Mortgage Advice: Comparing Home Equity Loans – 2nd Mortgage Advice
If you've gotten into a hard place financially and are having trouble affording your mortgage payments, the last thing you need is bad mortgage advice. Your lender will tell you to pay that mortgage no matter what you have to do, from taking on 4 simultaneous part-time jobs to selling your plasma. Paid "consultants" will charge you an exorbitant fee to give you advice and help that you could have found online.
Obviously, you don't want to listen to your lender or some high-priced mortgage scam artist. But you also don't want to take advice from anyoneelse who might have a financial stake in your decisions! Even people with the best intentions in the world can't help but be biased if they have something to gain or to lose. So whom can you trust? Well, you're here for a reason. And we will give you the best mortgage advice we can, as Realtors and as people who have gone through what you're experiencing now. If you absolutely can't pay your mortgage at your current rate and you really want to keep your home, apply first for a mortgage modification. We don't want you to hold out any real hope for this, though, because only 2.8% of the people who have applied so far have been approved. If you're approved, there are 3 options available. The first two decrease your monthly payments, but you'll end up paying even more for the mortgage in the end than you would under the original terms. The third option may be helpful to you as it involves cutting the interest rate on your mortgage.
A very good example of this is the interest rate itself. When you get independent mortgage advice the broker or adviser will normally tell you when the best time is to sign for the mortgage deal they could recommend you delay for a couple of weeks. The reasons for this could be many but one example is that they might have heard interest rates were due to fall and your delay could benefit you with a better deal. Most mortgage brokers have very good contacts with all the lenders. This is a great benefit as most brokers will have advance warning of special deals coming onto the market or being taken off the market and as such will advise you accordingly. This type of knowledge can benefit you greatly and as such may even save you a considerable amount of money over the term of the mortgage.
So now we've given you the bad news-mortgage modifications aren't as widely available as some of the people out there would have you believe, and if you have an ARM, you may be about to get screwed. Now let's talk about the good news. You have options. You can negotiate to do a short sale, or you could decide to foreclose. You have to be prepared for either option. You'll have work to do if you go the short sale route, and with both options, you're going to need to plan your new life so you have a place to live and otherwise are ready to move on after your house is gone. And this is the best and most optimistic mortgage advice we can give. We know it's possible to have a decent life after a foreclosure or a short sale, because we're living one. And we know as Realtors that a lot of our clients are doing the same things we did.
Regardless of whether you're buying your first house or your fifth, it is never an easy or simple process organizing a mortgage, so ensuring your advisor is independent means they have no agenda other than ensuring you complete as easily as possible with the maximum of information to aid you in an informed process.
Learn more about Obama Mortgage Relief Plan Qualifications.