Loan Modification Help Center – Learn your options for stopping foreclosure now

Loan Modification Help Center – Learn your options for stopping foreclosure now

Regardless of where you are at financially, it is almost never too late to avoid losing your home to foreclosure.  Qualified loan modification attorneys know that while it is easy to lose hope and fall into a place of inaction, you have many tools at your disposal.

Options

Contact your being lender and glimpse if you can get a forbearance, a payment plan or a deed in lieu of foreclosure.  A forbearance is an agreement between the lender and the borrower that reinstates the delinquent loan through the payment of a lump sum or a schedule of payments over a period of time.  A payment plan is similar to forbearance; in some cases, the lender may agree to a short term payment plan if you can prove you’ve had a hardship (loss of a job, medical bills, etc.).  A deed in lieu of foreclosure is a voluntary transference of title to the lender.  Most often, this is used as a last forsaken effort by the homeowner to avoid the negative consequences of foreclosure.

The problem with all of these options is that they require a great deal of cash on hand, something you most likely do not have uncommitted.  Foreclosures can be a challenging situation because most people facing foreclosure are not simply lazy people who forgot to pay a bill, they are hardworking people who are facing some sort of financial crisis. These might be options if you have ,000 or ,000 on hand, but odds are you do not.  With a deed in lieu of foreclosure, the ultimate problem is you no longer ain the home, and so now you’ve lost any equity in the house and you are not in control

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Other options include refinancing, although that depends upon your credit history which could have taken a massive hit from your financial problems.  If you do not have an outstanding credit history, or if your fiscal challenges are more than short term, a refinancing probably will not happen.  A short sale is an option, although there is no guarantee that the lender will forgive whatever debt remains from the short sale.  There is also always bankruptcy, but there are so many challenges before, during and after a bankruptcy that it can be a complete waste of time.  A bankruptcy will stay on your credit history for up to a decade and provide nothing but headaches during that time.  Even afterwards you can face financial challenges, career challenges and legal challenges stemming from the bankruptcy.

Quite possibly your best option when confronting foreclosure is a California loan modification.  A loan modification is a change of the terms of the original mortgage loan; the change could be to the interest rate, the length of the mortgage, the principal balance, the late fees or some other part of the original agreement.  To get a loan modification, you can attempt to deal with the lender yourself or hire a California loan modification attorney to negotiate on your behalf.  A lend modification attorney will often get a quicker response from a lender because he or she will have the law on their side.  A lender will consider a loan modification when foreclosure is eminent and the borrower’s income has been decreased, but if the borrower will be able to keep paying the mortgage at a lower monthly rate.



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BD Nationwide Mortgage Offers a Convertible Home Equity Line of Credit with Options to Refinance Portions to a Fixed Rate Second Mortgage Loan

BD Nationwide Mortgage Offers a Convertible Home Equity Line of Credit with Options to Refinance Portions to a Fixed Rate Second Mortgage Loan

Encinitas, CA (PRWEB) August 29, 2006

BD Nationwide Mortgage introduces a smart home equity loan that can separate into several loans with both fixed and adjustable rates. BD Nationwide has released a new home equity product that boasts of a convertible home equity line of credit offering options for turning variable interest rates into fixed rate second mortgages. BD Nationwide proudly presents the “Fixed Rate HELOC Conversion Program.” This unique home equity program allows homeowners to convert portions of their adjustable rate equity line into fixed rate home equity loans. Another key feature is that these second mortgages allow you to keep the unused portion of the home equity line open, while fixing the interest rate for the specified portion. In that sense, the HELOC splits into two loans. (one loan is a fixed lump-sum loan and the other is an open end line of credit)

Conversion options are available to convert a portion or all of the home equity line balance to a fixed interest rate home equity loan. This program allows you to convert HELOC portions to fixed rate loan eight times during the draw period.

Advances for fixed second mortgage rates can be requested at anytime during the ten-year draw period: Three fixed rate advances may be open at any one time. The conversion feature limits you to a total of eight fixed rate advances may be requested over the draw period. In addition, there are no lending fees to convert to a fixed rate. Loan advance options are based on the balance requested.

Lynda Nelms, a Sr. Loan Officer and Mortgage Consultant at BD Nationwide, said, “This is a progressive loan that allows my borrowers to be savvy using their home equity when they see fit, while converting adjustable rate interest into a fixed rate second mortgage with a simple interest amortization.” Nelms continued, “These days I find homeowners need cash out for debt consolidation or home improvements, but they already have a large second mortgage.”

The Fixed Rate HELOC Conversion Program enables our clients to refinance and convert their existing line of credit into a fixed rate second mortgage, while opening up an additional revolving credit line they can access later. This home equity conversion loan is a great solution for the recent dilemma of refinancing jumbo home equity loans that seem to be so common with million dollar homebuyers. BD Nationwide Mortgage Company has partnered with many of the nations leading home equity lenders.

Home Equity Line of Credit Draw Period : 10 years
Second Mortgage Rate is a Variable Rate ( WSJ prime interest rate index plus margin)

Home Equity Loan Terms: 15, 20, 25 or 30-years
Second mortgage rates are fixed interest rates (fixed interest based on market conditions on the conversion date)

Home Equity Loan Repayment Terms:
Borrower may request a fixed rate advance from the customer pitied dept. after the lender funds the loan.

Fixed Rate Advance Option: Fixed-rate advance options can initially be requested by loan officer at the time of disclosures.

To learn more and get additional loan information, please visit: Second Mortgage & Home Equity Loans

About BD Nationwide Mortgage Company:
BD Nationwide Mortgage is a second mortgage broker with corporate headquarters in Encinitas, California. They specialize in refinance, home equity loans and credit lines for homeowners seeking debt consolidation or cash out. The company focus remains solidifying with back mortgages for people with all types of credit. Always endeavoured to hook “disclose of the box” loans, BD Nationwide Mortgage is dictated to help expand financing solutions so more Americans can maximize the financial rewards of being a homeowner.

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