What is an Adjustable Rate Mortgage? Many homeowners have an ARM, or Adjustable Rate Mortgage. This kind of home loan has an interest rate that changes over time in reaction to market conditions. A common way to set the rate is to tie it to the predominant interest rates that lenders are using, like the…
Posts Categorized: HomeOwnership.org
The HAFA program expired in December 2016 and is no longer available. Taking effect on April 5, 2010, the government’s Home Affordable Foreclosure Alternatives (HAFA) program is intended to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP). HAFA Realtor Information: RAPID® HAFA…
How to Stop, Avoid or Survive a Home Mortgage Foreclosure Before You Are Late On Payments You may be current on your payments, but see some red flags — your income is going to be reduced; you see larger expenses in the future; or an option/adjustable rate mortgage is about to adjust to a high…
Homeownership comes with many responsibilities. You’ll be obligated to pay more taxes, maintenance and upkeep, insurance, prepare for emergencies, keep financial records, and more. It’s natural for us to constantly remind new and aspiring homeowners of all of these responsibilities. But there are many homeowner benefits as well. Benefits of homeownership: Shelter—this is one of…
Here are some general tips and advice for those who are considering or who have already started on the loan modification process: Take advantage of professional nonprofit help. A HUD approved housing counselor is a great place to start. Quality counseling can help you understand your situation, weigh all of your options, and prepare yourself…
We help homeowners in a wide variety of situations. Not everyone we counsel is actually behind on mortgage payments, but they may have some other issue that is causing them concern. The Federal Housing Administration (FHA) Short Refinance program was one program for people who owed 15% or more on their mortgage than the home…
One often hears about deferments and forbearances when dealing with student loan debt. However, housing and mortgage-related debt can also benefit from these options, if the lender offers. These options are often spoken of in conjunction with one another, but there are some key differences to understand: What is forbearance? The lender agrees to lower…
Every day, thousands of people are denied when they apply for home loans. While the law requires lenders to provide a free credit report & score to the borrower along with providing a list of the main reasons for its decision or a notice telling you how to get the main reasons many people still…
There are many ways home borrowers facing foreclosure can avoid losing their homes. One legal concept is the right of redemption or the equity of redemption. Equity of redemption Mortgage borrowers in foreclosure have the right to ‘redeem’ their homes by paying off the total debt. Exercising this equity of redemption allows the borrower to…
As a nonprofit HUD-approved housing counseling agency, credit.org has compiled important information you need to know about the new regulations. All the key compliance information you need to know is condensed into this short outline for quick reading. The Home Ownership and Equity Protection Act (HOEPA) The Home Ownership and Equity Protection Act (HOEPA) was…
What is a HELOC reset? In the years 2004 to 2007 the majority of home equity lines of credit (HELOC) loans were originated for homeowners. Typically a HELOC only requires that the homeowner make the interest-only payments for the first ten years of the loan. After ten years the loan matures and now the fully…
The HARP program expired in December 2018 and is no longer available. Speak to one of our certified coaches to discuss other options that may available to you. HARP Program Now Allows More Homeowners To Refinance Federal regulators have made key changes to HARP, the Home Affordable Refinance Program designed to help borrowers who owe…
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