Payday Loans: If You Need a Hand

As soon as you decide to obtain a payday loan, you fill in the application form providing your personal details, information about your employer and name of your banker. Make sure you read and study the terms and conditions of your payday loan thoroughly before signing the payday loan agreement. Realize that you know the rate of interest and annual percentage rate (APR). Provided you have any doubts about how payday loans work or how long it will take you to get your cash advance don’t hesitate and ask for explanation. Payday loans or cash advance providers are usually much more open than banks and many of the lenders even don’t check whether you have bad credit history or not. Still to avoid being misled or cheated be attentive while doing the business with payday loans providers.
Payday loans: short-term loans
Going in for a payday loan too often is not good and indicates that you have problems with finance management and makes you think whether you live the way you can afford or not. A payday loan is not a way of life; they are for emergency situations only. Think of any other possible ways to get extra cash before applying for a payday loan. Nowadays many employers give a cash advance to their employees to cover some urgent expenses. Still a loan is a loan and the best variant is to control your expenses. Live within your income and be on the safe financial side of life.

need some help to fix a broken deal

I need some help to fix a broken deal.
It was submitted with the wrong stated income and  turned down, but won’t allow us to re-submit with corrected numbers. Spilled Milk, but I need to fix it.
Here is the deal:
90% Cash Out
660 FICO
33 years self-employed
Stated Income
Appraised @ $405K
Louisiana Property
OO
Need 5.875 or better to match the rate from First Horizon.
My processor made a mistake, but I know you guys can help me fix it.

The Most Important Questions About Loan Modifications

The process of loan modification can be very disappointing and complicated for many homeowners facing financial problems. If you are thinking about looking for a lender who can give you a loan, it’s recommended to get more information in advance to present your situation

If you are considering contacting your lender about a loan workout to avoid foreclosure, you need to get as much information upfront as possible so you will be prepared and able to show your situation in the most favourable light. Programs and guidelines are modifying and it is becoming much easier for individuals to get the assistance they need.

Here you can find the Top 10 Questions and Answers regarding the process of loan modification.

  1. What is a loan modification? A loan modification is a long-term change in one or more terms of a home loan, which allows to reinstate the loan to make it possible for a borrower to make their payments.
  2. Is it possible for a lender to include the late payment fee in the Loan Modification? The federal plan requires from the bank to disclaim any administrative charges, late payment fee and penalties when providing a loan workout.
  3. How do the government programs work to provide the assistance in getting a loan modification? The Federal government has assigned $75 billion dollars to subsidize lenders and services who provide a loan workout to their customers.  So, the banks will have a financial incentive to offer assistance to the borrowers.
  4. How to become qualified for a loan modification? The main criteria that is important for a lender is your ability to make the new modified payment at present and in the future. You need to provide information about your income, together with a full and exact financial review detailing your earnings and expenses to prove that you will be able to make the new repayments. You must also prove that that you are experiencing  financial problems due to low level of  income or high expenses
  5. Does the individual have to be delinquent on his payments to obtain a loan modification? The President of the USA has included a special stimulation under the Home Affordable Modification Plan that will provide the lenders an extra bonus who managed to provide the assistance to householders not yet delinquent but who have the possibility to experience such problems in the future.  The main aim is to help borrowers before they face the problem with making their repayments.
  6. What is an appropriate situation for obtaining the loan modification? Each householder has their own reasons that caused the problems with making the loan repayments. Typically, the lenders consider the following situations to be the reasons for getting the assistance: loss of income, death of spouse, divorce, health problems, military service, etc. A argumentative letter should be included into your application for a successful application.
  7. Will it be possible to avoid foreclosure with the help of a loan modification? Yes, that is the goal of your lender to provide you a loan workout solution to stop the foreclosure process.
  8. Is it possible to add the missed payments to the new loan modification? Yes, it’s possible to add the debts to the new loan balance that can be paid back withing the term.
  9. Can the individual do a loan modification himself or should he approach someone? That is up to you to decide whether to ask for an assistance or do it yourself.  The Treasury Department stands against paying of any fee to a third party to represent you in this process. Whatever you decide, the first step you should do is to find out as much information as possible about this process, your legal rights, and about the requirements to have your application approved.  An informed householder will have a greater chance of success.
  1. What should the individual start from to modify the loan? Before approaching your bank’s loss mitigation department or a loan modification company, learn as much as you can regarding the loan modification process so that you can make a good decision.

Home Affordable Modification Plan offers the help for millions of householders who need a solution to stay in their home.  However, not everyone will qualify for this process. To get the assistance one should fill in loan modification application forms, prove their income and meet a number of requirements.  The majority of lenders are taking part in this new government subsidized plan, so homeowners facing the problems with their home loan repayments are able to apply for a loan workout and avoid foreclosure.

good stated programs

I have a self-employed idividual with a 653 middle score and only uno tradeline. His bank statements will support his D.T.I….. Oh, and the kicker, I need 100% and a decent seller concession. So if anyone knows any good stated programs drop me a line. Oh, first time home buyer/ SFR.

need a lender

I need a lender for a first time home buyer with no rent history. Wife has one score of 580, no scores on the other bureaus. Husband has middle score of 562. Need 97% (with 3% gift funds) or 100% LTV. I know this is a long shot, but maybe somebody knows of a lender. Please let me know.

Need a lender

I need a lender who will accept 24 months bank statements as income docs for a self employed person, and that will give me 100% loan. I have a full package ready to close.HELP!!