Debunking the Myths About Obama’s Home Loan Modification Program to Make Homes Affordable

While loan modifications are more common during this economic downturn, they have long existed as an option for homeowners facing financial difficulties. With so much media attention on the subject, people need to be able to separate the truth from the false information on the topic of home loan modifications.

A new federal law has standardized the method by which lenders qualify and approve loan modifications for homeowners facing financial difficulties. This legislation came out of the Making Home Affordable (MHA) Plan which the Obama Administration turned into law. The MHA plan offers homeowners the opportunity to apply through the end of 2012 to modify their home loans.

The MHA plans to assist between four and five million financially strapped homeowners modify their mortgage loan payment terms with $75 billion that has been set aside for this program. Foreclosure is the least desirable option of both the homeowner and the mortgage lender, so loan modifications are a better option for both parties.

Despite what some people may have heard or think, the government is not forcing lenders who do not want to participate to take part in this plan. There are incentives for banks that choose to participate in the loan modification program and certain procedures that have to be followed, but a mortgage lender does not have to participate in the federal program if it does not desire to do so.

Because foreclosure is never in a lender’s best interest, most mortgage banks are as eager to participate in the federal loan modification program offered under the MHA plan as are the homeowners who are facing financial difficulty.

Because the federal loan modification program has requirements such as only applying to first mortgages on the lender’s primary residence, real estate investors or speculators can’t participate in this program. The purpose of the MHA is to allow homeowners from losing their homes and not to help house flippers get financing to acquire new properties.

As the MHA program reaches out to more homeowners facing financial difficulties, more information will spread to dispel the rumors and misconceptions about the federal loan modification program. It’s common to be wary of something new.

The Making Home Affordable plan can be a welcomed answer for homeowners in fear of losing their houses to foreclosure. Before writing it off as a possibility, get more information about how you could reduce your monthly mortgage payment through a home loan modification.

Information on How to Secure Bad Credit Home Loan Refinancing to Prevent Foreclosure

Because of the current economical situation, many people are not able to pay their debts promptly. A lot of people suffer from bad credit rating and those who default the payment of their loans even face the possibility of foreclosure. Now, there is bad credit home loan refinancing option which can help to solve your problem.

So can a bad credit home loan refinancing scheme really help you to prevent foreclosure? Most people having a bad credit will ask this question. The short answer is yes. Now, you can definitely get a refinancing loan from loan providers to prevent the foreclosure. Due to of the ongoing bad economical situation, there are now a number of corporations who specialized in such poor credit loan. Unfortunately, such loans normally come at higher interest rates. However, you could at least acquire a loan to tide over your foreclosure issue.

Before you start to search for the bad credit home loan refinancing option, you have to make a careful decision so as not to regret in the future.

Due to high competition, many loan providers these days offer such loans with attractive interest rates. At the same time, there are scrupulous lenders out there in the market too. They present you options that look good on the surface but in fact, there are huge hidden costs and fees which they may not mention to you.

Therefore, before you sign up for any of these refinancing loans, it is imperative that you do some research first. Get a list of companies that you may likely use their service. Compare the quotations and note down their interest rates, hidden fees and costs, etc.

Next, you should short list only 2-3 lenders. Go through carefully their terms and conditions. Call them up and clear up any queries you may have about the options they offer. Select the one that offers you the best terms and meet your requirements. Make proper calculations and ensure that the final monthly refinancing loan that you need to pay is lower than your current home loan.

Going through the above procedures may be simple but very important. Acquiring a bad credit home loan refinancing option is very important. To get an option that really helps you to tide over your financial burden is even more difficult. You have to ensure that the loan that you get does not have you end up paying more because you do not carry out your calculation and research properly. Take it slow and sign up only for the loan only after you have made the proper calculations.

Finding Manufactured Home Loans Online

For the home buyer who wants new construction a manufactured home can be a good way to go since they are built to the same standards as an on-site stick-built house. In fact because they are built in a controlled environment a factory built home is not subject to the rigors of weather and the outdoor environment. Because of this most home lenders are more than willing to make loans for these types of houses.

So where do you start when looking for a manufactured home loan?

That question is easy to answer; the same places you can get a mortgage for a conventionally built home since the majority of banks and lenders view factory built homes in the same way. This means your local bank, a mortgage broker, or online lender will be more then happy to process your loan request.

If you do choose to try going online to get your loan quote you’ll be quite surprised at how easy it can be considering you don’t even need to leave your house. Most banks offer online loan application services in addition to their in bank services. You’ll also find lenders who are specialists in the online lending world. Which ever route you decide to go you’ll get a quick response with good service.

Online manufactured home loan services are designed to process your loan application quickly meaning you can have a decision in a short amount of time. In fact it may be much quicker then if you make a trip to your local loan officer. You will also be able to take advantage of different types of loans at competitive interest rates.

There are five basic steps you’ll need to follow if you do decide to go the online route. Another advantage of doing it over the internet is the ability to get multiple quotes from different lenders while only filling out one application. This gives you tremendous flexibility to find the best loan for your situation.

1. When going online find a site that will give you the multiple quote option. This will save you time since you’ll only need to fill out one application.

2. Once you submit the application you will be contacted by representatives of the lending companies. They will need to verify the information on the application and ask for additional info if needed. This might include proof of income or tax returns.

3. After verification you will have to print out your application and sign it then either fax or mail it to the loan company. You will include your proof of income (pay stubs) or tax returns at this time.

4. The lenders, after processing the paper work, will contact you with the terms of their loan offers. At this time you can choose which works best for your needs and set up a closing with that lender.

5. After the closing papers are signed the money is released for the purchase of your manufactured home.

Getting manufactured home loans is no different then that of a conventional home. The process is the same and the end result is a place you can call home.