Tag Archives: program
Been Denied A Chase Loan Modification
If you have tried to get a Chase loan modification and have been denied, you may still have options.
The problem with homeowners trying to get a loan modification approved themselves is that they do not understand the guidelines like a professional does. Many homeowners believe that you should lie to you lender and tell them that you make hardly any money or that you make more money than you do. This is not the case at all. Your lender wants to see a specific debt to income ratio, which normally shows that you would be able to make your monthly payments if they were lowered.
Makes sense, right? Why would your lender take all the man hours to modify your loan if they knew you were just going to end up defaulting on it anyways? That is why they have these specific guidelines set up.
One loan modification company is having great success with the “Obama Mortgage Plan”, otherwise known as the HAM program. While there are many articles on the internet doubting the effectiveness of this program, they are having great success. It all comes down to getting the files properly prepared so that you are within your lenders guidelines.
If you get qualified for the Obama program, you will be in great situation to lower your monthly mortgage payments. With this program you lender will do a few things to lower your monthly payment to 31% of you net pre tax monthly income. Here’s what they do:
1. Lower your interest rate to as low as 2%. If this does not lower your payment enough, they move to step 2.
2. Extend your mortgage terms. If you have a 30 year loan, they will extend it to 40 years to further lower your payment. If this is still not within the 31% guidelines, they move on to step 3.
3. Reduce your principal. While this is pretty rare, it does happen. Though usually, lowering your interest rate and extending your terms will drop your mortgage payments pretty low.
With home prices falling so low, many people are concerned about getting a principal reduction. They should be concerned with a payment reduction! I know it stinks that your house is worth less than you owe on it, but right now you should just focus on lowering your payments to something you can afford so you can still live in it! A 2% interest rate is going to cut your monthly payments just like cutting your balance would anyways, you will just have to stick it out until the markey comes back up…whenever that will be. I’m in the same boat, my house is negative $140,000 and I put 20% down on it in ’05 and never refi’d at all.
For a great company that can help get you qualified for a Chase loan modification, just visit the links below.
College Student Loans
A Helping Hand: College Student Loans
College students come in different shapes, sizes and backgrounds. There are those who have rich or well-to-do parents who pay for their childrens education. Some already live away from their parents and pay for their education themselves. Some others though, arent fortunate enough to have this financial capability but are very eager to continue their college education. But college tuition fees are huge investments which require large sums to be paid regularly. How can a financially handicapped individual cope with this?
Fortunately, there are a lot of colleges which offer college student loans to help out these individuals. College student loans are loans offered to students to assist in payment of the costs of professional education. Unlike scholarships, a college student loan is a form of financial aid that must be repaid, with interest, but usually has lower interest rates than other loans and are also usually issued by the government.
A good example of a government issued college student loan is the Canadian Student Loan. Canadian students are normally eligible for loans provided by the federal government, in addition to loans provided by their province of residence. But in this case, canadian college student loans are normally interest-free until one graduates, and are sometimes supplemented with grants, depending on need. Students who wish to apply for the Canadian and provincial college student loans must do so through their province of residence. The province of residence is normally the province where you lived before you were a student.
In the United States, the Federal financial aid programs offer students a lot of options regarding college student loans. Federal education college student loan programs provide lower interest rates and more flexible repayment plans than most consumer loans, making them a viable way to finance college education. The largest and most familiar federal student aid programs are:
Federal Pell Grants: Pell Grants are only awarded to undergraduate students who have not earned a bachelor’s or professional degree. Pell Grant college student loan applicants must submit a Free Application for Federal Student Aid. Awards depend on program funding. Each student can receive only one Pell Grant in an award year.
Federal Supplemental Educational Opportunity Grants: This college student loan program provides grants to undergraduates with exceptional financial need (students with the lowest expected family contributions) and gives priority to students who receive federal Pell Grants. Students are automatically considered when they submit a Free Application for Federal Student Aid.
Federal Stafford Loans: Stafford college student loans are low-interest loans available to undergraduate and graduate students enrolled at least half-time, without regard to financial need. Students are allowed to borrow money for educational expenses directly from commercial lenders such as banks, credit unions, savings and loan associations, and other lending institutions, or, for colleges participating in the Federal Direct Student Loan Program, from the U.S. government.
Federal Parent Loan for Undergraduate Students Loans: This college student loan program allows parents of undergraduate students to borrow up to the full cost of their children’s education, less any other financial aid for which the student is eligible.
Federal Perkins Loans : Another low-interest fixed rate college student loan for undergraduate and graduate students with exceptional financial need. These loans also offer generous repayment conditions. One doesn’t have to start repaying the loan, or interest on the loan, until schooling is finished or dropped below half-time status. A 9-month grace period is also given before the start of repayments.
Federal Work-Study Program : A college student loan that provides jobs for undergraduate and graduate students with demonstrated need who are enrolled on at least a half-time basis. Students are generally paid at least the prevailing federal minimum wage and may work as many as 40 hours a week.
In other countries, similar college student loan programs are also carried out in order to entice people to get into college.