Stimulus Mortgage Help - Can Federal Stimulus Package Save Your Mortgage?

The 2009 Federal Stimulus Package announced by refinancing mortgage Government aims at stopping the foreclosure & bankruptcy. This package provides 'affordability' to the home owners. The owners missing any of their monthly payments can apply for mortgage modification or a refinance. It provides help to those looking forward to save their homes from foreclosures. The Stimulus Package provides various benefits to the home owners and provide them assistance to save their home from being foreclosed.

Here are few advantages of Federal Stimulus Package:

. The monthly payments have been restricted to 31% of the gross monthly income of the home owners.

. The rates of interest have been reduced from 6.5 to 5.16%.

. Certain options are made available to the owners such as

- Loan Modification

- Refinance

- Deed in lieu of Foreclosure

- Extension of Loan Term

. This package provides cash incentives to the banks per loan modification & refinances deed.

. People looking for loan modification can take any help or guidance from the counselors appointed by the US Federal Housing and Urban Development department (HUD). These counselors would help you deal with the bank in a more professional way.

. The owners can directly contact the banks through a call at their loan modification department or by visiting their official website.

. The home owners need to know whether they are eligible for the mortgage modification or not. Following is the eligibility criterion that the Federal Government has declared for applying for a mortgage modification:

. The mortgage deed must mortgage refinancing insured or owned by Freddie Mac and Fannie Mae.

. The mortgage value should be more than the current market price of the house over 105%.

Here is a list of certain points that the owners should take consider before applying for Federal Stimulus Package:

. The documentation should be complete. The required documents include the credit details, expenses details and the tax returns.

. On missing any monthly payment the owners should draft the hardship letter to the bank before bank sends the 'Notice of Default'.

. Try to be polite during Federal Stimulus mortgage proceedings.

To know more about Loan Modification Programs and to check if you qualify

Click Here --> Loan Modification Help

President Obama has offered $1000 incentive for home owners that opt for Loan Modification instead of Short Sale Or Foreclosure.

To know more about Latest Loan Modification Programs and to check if you qualify for Government Grants

Click Here --> Federal Grant For Homeowners

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Free Mortgage Leads Scam

In today's environment of information it seems people have become human lie detector test. It's true wehaveall been callused by the gimmicks and scams that are all around us.They are on TV, radio and even the roadways are full of ads marketing their own form of the oldbait and switch. Buy one get one free, free wristwatch with purchase and eventhe classic free steak, which normally applies onlyif you can eat your weight red meat. It's no wonder this scum has worked it's way into the mortgage leads refinancing mortgage as well. Almost every lead provider is offering freemortgage leads to reel unsuspecting customers in the door while they hit them over the head with atwo thousand dollar invoice.

If there is one place where free anything should be offered it's themortgage leads industry and the reason why is because it is so hard to find a good lead source that you can trust spending money with and free mortgage leads would take the risk out. There have been an influx of lead companies praying on the mortgage industry like vultures circling a dying animal. They know that mortgage brokers need leads and they need them fast to survive this downturn. Most mortgage brokers know this and have dedicated abudget to mortgage refinancing in quality mortgageleads but with a one-out of-ten shot of finding agood company they could deplete their budget quickly and be left with no deals closing that monthand their thumbin their assets.This being said, offeringfree mortgage leads might be a good way to pick up a newcustomerand if they arehappy with the quality theymight just stick around and increase their order next time. Bottom line is the mortgage broker takes a big risk because not only can he loose valuable marketing money but have to float expenses due to no loans being funded as a result of a bad purchase.

Free Mortgage Lead Providers

The problemfor the leadprovider is that generating mortgage leadsis not free at all and rather a quite expensive process. Quality mortgage leads have become much more difficult to generate due to the laws of probability. It's simply like squeezing blood from a rock. It would take a page and a half to break down all the numbers so I'll just explain it by saying thatthere is only a small percentageof people left in America that have good a enough financial standingand stillcan benefitfrom refinancing their home. You can see how offering free mortgage leads to the public with no return could would be unattainable. No one is in the business to give free stuff away and if they were they wouldn't last long.

There is a solution. Some companies have starting offering the trulyfree mortgage lead on a trial basis to let people try before they buy. Thisputs the burden of proof square in the lap of themortgage lead provider. Some companies have become selective of just who they will give free mortgage leads to as they want to make sure it is a serious potential client and not just someone trying to get free leads. This being said, a mortgage office that needs more than100 leads a month or onewith 5 or more loan officersthat would be alarge enough firm to have a dedicated marketing budget.

if you or your company fits this description, this is where you can find more information about free mortgage leads

Zachary Williamson is the Director of Business Development for The Lead Tree, LLC and works directly with potential customers offering free mortgage leads to qualified mortgage brokers looking to find a new source of leads.

Real Estate Mortgage Refinance

In today's Real Estate market, many home owners are looking for ways to reduce their cost relative to their house payment. One way to do this mortgage refinancing to refinance their property and reduce their mortgage payment.

Short refinancing is the key to saving money and reducing your payment. Mortgage companies are looking to invite customers into the arena of refinancing by taking their loans and recalculating them with a smaller interest rate and reducing the customers monthly payment.

A short refinance is a loan where the first lender agrees to drop part of the balance mortgage refinancing a new loan can get approved. The short refinance offers the original bank more money than a short sale or a foreclosure. A lower balance on a new 30 year fixed rate loan with a low interest rate can lower your monthly payments by hundreds of dollars. This savings can amount to thousands of dollars a year.

The question would be raised of why would my current bank or lender agree to release part of my balance so I could get a loan somewhere else? The answer is simple: The short refinance offers the old bank more money than a short sale or a foreclosure. The new loan is not a government bailout loan apart of the governments.

These days the best thing to do is to find ways to save money by looking at your existing financial situation. Many times the answer to save money is directly in front of you simply by altering your existing situation with your current financial investments.

Using companies who are looking for customers to help is the best thing you can do to help yourself. Many companies are going through tough times now and refinancing is a way for them to make money. It of course helps you the customer as well so you should reach out to those companies because they have fast systems in place to assist you in these programs.

Mortgage companies that can help you are available online and have offices for walk-in business. Doing a search on the Internet I found Surefast Mortgage as one of those Mortgage companies that are involved with Refinancing and Short Sales.