Mortgage Crisis Cancelled

The Bureau of Consumer Financial Protection (Bureau) proposed an amendment to the Real Estate Settlement Procedures Act (RESPA) to assist borrowers affected by the COVID-19 emergency. Millions of homeowners look forward to a loan modification under this new rule that will modify their 30-year mortgage to a 40 year mortgage and decrease their interest rate to less than less than 3.5%. Let’s say you have a 30-year mortgage in the amount of $500,000 at 5 % interest with a monthly payment of $2,684. Due to the COVID-19 pandemic, no payment has been made on your mortgage and you now have 

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Save my Home from Foreclosure

How to Save Your Home from Foreclosure Please tune into the Hope Matters Radio Show this weekend with James Hope on Saturday, August 2nd at 10.00 AM. Ways to Listen to Hope Matters Radio Radio: 990 AM WNTP Website: Hope Matters Radio Show iTunes Audio Podcast Mobile App: tunein   Defensive Strategies to Save Your Home Make sure you’re doing everything possible to prevent losing your home to the bank. Step 1. Arrange a meeting with your lender as soon as you realize you’re having problems making your monthly mortgage payments. Discuss repayment plans that will allow you to stay 

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Mortgage 101: What You Need to Know

A Mortgage is a loan for the purpose of buying a home. It is a “secured loan,” meaning that you have to put up collateral in exchange for the loan. In the case of a Mortgage, the collateral is the home itself. You repay the Mortgage in monthly installments. If you don’t pay, the lender can foreclose–that is, take the house and sell it. What’s in a Mortgage? A Mortgage contains numerous covenants or promises between the Borrower and the Lender.  Payment of Principal and Interest: Borrowers promises to pay the Mortgage on-time and any late charges as outlined in 

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Mortgage Reaffirmation and Bankruptcy

Mortgage companies will attempt to have a debtor sign a reaffirmation agreement during a Chapter 7 Bankruptcy case. Most of the time, it is not advisable to sign a Mortgage Reaffirmation agreement. Think about it. When a debtor files a Chapter 7 bankruptcy, all of his/her debt is discharged. Why would you want to “guarantee” that you are liable on a mortgage debt after bankruptcy. It completely defeats the whole purpose in filing bankruptcy in the first place. A debtor files bankruptcy to “discharge” debt. In a Chapter 7 bankruptcy, a debtor can surrender the home and walk away without 

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