing loan documents to change your mind and cancel the loan.
The borrower must be told of this right in writing.
If the creditor fails to properly provide notice of this right to cancel, the right of rescission may be extended for up to three years.
When the right is extended for three years you can rescind the loan at any time before three years, meaning that the loan is treated as if it never existed. Essentially, you become entitled to all profits made by the creditor as a result of this loan. This means that the creditor must refund all interest paid, all closing fees, all broker fees, and even pay for your attorney fees. As you can imagine, this amount can be quite significant.
The extended right of rescission is a powerful tool to help borrowers who have been victims of predatory lending, and helping our clients exercise this right is often the first step in holding a creditor responsible for illegal behavior.
If it is determined that no laws have been violated on your mortgage, then it’s time to approach your lender for a possible loan workout or loan modification.
Small Business Loans
The conventional structure of a woman fixes her to a stereotype, whereby she is attributed to a defined set of duties that she is supposed to perform. According to traditional society, a woman is a home maker and is capable of merely influencing the actions of men in the corporate world. However, thanks to the concept of female liberation, things have changed today and people have become more accustomed to the idea of a woman running a business.
Although the hard fact still remains that the business world is dominated by men, contemporary women are doing a good job in managing their business with the assistance of Small Business Loans. Some of these loans have been especially designed for women and involve several procedures before they are approved.
If you are a woman planning to start your own venture or want to expand your existing business, a small business loan can turn out to be a great strategy. However, before signing up, there are certain things you need to know about these loans.
Who Do These Loans Help?
Small business loans for women are normally geared in the direction of women who are seeking to work from home, or who need to establish their own business. Consequently, specific stipulations are cited on the grant to ensure you are eligible. Hence, be certain to interpret the fine print each time you apply for a grant and check that you are qualified so that you can utilize your time intelligently.
Types Of Small Business Loans
These loans come in various shapes and sizes. For instance, there are Unsecured Business Loans, loans for women who belong to minority category and the like.
If you are a minority woman, you must ensure that you are ready for registering for a business loan for women. For example, you must know how many females in your region are looking to begin similar ventures. Likewise you must gather info on the quantity of such endeavors, the fraction of their achievement and so on. This statistical data will be of immense help for your own project. Your probability of getting business loans for women will increase if you are aware of the rivalry, and have come up with speculation strategies and plans to go further ahead in your project once it is recognized.
The other form an unsecured small business loan for women is a cash advance that is handed out and backed only by the loan takers creditworthiness, rather than by collateral. Normally, you must have a good credit score to obtain an Unsecured Small Business Loans.
Writing A Proposal Letter For Small Business Loans When you are writing your application letter, you should let the loan giver know your strategy and business goals for future. Write in detail about how you intend to prolong the success of the business, in spite of potential monetary challenges. You must also emphasize on the fact that you are a self-sufficient and autonomous thinker, and are prepared to take risks. You should have sound opinion when it comes to managing your business correctly. As a woman, you should let the prospective lender know that you are ready and well equipped to make business-savvy choices when it comes to your firm, and that you will be geared to ask for assistance when required.