A loan modification is a loan modification, right? If it helps you avoid a foreclosure on your home it is good news, right? Not necessarily. It is a little more complicated than all that.
HAMP is a Government sponsored loan modification program. This might not give you much peace of mind but the truth is that mortgagees that are part of this program must follow certain requirements in order to receive the incentives the Government offers for loss mitigation actions, another name for loan modifications.
These requirements have been recently (Nov. 23rd 2009) updated and include:
1) Mortgagees must reduce the interest rate of a loan modification to the market rate. Market rate is defined by the Government as the most recent Freddie Mac Weekly Primary Mortgage Survey Rate for a 30 year fixed-rate conforming mortgage.
2) The Mortgagee must re-amortize the total unpaid amount due over a 360 month period from the due date of the first installment of the modified loan. This is code for: the bank has to offer you a 30 year fixed-rate loan at the market rate.
However, if you go for an in-house loan modification or even for a mortgage refinance your mortgagee is not required to follow these rules. This doesn’t mean the in-house mortgage modification will be bad or any worse than the HAMP loan modification. You might find your mortgage provider is really generous and wants to improve the Government’s deal out of the goodness of his heart. No? You don’t think that is likely?
The problem is that even the relatively good terms HAMP loan modifications offer are no guarantee you will get approved or that you will even get a decision on your loan modification before your mortgage forecloses. Lenders use this fact to push borrowers into choosing a bad loan modification in the belief that a bad loan mod in the hand is worth two in the bush. Is that true?
The alternative to the HAMP loan modification or in-house mortgage modification is to simply walk away from your mortgage, but that is another story.
In conclusion, only you can decide if a loan modification is the right move for you, but if you do decide to go for a loan modification it is most likely you will get a better deal if you go with a HAMP loan modification. Unfortunately many banks are using the fact that HAMP loan modifications are slow and hard to get to push their own in-house subprime loan modifications.
WASHINGTON – If you bought a home in 2009, you could be eligible for a tax credit.
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Sorting through the homebuyer tax credit
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It is the mantra of real estate agents and now intelligence agents as the chess game with al-Qaida drifts from Pakistan to the Arabian peninsula and Yemen: Location, location, location.
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Al-Qaida base shifts to Yemen
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When two condo units at Glendale Villas in Land O’ Lakes went into foreclosure, neighbors were understandably concerned about their own property values.
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With foreclosure, concern over mold
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Contact Anthony DelVecchio at 917.327.6106 — Great opportunity to own a 2-family house in Morris Park/Parkchester area. Basement can be coverted into studio apartment. Existing finished attic can also be separated into additional unit. New boiler. Needs some updating but in great condition.
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617 MEAD ST, BRONX SOUTH, NY — Multi-Family — $380,000
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Contact ZipRealty at 1.800 CALL ZIP — Old world meets new! This property was built over 110 years ago, as the main grove/plantation home, just below what was to become bradbury estates. Step up on the turn of the century covered porch and enter through the original front door with oval glass. The large foyer has original oak hardwood floors that carry through to the formal dining room. Note the original doors and beamed ceilings. The modern kithcen with newer counters, appliances and harwood floors along with the added step-down family room and huge laundry area add modern conveniences. 5 bedrooms, 3 baths, 2 fireplaces, wet bar, 2 exterior decks, canvas gazebo, large lot with plenty of parking, huge mature trees, desirable location and more, will make this the ‘one of a kind, find of a lifetime’ for someone. Long time owner says 600+ square foot, unfinshed attic with dormer windows may make for great office or just more room for living! Some furnishings negotiable.
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623 VINEYARD AVE, DUARTE, CA — 5bed/3bath — $799,000
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Sitting in the dining room of their cozy townhouse, Jodi and Justin Mayhew feel lucky to have found the home they did – and to be one of the first to take advantage of a new program designed to get homebuyers into foreclosed properties.
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Home sweet home
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Submitted by Sawitonline -The golf course views are magnificent through the many windows that grace this spacious ranch nestled on hole #4 in Stone Creek. This custom-built home features quality finishes throughout. 4bed/4bath/4-car on walk-out lot. Beautifully maintained. See all the details in the virtual tour at www.obeo.com/575782
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Spacious Ranch on Golf Course
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Submitted by Sawitonline -Warmth, quality & charm surround you in this beautifully architected custom-built French country home at the end of an elegant drive. Boasting privacy & spectacular views, this 5+ flat acre estate is in the heart of the country, though only minutes away from freeways, restaurants and shopping.
Owner designed/built with plans to stay forever & it shows! This 4,500+ square foot, 4 bedroom, 4 bath, 1 office, custom home is fully loaded with features beyond the ordinary.
Custom designed stained glass front doors creates elegant entry, 10-16 foot vaulted ceilings throughout, CAT5 wiring, central vacuum, dual glazed Low E vinyl windows, 2 5-ton/3-phase central air conditioners, HEPA/electrostatic dust/pollen filter, loop hot water recirculating system, all topped by lifetime heavy weight cement tile roof.
Enormous great room includes dining area with built-in hutch, family room with fireplace, wet bar with sub-zero under-counter bar refrigerator, and an entertainer s gourmet kitchen with 6 burner professional cooktop, double convection ovens, double dishwasher, solid granite slab counters, center island with prep sink and sub-zero refrigerator.
Barrel vaulted ceiling in huge formal living room with fan and dormer windows, columns and 5 set of French doors lead to slate tiled wrap-around back patio.
Spacious master suite with cozy seating area, fireplace, floor to ceiling marble and glass block walk-in shower, jetted tub, slab granite counters, and tons of light though the windows and glass doors to the back patio.
Second master suite could be great guest/in-law quarters with walk-in closet, full bath and private yard.
The garage is perfect for the serious hobbyist/collector with a 6-car, 2,000 square foot fully sheet rocked and insulated garage including separate workshop, 440amp 3-phase commercial power, in-wall copper compressed air piping with quick disconnects, 3 insulated roll-up doors (one is 11 feet high to accommodate an RV), rear wall prepped for drive-through capability. Additional 1800 square foot loft above (future).
Plant a vineyard or build a pool or tennis court, install an equestrian facility, or just enjoy the views and privacy. Professional landscaping, designed by Karen Aitkens, includes French drains, over 50 trees and over 1,000 shrubs, vines and ground cover plants! The
100gpm high-flow well (capacity to mass irrigate all 5 acres), full sprinkler watering systems on timers, and electrical outlets in soffits for season lighting.
An amazing home with too many amenities to list!
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Custom 4500+ SF French Country Estate on 5 Flat & Private Acres
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Submitted by Sawitonline -West Price Hill Section – Landlords and investors. Take advantage of this completely renovated property with good cash flow. A tenant moves in on August 1 paying $650.00 per month. You just pay low taxes and insurance. This is a 12%- 15% return on your money. Tenant pays everthing else. All new renovated property with new kitchen, new bathroom, appliances, carpet, paint, etc. Buy directly from owner. Call owner now if you are interested in making this kind of return. John @ 718-207-7181 0r Rich @718-501-5609. No brokers please.
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Cincinnati , Ohio- Investment Property
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Submitted by Sawitonline -3bd 1bth, 1357 sq ft, Built 1939, COME ENJOY THE SUN ROOM, THIS IS A GREAT STEAL!! COME TAKE A LOOK, 2 CAR GARAGES ARE HARD FIND. Subject to lender approval of SHORT SALE. To be sold As-is. More info and photos at http://DJonesRealEstate.com
or call 757-831-8294 Dee Dee Jones Wainwright Real Estate
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105 DeKalb Ave Portsmouth Short Sale
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Submitted by Sawitonline -Beautiful condo apt. at celebration
3 bedrooms
2 bathrooms
dining & family room combo
kitchen, laundry room
enclosed balcony
close to disney, shopping malls, bus stop
for more info. call 407-235-4517
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Luxury Celebration Condo For Rent
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Submitted by Sawitonline -The best LOCATION, The best unbeatable price and right in the middle of all the action.
Go next door and pay $120 a night. Go across the park area and pay $100 or more a night.
Your security is number one and my place offers you a safe experience. Not a worry.
My place offers you an incredible morning wake-up view of a beautiful park and when I say
LOCATION LOCATION LOCATION for the capital city of Costa Rica, I mean it. Right in the middle of all the action, and once you 've been relaxed and settled for the first full day, you won 't disagree.
I offer very comfortable living quarters,(over 1000 square feet). One queen size bed, lots of closet space, internet hookup, a refrigerator, microwave, a comfortable furnished living room with cable TV, and a view of one of San Jose 's great captial parks.
LARGE modern full bathroom, with plenty of continual clean towels.
THE PRICE, all for $55 a day-night.
I also have tour guide friends who will assist you if you like plus myself offering tips of the do 's and don 't to help you with your time in the capital of San Jose.
If you stay for more than 10 days at a time, I can offer FREE do it yourself laundry service.
Please, any questions, just fire away an email and I 'll do my best to answer.
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In the HEART of San Jose, Costa Rica. LOCATION LOCATION LOCATION
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Submitted by Sawitonline -Vacation Home Rental in the North GA Mountains – Luxury Mountain Cabin Rental
Great Family Fun! Just bring your toiletries and groceries (and LAPTOP)! The Bears Den has everything else you need for a beautiful mountain getaway!
*Spectacular Year Round Mountain Views!
*Decorated in Upscale LOG Furniture (beds, futon, and all) throughout!
*Huge Game Room – Pool Table, Poker Table, LOG Checker Board Table, Cedar Top Wet Bar, Fireplace, Views
*Outside Wood Burning Fireplace & Hot Tub Enclosed on Screen Porch *3 Fireplaces Total (2 gas log inside and 1 wood burning on screen porch)
*Fully Equipped Kitchen, Gas Grill, Washer/Dryer
*WIRELESS INTERNET – just bring your laptop!
AREA ACTIVITIES:
Ocoee River – White Water Rafting, Kayaking
Lake Blue Ridge and Lake Nottely – swimming, fishing, picnics
Toccoa River – tubing, fishing
Blue Ridge Marina – jet ski and boat rentals
Aska Adventure Wilderness Area – hiking and biking
Horesback riding, golf, sightseeing, and so much more!
For more information, please visit my personal website at:
http://www.luxurycabinblueridge.com
Kim Compagnone 407-977-3294
Bears Den Luxury Cabin Retreat – Providing you Luxury Lodging in the Mountains
Blue Ridge Luxury Cabin – Located only 90 minutes North of Atlanta, GA
Fun Family Vacation – Awesome Cabin Rental in the North GA Mountains!
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Submitted by Sawitonline -ALL THE WORKS BEEN DONE IN THE 4 BEDROOM, 2 BATH RANCH. FRESHLY PAINTED IN NEUTRAL COLORS. GORGEOUS NATURAL OAK KITCHEN WITH GRANITE LOOK COUNTERTOPS AND NEW FLOORING. ALL NEW APPLIANCES INCLUDED. LARGER SIDE BY SIDE REFRIGERATOR WITH WATER AND ICE IN THE DOOR, CERAMIC TOP RANGE, BUILT-IN MICROWAVE. DOUBLE FRENCH DOORS TO 14X19 COVERED DECK AND FENCED BACKYARD. HARDWOOD FLOORS HAVE BEEN SANDED AND REFINISHED. BOTH BATHS TOTALLY REMODELED. 1ST BATH HAS 4 WALK-IN SHOWER, NEW OAK VANITY, FIXTURES AND FLOORING. 2ND BATH HAS NEW TUB AND SURROUND, VANITY AND FIXTURES. NEW INTERIOR AND EXTERIOR DOORS. NEW TRIM THRUOUT HOME. ELECTRIC AND PLUMBING HAVE BEEN BROUGHT UP TO CODE. 100 AMP ELECTRICAL SERVICE. ENERGY EFFICIENT VINYL WINDOWS, NEW 92% PAYNE (MADE BY CARRIER) FURNACE, NEW WATER HEATER. FULL BASEMENT. SHED FOR GARDENING TOOLS. REMODELED WITH AN EYE TO DETAIL AND QUALITY. THIS IS A MUST SEE!
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ALL THE WORK 'S BEEN DONE!!!
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Style My House
