Several different things can affect the purchase, refinancing or foreclosure of a home and one of the bigger items will be the appraisal of the home itself. This is an act performed by a professional that will use different criteria to value your home for banks and other lenders. Getting a good appraisal could be the difference in you being able to keep your home and losing it forever.
Here is a definition of the term provided by the Federal Government: “Appraisal: a written estimate of a property’s current market value prepared by a professional appraiser.” A professional appraiser has a reputation and code of ethics that they must work under in order to give their work value and credibility. Poor appraisals or the lack of credibility could cost the appraiser business and their lifestyle.
All you can do to affect the appraisal is make sure that you are always taking care of your home to keep the value of the investment intact. If you know that an appraisal is about to happen you should clean your home as much as possible inside and out and make things as easy as possible on them. Your appraisal could, again, be the difference between you living in the home and someone else living there.
Don’t waste any more time worrying about how to pay your mortgage, contact the experts today by phone at 813-612-5697 or 877-246-4486 or by email at Sales@TSherwoodLaw.com.
Thursday, May 19, 2011
The Value of a Reputable Appraiser
When you are trying to buy or sell a home or keep from losing your home you must get someone to value the home based on a set of criteria. For obvious reasons banks don’t trust individuals to value their home because everyone has memories attached that cannot be erased. This is why the bank will select an appraiser but the individual who is buying or selling the home must pay for the appraiser.
“Appraiser: a professional with knowledge of real estate markets and skilled in the practice of appraisal, a written estimate of a property’s current market value. When a property is appraised in connection with a loan, the appraiser is selected by the lender, but the appraisal fee is usually paid by the homeowner.” This definition is provided by the Federal Government.
Appraisers don’t just take a test and suddenly start evaluating homes, they have a process that they must undergo and scrutiny to deal with. Real estate, market value and the quality of a home must be the key things in an appraiser’s life and these are still just a few of the objects needed. To make sure that you have a fair appraisal by a reputable appraiser you can call the Law Office of Thomas J. Sherwood to verify the identity if possible.
Don’t waste any more time worrying about how to pay your mortgage, contact the experts today by phone at 813-612-5697 or 877-246-4486 or by email at Sales@TSherwoodLaw.com.
“Appraiser: a professional with knowledge of real estate markets and skilled in the practice of appraisal, a written estimate of a property’s current market value. When a property is appraised in connection with a loan, the appraiser is selected by the lender, but the appraisal fee is usually paid by the homeowner.” This definition is provided by the Federal Government.
Appraisers don’t just take a test and suddenly start evaluating homes, they have a process that they must undergo and scrutiny to deal with. Real estate, market value and the quality of a home must be the key things in an appraiser’s life and these are still just a few of the objects needed. To make sure that you have a fair appraisal by a reputable appraiser you can call the Law Office of Thomas J. Sherwood to verify the identity if possible.
Don’t waste any more time worrying about how to pay your mortgage, contact the experts today by phone at 813-612-5697 or 877-246-4486 or by email at Sales@TSherwoodLaw.com.
Wednesday, May 18, 2011
What is an Adjustable Rate Mortgage (ARM)?
When you know you have problems with your mortgage and you need help desperately it is one thing to admit that change must be made. It is another thing to know what that change is and be conscious of what you need to do to change for the better and keep your home. Understanding the terminology involved with your mortgage is vitally important and you must take stock of it immediately. One term many people must get to know is adjustable rate mortgage.
Here is the definition from the Federal Government: “Adjustable-Rate Mortgage (ARM): a mortgage loan with an interest rate that is subject to change and is not fixed at the same level for the life of the loan. These types of loans usually start off with a lower interest rate but can subject the homeowner to payment uncertainty when the rate adjusts.”
This can be a scary situation to be in when the market changes and interest rates fluctuate wildly. You are not the only one with payment issues when things go array, adjustable rate mortgages have affected many people in the current market. The key is getting help while it is still possible.
Don’t waste any more time worrying about how to pay your mortgage, contact the experts today by phone at 813-612-5697 or 877-246-4486 or by email at Sales@TSherwoodLaw.com.
Here is the definition from the Federal Government: “Adjustable-Rate Mortgage (ARM): a mortgage loan with an interest rate that is subject to change and is not fixed at the same level for the life of the loan. These types of loans usually start off with a lower interest rate but can subject the homeowner to payment uncertainty when the rate adjusts.”
This can be a scary situation to be in when the market changes and interest rates fluctuate wildly. You are not the only one with payment issues when things go array, adjustable rate mortgages have affected many people in the current market. The key is getting help while it is still possible.
Don’t waste any more time worrying about how to pay your mortgage, contact the experts today by phone at 813-612-5697 or 877-246-4486 or by email at Sales@TSherwoodLaw.com.
Friday, May 13, 2011
Home Affordable Refinance Program (HARP)
In the event you are current on your own mortgage and have been unable to obtain a standard refinance because the value of your home has declined, you could be eligible to refinance through HARP. HARP is intended to help you refinance into a new cost-effective, a lot more steady mortgage. The HARP personal loan can be a brand new financial loan and will call for a personal loan app and underwriting procedure. Financial loan refinance service fees will apply.
Contacting a professional at the Law Office of Thomas J. Sherwood can get this process started for you. You may be eligible to apply if you meet all of the following:
•You have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac.
•You do not have an FHA, VA or USDA loan.
•You are current on your mortgage payments and have not been more than 30 days late making a payment over the last year.
•You owe more than the home is worth, but your mortgage does not exceed 125 percent of the current market value of your home.
•The refinance will improve the long-term affordability or stability of your mortgage.
•You have the ability to make the new payments.
Don’t waste any more time worrying about how to pay your mortgage, contact the experts today by phone at 813-612-5697 or 877-246-4486 or by email at Sales@TSherwoodLaw.com.
Contacting a professional at the Law Office of Thomas J. Sherwood can get this process started for you. You may be eligible to apply if you meet all of the following:
•You have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac.
•You do not have an FHA, VA or USDA loan.
•You are current on your mortgage payments and have not been more than 30 days late making a payment over the last year.
•You owe more than the home is worth, but your mortgage does not exceed 125 percent of the current market value of your home.
•The refinance will improve the long-term affordability or stability of your mortgage.
•You have the ability to make the new payments.
Don’t waste any more time worrying about how to pay your mortgage, contact the experts today by phone at 813-612-5697 or 877-246-4486 or by email at Sales@TSherwoodLaw.com.
FHA Refinance for Borrowers with Negative Equity (FHA Short Refinance)
In the event you are current on your mortgage, but owe much more than your home is well worth FHA Short Refinance may be an option that your mortgage servicer will take into account. FHA Short Refinance was intended to help homeowners refinance into much more affordable, more steady FHA-insured mortgage. If your current loan provider agrees to participate in this refinance, they’ll be required to lessen the quantity you owe on your own first mortgage to no more than 97.75% of the home’s current value.
Contacting a professional at the Law Office of Thomas J. Sherwood can get this process started for you. You may be eligible if:
Contacting a professional at the Law Office of Thomas J. Sherwood can get this process started for you. You may be eligible if:
- Your mortgage is not owned or guaranteed by Fannie Mae, Freddie Mac, FHA, VA or USDA.
- You owe more than your home is worth.
- You are current on your mortgage payments.
- You occupy the house as your primary residence.
- You qualify for the new loan under standard FHA underwriting requirements.
- Your total debt does not exceed 55% of your monthly gross income.
- You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.
Tuesday, May 10, 2011
Loan Modification Fraud and You
When there is a smell of desperation in the air you can bet that somewhere, someone evil is planning on pouncing on you. Scammers are in heaven these days with more people needing help than ever and these people will do ANYTHING for a little help. With so many different scams it is hard to be prepared and aware of everything all of the time.
The bait and switch scheme will set you up by making things seem one way when they really are something totally different. Your fraudulent friend will tell you that they are there to help but they really aren’t, instead they are looking for another victim. This is not a good feeling to have and it could leave you and your family without a home.
You will sign papers for your fraudulent friend under the guise of it helping you save your home, but in reality, something different is going on. The entire time that you are making payments and signing papers your schemer is finding ways to bilk you of your home. After too much time being wasted with fake paperwork you will finally be given an eviction notice and you will lose your home.
Don’t waste any more time worrying about how to pay your mortgage, contact the experts today by phone at 813-612-5697 or 877-246-4486 or by email at Sales@TSherwoodLaw.com.
The bait and switch scheme will set you up by making things seem one way when they really are something totally different. Your fraudulent friend will tell you that they are there to help but they really aren’t, instead they are looking for another victim. This is not a good feeling to have and it could leave you and your family without a home.
You will sign papers for your fraudulent friend under the guise of it helping you save your home, but in reality, something different is going on. The entire time that you are making payments and signing papers your schemer is finding ways to bilk you of your home. After too much time being wasted with fake paperwork you will finally be given an eviction notice and you will lose your home.
Don’t waste any more time worrying about how to pay your mortgage, contact the experts today by phone at 813-612-5697 or 877-246-4486 or by email at Sales@TSherwoodLaw.com.
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