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MORTGAGE INSURANCE

MORTGAGE INSURANCE Primary aim of mortgage insurance is to protect the lenders in the event of home loan default. Borrowers purchase this insurance and pay the premiums; in turn, insurance companies promise to make the remaining mortgage payment in case of loan default. In other words, the lender becomes the beneficiary of mortgage insurance policies. Types of Mortgage Insurance All …

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REPAYMENT PLAN

REPAYMENT PLAN You need have a repayment mortgage plan in case you have defaulted on the mortgage. With this plan in place, you can start repaying a part of the defaulted amount each month when you make your monthly payments. Usually lenders are quite understanding if you inform them that you are having a temporary financial problem. They will work …

SHORT-SALE

SHORT-SALE What is Mortgage Short-Sale? With the foreclosure rates jumping across the nation, more and more homeowners are faced with quickly selling their home in order to avoid foreclosure. Yet, the housing market is so flooded in some areas that houses can sit on the market for several months, and sometimes years, before they sell. If you are an individual …

GOVERNMENT MORTGAGE RELIEF PROGRAMS

GOVERNMENT MORTGAGE RELIEF PROGRAMS HAMP – Home Affordable Modification Program If you’re not unemployed, but you’re still struggling to make your mortgage payments, you may be eligible for the Home Affordable Modification Program (HAMP). HAMP can lower your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income, which usually provides savings of hundreds of dollars per …

FORECLOSURE

FORECLOSURE Facing a Foreclosure¬†can be very stressful and depressing. For many a foreclosure is the beginning of financial devastation for themselves and their family. Many people still have a chance to come out of a foreclosure process with piece of mind. Learn how you can possibly prevent foreclosure or come out of the process with your head still above the …

REFINANCE

REFINANCE Before you get started you have to first decide whether or not refinancing your home loan is a good decision or if you should just stay with your current home loan. The best way to figure out if you need to refinance is to ask yourself a few easy questions. Do you often find yourself short of cash during …