Your Home – Sticks & Mortar Or a Place to Raise Your Family?

A mortgage loan modification is something you are going to hear a lot about in 2009. This program, not fully invented yet, is a process whereby the lender agrees to modify the existing terms of your loan. Many times there is an interest rate reduction, reinstatement and often-missed payments are forgiven.

You can apply for a Mortgage Loan Modification yourself, but it is grueling work. Even professionals like us have a hard time negotiating with these lenders and an emotional attachment to the property in question would make an already stressful situation that much harder.

Lenders have a Loss Mitigation Department, which handle these requests, but trying to get through to them is nearly impossible, unless you have already missed a payment. Then, the sudden interest is triggered and all of a sudden they want to speak to you.

I encourage you to open and to keep current, a dialogue with your lender. Be honest with them and explain to them the reasons for your economic downturn. They may request that you submit a Hardship Letter, a sample of which is available on our website. This letter details succinctly the details of your hardship.

Has somebody lost his or her job? Is there an illness in the family? Medical bills? Perhaps another mouth to feed? All these are hardships that may lead to economic stress and your inability to keep current on your existing loan.

The lender will require that you submit documentation as well as a stack of paperwork proving what you have told them. This will include tax returns, pay stubs, bank statements etc. And there in no guarantee that they will actually go ahead and modify your loan. If you are too far underwater, they may suggest a short sale.

If the lender sees that you can not afford a modified mortgage, they will not go through the process and work to adjust your mortgage. Why should they if you are going to default in another six months anyway? That is why it is important not to hide income from your lender. They want to see that you can keep your home and if you are receiving rent money or other income that is not documented, reveal this to your lender. Was not false representation of the truth what caused a lot of this distress we are going through?

A short sale situation occurs when you owe more than your home is worth. In that case, a lender will agree to take a loss by accepting a sale price for less than you owe. Why would they do this? The reason for the lender’s sudden generosity is that they are trying to stay afloat themselves. Too many non-performing assets on their books means they do not have this tied-up money available for lending. Without loans, a bank is dead in the water.

If you want to try to modify your own loan, get the Hardship Letter sample on our website. If you want to trust the process to an attorney-led team, please consider CMA Capital Funding Inc as your representative.

The Truth Behind Home Made Solar Panels

Home made solar panels can both be informative and interesting for kids and adults alike. With more and more interest being generated about solar energy, schools, clubs and even families are stressing on the need of more science experiments and activities to promote solar energy. As a result home made solar panels are becoming a very popular choice for a lot of these experiments and the children are leaning a lot out of them.

Making a solar panel at home can be a lot of fun. Rather than building a toy car or helicopter, you and your kids can get together and try making equipment which will actually produce electricity. There are a lot of ways in which home made solar panels can be produced, but if you are trying it at home, stick to the simpler options and you will be able to get the best results out of them. Home made solar panels from oxidized copper strips and salt water are the most popular ones and a lot of people base their activities around that. You too can check out the experiment and do it at home as it barely takes time and is very easy to complete.

The home made solar cell panels do not always generate a lot of electricity that can light up or heat your home. If you want to do so, you will need to build much larger solar panels at home and that will consume a lot of your time and energy. However, it isn’t an impossible task and many people have done it. The materials needed for building a solar panel are quite easily available at departmental and hardware stores and once you get them all together, building home made solar cell panels become a simple task. Take help from an expert if you are not very sure of the procedures. Alternatively, you could also look up the various e-tutorials that are available aplenty on the internet.

So no matter what the purpose, building home made solar panels always prove to generate a lot of interest and enthusiasm. Whether you do it with your children, parents, friends or alone, you always end up having a lot of fun. The results are for you to see and you sure do end up feeling very good about being able to create electricity! So give this experiment a try and you will surely find yourself an immensely fun thing to do, while learning a lot out of it too.

Buying a Foreclosure Home

With the market flooded with foreclosure homes, many see distressed properties as the golden ticket of real estate. There are certainly good deals to be found but buying a bank-owned home can be a complicated and time-consuming prospect. Here are some tips to help you on your way.

1. Matching the Criteria – Keep in mind that banks will be wary of selling their foreclosed property to someone with weak credit. No bank wants to be put in the same position in another year so they will look for buyers who have outstanding credit, a hefty amount of cash for a down payment, or both.

2. Patience – It can take a great deal of time to find the right property in the foreclosure market, and once you’ve found the right home, it can take even longer to deal with the bank and the paperwork. If you’re in a hurry, buying a distressed property probably isn’t for you.

3. Be Specific – The housing market is full of options for a buyer right now, and the foreclosure market in particular is overflowing. To save on wasted time and energy, try to narrow your search before you start looking for a home. Sticking closely to a single neighborhood or small area of town can help things considerably. Additionally, you should try to look in a neighborhood that has relatively few foreclosures. These areas will be more likely to rebound quickly once the market improves.

4. Do Your Homework – Knowing as much as you can about the market and the properties that you are interested in will always help the process. Look at property values and employment trends to determine which neighborhoods may see their home values rebound quickly. A good Realtor would be a big help with this kind of research.

5. Learn About the Seller – Along with researching local areas, you should also research the bank that you are planning to buy the property from. Try to talk to the bank directly and find out what they’re looking to get out of selling the property. If they tell you that the monthly costs of upkeep are too high, they might respond better to an offer to buy quickly. If their biggest concern is the minimize losses, you might benefit from putting in an offer close to market price. Find out what the bank needs and you’ll have an advantage.

6. Get a Good Realtor – Even if you do all of the research and legwork yourself, sometimes a bank will not be willing to work with a buyer directly. In this case, you’ll have to find yourself a good real estate agent. Luckily, a good Realtor can also help with your research, dealing with the lender and handling all the complicated paperwork. Research local agents like you would anything else. It’s important to find someone who has a great deal of knowledge and experience in the local area. You also want to find someone who is patient, personable and diplomatic. Buying a distressed property can be very time-consuming and you don’t want an agent who will give up halfway through.

There are plenty of great deals to be had if you want to buy a distressed property. Just follow this advice and the process will be much smoother.