Get Rid of Your Mortgage

Get rid of your mortgage the easy way. Most households hate seeing the cash going out each month to pay for the roof over their head. What would we do with the money if we could get rid of your mortgage ?

Many lenders are not aware of a strategy that can show MOST homeowners how to pay off their mortgage 10-15 years sooner..without refinancing or using bi-weekly plans. Just keep your monthly budget the same.

Several months ago, a very prominent attorney came up with a program called H.E.A.P.
This stands for HOME EQUITY ACCELERATION PLAN. It shows the homeowner by using the right type of home equity line and running all your monthly cash flow through it to pay off all your bills..including your mortgage payments. By the way, you must have some minimal equity in your home as well as some surplus of monthly income for this plan to work.

Obviously, the more current home equity you have and the more surplus monthly income..the faster you will get rid of your existing mortgage. Just get a line of credit equal to about 3-4 months of your income. Immediately send in about two thirds of it to the lender.

Then run all your cash flow through the line of credit each pay period. Rather than using conventional checking accounts make sure your line of credit allows you enough checks to pay your monthly expenses. Depending on how much surplus dollars you have each month( after all bills are paid) you can easily pay off the line of credit in 4-6 months. Once this is done, you can opt to repeat the exercise.

For anyone interested in getting more information just go to :
http://www.heaplan.com/getridofyourmortgage/

robb soria.

the first official hispanic financial consultant in USA ! His practice started in 1973 and is founder and CEO of S.A.F.E. Money Concepts ..located in Schaumburg,Illinois. It is comprised of about 100 of some of the leading advisors in the country. Many who advocate the contrarian view of why one SHOULD NOT contribute to tax deductible plans or invest directly or indirectly in the stock market ( mutual funds,ETFs,). These advisors show you why you should pay the tax on the income immediately and then accumualate your funds into a unique ( US Government sanctioned plan) program called the Section 7702 plan( often called the "family bank method" )

He can be reached at 630-289-9495 and : [http://www.robbsoria.com] You can also e-mail : soriarobblion@aol.com

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Mortgage Rescission - What It Means To You

With all the talk of fraudulent mortgage loans these days, the right of rescission has become quite a hot button topic. Unfortunately, most of what people hear, either from so-called internet "experts" or even from misinformed attorneys, tends not to be entirely accurate. The most common misperception is that if you are able to successfully litigate a loan rescission case, you get to cancel the note (true) and keep the property free and clear (not true). Here's how it actually works, and the practical effect of mortgage rescission on the borrower.

What is the Right of Rescission and when does it apply?

The right of rescission is the right to void the lender's security interest in your home, thereby taking away their lien, foreclosure interest, and their leverage. This powerful right arises from the Truth in Lending Act (TILA), which was designed to provide consumers with accurate information about loan transactions in order to facilitate informed decisions. Certain TILA violations on the part of the lender may give the homeowner the right to rescind the loan.

This right, however, does not extend to all home loans. If the credit was used for the purchase of a home (a "purchase money mortgage"), the right of rescission does not apply. Common examples of rescindable transactions include: home equity loans, transactions that refinance purchase money mortgages, and home improvement loans or credit sales.

Is there a time limit imposed on asserting the right of rescission for TILA violations?

Yes. Borrowers have an absolute rescission right for three days following the transaction. This period may be extended for up to three years if certain "material" TIL disclosures were not provided correctly at the time of the credit transaction, or a proper notice of the right to cancel was not given.

What does a rescission mean to the borrower?

When the homeowner has successfully rescinded a mortgage transaction, he is obligated to tender the loan proceeds, or the fair market value of any property received. The tender obligation is the net amount owed after voiding all finance charges, interest, and other charges, and after crediting all prior payments directly to principal. These reductions can dramatically lower the principal amount, especially if the interest rate or fees were high, or if substantial payments have been made. However, it should be noted that the homeowner may have to come up with a large amount of money to fulfill his tender obligation. The homeowner must present a realistic tender plan to the Court if he wants to prevail in his rescission action. Some tender options include refinancing with a more affordable lender, obtaining a reverse mortgage (only for elderly homeowners), or selling the home.

Conclusion

Though mortgage rescission is certainly a valuable tool in certain circumstances, it is by no means a "free ride" or a one-size fits-all remedy. Keep in mind that litigation is expensive and there are no guarantees that you will prevail. Even if you do, you must be financially prepared to fulfill your tender obligation to the lender. In many cases, having your attorney negotiate a substantial loan modification with the lender (instead of exercising your right of rescission) may turn out to be in your best financial interests.

The author of this article, Lisa Torelli McCue of the McCue Law Firm, PA, has been a Consumer Advocate Attorney since 1995. She practices law in Fort Lauderdale, Florida, in partnership with her husband, Christian. They focus their Florida practice on consumer bankruptcy, credit defense, foreclosure defense, and personal injury law (http://www.mccuelaw.com). In addition, they represent clients nationwide for loan modification and workout agreement negotiations under their subsidiary, http://www.homesaverplans.com

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Mortgage Rates Down For Fourth Straight Week

For the month of October we saw rates bouncing up and down pretty wildly. For the month of November we have not seen any large one week changes but a steady trend downward. The 30 year mortgage rate has moved down for the last 4 weeks. For the most part the other three major mortgage products have moved down as well the last four week. With the 30 year moving down to 5.97 this marks the first time the 30 year rate has moved below 6 since October 9th. As far as the other mortgage products the 15 year fixed and the 5 year arm remained relatively stable while we saw a decent drop in the 1 year arm with it moving from 5.29 to 5.18. Here are mortgage rates for the major mortgage products for the last few weeks.

November 26, 2008
30-yr 5.97 15-yr 5.74 5-yr ARM 5.86 1-yr ARM 5.18

November 20, 2008
30-yr 6.04 15-yr 5.73 5-yr ARM 5.87 1-yr ARM 5.29

November 13, 2008
30-yr 6.14 15-yr 5.81 5-yr ARM 5.98 1-yr ARM 5.33

November 6, 2008
30-yr 6.20 15-yr 5.88 5-yr ARM 6.19 1-yr ARM 5.25

October 30, 2008
30-yr 6.46 15-yr 6.19 5-yr ARM 6.36 1-yr ARM 5.38

So let's see what this week's rates translate into for a mortgage. We used our free mortgage calculator to translate today's rates into a payment on a 200k mortgage loan. For good measure we ran the calculator on last week's rates and rates from a month ago (October 30th).

November 26th
30-yr $1195.24
15-yr $1659.74
5-yr ARM $1181.15
1-yr ARM $1095.75

November 20th
30-yr $1204.24
15-yr $1658.67
5-yr ARM $1182.43
1-yr ARM $1109.36

October 30th
30-yr 1258.87
15-yr 1708.31
5-yr ARM 1245.77
1-yr ARM 1120.56

Looking at a 30 year loan we can see the changes from a week don't amount to much ($9 a month) but one would see pretty substantial savings compared to a month ago ($63.63 a month). With rates near a two month low now might be a decent time to looking at refinancing especially if you have a 30 year rate of 6.5 or higher. 1 year rates are pretty low but I would probably avoid them unless you are quite sure you are going to sale the home in one year. And with the market moving pretty slowly I would not want to bet on selling the house very quickly. The 5 year rate is a pretty pointless option at these rates. With the 30 year rate at 5.97 and the 5 year arm at 5.86 the same rate difference is hardly worth the much shorter rate lock (and remember with a 30 year if rates go down you can always refinance).

So what are rates going to do for the rest of the year? It's hard to tell. Unless something dramatic happens I don't see 30 year mortgage rates going under 5.5. There is the potential for more upward movement at this point simply because rates are low and banks don't seem terribly interested in lending.

Ki lives in Austin Texas. His site has a search of the Austin MLS. It also has updated information on mortgage rates along with a free mortgage calculator.

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Mortgage Protection Insurance and What You Need to Know

Mortgage insurance fills the gap between the standard requirement of 20% down and an amount the borrower can more easily afford to put down on a purchase. Mortgage insurance is only needed if any one loan you have is for more than 80% of the value of your home. In This case you will be required by the bank to have PMI which will be discuss in further later. If a borrower has less than the 20% down payment needed to avoid a mortgage insurance requirement, they might be able to make use of a second mortgage (sometimes referred to as a "piggy-back loan") to make up the difference. Mortgage Protection Insurance is now considered a tax deduction.

Mortgage

Mortgage protection insurance is essentially a life insurance policy designed to pay off your mortgage in case something happens to you or your spouse. It is insurance to offset losses in the case where a mortgagor is not able to repay the loan and the lender is not able to recover its costs after foreclosure and sale of the mortgaged property. The average costs of mortgage insurance premiums vary, but typically they fall between one-half and one percent of the loan amount, depending on the size of the down payment and loan specifics. PMI plays an important role in the mortgage industry by protecting a lender against loss if a borrower defaults on a loan and by enabling borrowers with less cash to have greater access to homeownership. For non-conforming mortgages, the lender may designate mortgage loans as "high risk.

PMI

A new federal law, The Homeowner's Protection Act (HPA) of 1998, requires lenders or servicers to provide certain disclosures concerning PMI for loans secured by the consumer's primary residence obtained on or after July 29, 1999. PMI allows borrowers to obtain a mortgage without having to provide 20% down payment, by covering the lender for the added risk of a high loan-to-value (LTV) mortgage. PMI protects the lender if you default on the loan. The annual cost of PMI varies and is expressed in terms of the total loan value in most cases, depending on the loan term, loan type, proportion of the total home value that is financed, the coverage amount, and the frequency of premium payments (monthly, annual, or single).

There are Government loan products that also include a Mortgage Insurance Premium (MIP), essentially the government equivalent of PMI. If you are a homeowner, you will want to be aware of a new law that establishes rights for homeowners and rules for lenders regarding private mortgage insurance (PMI) cancellation. So, you don't like the idea of making those extra mortgage insurance payments. Without a doubt, private mortgage insurance has proven invaluable for families trying to attain the American dream of homeownership.

Alan provides information about Mortgage Protection Insurance through his website on Mortgage Disability Insurance

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Mortgage Interest Rate Predictions For 2009 - 2010

Even a small percentage difference makes a huge difference when is comes to mortgage rates. Homeowners looking to save the most money through refinancing or mortgage modification would benefit from having a good idea of what to expect from mortgage rates in 2009 and 2010. Here are my home mortgage rate predictions for the rest of this year through 2010, and how I made them:

4.69% was the average rate for a typical 30 year fixed rate home loan earlier in 2009. However, since these rates were so extremely low, homeowners rushed to mortgage lenders and banks to refinance or get a home loan modification. This quickly led to a record number of applications, and the mortgage lenders and banks got backed up with application from homeowners looking to save money. In order to slow down the amount of requests for refinancing or modification, the lenders needed to raise interest rates, in this case they did so by .5%. Right now a 30 year fixed rate mortgage can be had for around 5.19%. While theses rates are still very good, it made homeowners who just wanted to save money pause on applying, while homeowners who were truly facing financial hardships could still save their home. However, I think all homeowners will be happy with my mortgage rate predictions for the rest of 2009 and into 2010.

I predict that mortgage rates will drop to their prior lows of 4.69%, and this rate will last all the into 2010. Sometime around October 2009, I think the home interest rates will be lowered to this 4.69% rate in order to attract new customers, and help more homeowners who are facing foreclosure or other financial problems. I also think that this mortgage rate will last through April 2010 or so. Then will again be increased by at least .75%. So be sure to get a home mortgage refinancing or modification when the rates are, at least predicted by me, this low.

Homeowners facing financial hardships or losing their home should take action and do something about while interest rates are so low. Homeowners who are looking to save money and can wait, should.

At my site I will teach you how to properly refinance or modify a home mortgage saving you thousands of dollars, or even your home. A lot of Greedy Mortgage Lenders will try to suck you dry if you let them. Learn the right way to refinance or modify your home loan at my site: http://www.refinancingcondo.com

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7 Ways To Renegotiate Your Mortgage Terms When You Can't Pay

If your mortgage due date comes and goes and you're unable to make your mortgage payment due to a job loss or another situation beyond your control, don't pretend there isn't a problem by ignoring it.

Pick up the phone and call your lender because they can probably help protect your credit and keep you in your home.

Whether you're late because of an unanticipated illness or because you've been laid off from your job, one late payment isn't the end of the world, but communication with your lender is vitally important because it demonstrates to them that you care about your credit and making your payment.

When you call them, they'll probably ask you if you just have a temporary stoppage of income or if your financial situation has changed. If you've lost your job, and future payments are in jeopardy, let them know right away because there are some steps you can immediately take to reduce or prevent the possibility of foreclosure.

Depending upon what kind of loan product you're in will determine what steps your lender may or may not be able to take. If you have a conventional conforming loan, some lenders may be able to begin analyzing your financial situation and working out a solution that is beneficial both to you and the lender. If your loan is in some way government backed or insured, government rules may require you to be 90 days in arrears before your lender will be allowed to discuss alternative options with you. Either way, you need to communicate with your lender.

Here are 7 examples of what your lender may be able to do to help you:

1. Waive late payment fees

2. Give you an extended period of time (perhaps as much in 12 to 24 months) to get caught up on your payment by adding a fraction of your outstanding loan payment balance to your payment each month until you can catch up

3. Accepting a partial payment

4. Moving your current payment to the end f your loan, allowing you time to get your financial house in order

5. Granting you a separate interest-free or low interest personal loan for the amount of your missed payment

6. Interest or principal reduction

7. Loan refinancing or re-amortization

Your lender doesn't want your house ' they want your payment. While they would prefer that your payment come in each month like clockwork, lenders are very well aware of many of the financial difficulties borrowers are having in making their mortgage payments.

Your lender probably won't volunteer their assistance, especially if they don't know you're experiencing problems making your payments.

All lenders don't offer borrowers all of these options, but your lender most likely has some of these available to help you out. You do have to qualify for this help from your lender. You may be required to provide proof of job loss, as well as a detailed financial statement, but if it helps keep you in your house I think it's one of the smartest things you can do.

What do you think? Would you rather make a phone call or risk your house?

Darrin Roseborsky is a Refinance Specialist with OMAC Mortgages, seminar speaker and president of the Roseborsky Group and HomeRefinanceCoach.com. Darrin can help you MAXIMIZE your equity PROPERLY and help you choose options that make the MOST SENSE for your situation! Learn more about how it works at: http://www.homerefinancecoach.com

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Mortgage Protection Insurance Leads - The Great Secret to Annuity Sales

I have used this for years to find annuity prospects. For just a moment think about annuity sales and what comes to mind is the financial planner/estate planner/ certified senior advisor/ it just keeps going.

All those charts and new ways to explain how indexed annuities work and how much we all need to buy them. After awhile it becomes such a chore to compete with them and soon you will be looking for a simpler method to sell annuities. It seems to me the simpler method the better and I think most prospects feel the way I do…just show me the benefits and if it makes sense to me then I will buy the annuity.

I have a very simple method for making things simpler and to provide myself with virtually unlimited people to see….That method is the back door approach and here it is.

Mortgage protection insurance leads! You heard me right; they are a wonderful way to back door into an annuity sale. Just think about it for a minute. A new mortgage should be protected for the family in the event of death or disability. If the man is the bread winner and the stay at home spouse needs to be there for the sake of the family then what would happen if he died? How would she exist and keep the family together? Maybe she could return to work and maybe she couldn’t. Either way it is a perceived need and almost everyone wants to be protected. Mortgage protection insurance is a simple sale and if you are smart…can lead to an annuity sale.

Here is how I do it. After my needs presentation I always ask a few questions such as:
• How long have you been at your current job? (potential 401 k rollover)

• Do you own life insurance? (potential conversion or possible combination with the mortgage protection policy)

• Do you own an IRA? (possible annuity sale)

• Do you own an annuity? (possible rollover, 1035)

• Do you own mutual funds? (possible annuity sales)

The list can go on and on. There is a secret about mortgage protection insurance and it is this….most people do not think of it as life insurance!. It is considered a need for family survival because we all need a house that is ours and nothing feels better than not having a mortgage….it is the basic safe harbor instinct.

Use direct mail and cover an area for leads. A return of 1-2% is successful, make the appointment and do the mortgage protection pitch and then turn the process into a fact finder and a two call close. No other mortgage protection insurance salespeople are doing it and it makes you stand out. Plus you will be accumulating clients instead of policies. It is how you build a business and a profession instead of always needing the next sale.

Be a professional and not an amateur by doing something everyone else will not do. Plus regardless of how you are currently selling nothing makes you sharper or helps you think on your feet more than 5-6 appointments a day.

It is a very easy sale and it is one that no one is doing.

Bill Broich is thirty year annuity salesman who helps agents generate leads and sales. To discover more visit his website: Annuity Leads

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