home loan advice….. any suggestions?

Posted on Mar 16, 2013 in HARP Refinance

Question by Bradley S: home loan advice….. any suggestions?
i am currently in a mortage loan with my sister, story shop she is my co-signer/ barrower. is it possible to have the co-signer take over the loan? ive heard of taking off the co barrower but not the main person that has the loan. i am no longer happy with my house and i would like to move but i would be taking a 10k loss on the property. can that loss be added on to my other mortage?

Best answer:

Answer by Obama is a loser
A home loan consultant can provide advice on a number of mortgage loan matters. The consultant can offer advice about applying for a new mortgage or refinancing an existing loan. Some loan consultants specialize in loan modification programs to prevent foreclosure. Loan modification allows the terms of your loan, viagra order such as its interest rate and length, visit this to be changed to make the loan more affordable. Loan modification is generally available only after your mortgage has become seriously delinquent and foreclosure is possible. Some people with a home loan consultant title are actually loan officers working for a bank or credit union and are mainly interested in selling you loan products.

Types of Consultants
Some home loan consultants, including loan modification specialists, work for for-profit counseling companies. Many offer competent, ethical services, but others have been involved in scams, according to the Federal Trade Commission. The FTC recommends that you seek home loan consulting services from a nonprofit agency approved by the U.S. Department of Housing and Urban Development. The FTC says the nonprofit counselors are more likely to offer ethical services because they are bound by a code of ethics established by the federal government.

Background and Experience
Your first discussion with a loan consultant should be focused on the type of services the person or agency provides. For example, if you are trying to refinance your home with bad credit, you should seek a consultant with broad experience helping borrowers with poor credit. You should expect the consultant to be an expert in ethical credit repair and to know about all local sources for refinancing with poor credit. If you are seriously delinquent on your mortgage, you should seek a consultant with a proven track record for foreclosure avoidance.

Initial Meeting
Use your initial meeting to question the consultant about her length of experience as a home loan consultant. Ask how the consultant’s experience and background qualifies her to provide the type of help and advice you need. Ask about the consultant’s educational background, including any licenses or certifications. Also ask for the names of some former customers you can call to ask about the quality of the services they received.

Analyzing Your Situation
Ask specific questions based on your circumstances. If you are applying for a mortgage for the first time, ask about credit and down payment requirements. Ask the consultant to review your credit report, which you can obtain for free from AnnualCreditReport.com. You can also obtain your credit score separately, for a fee, by following instructions on the credit report. The website is the only site endorsed by the Federal Trade Commission to offer free credit reports under the terms of the Fair Credit Reporting Act.

If you are refinancing or seeking loan modification, ask the consultant if you are likely to qualify based on your credit qualifications, income and level of debt. Also ask about key features of home loans, such as the interest rate and the length of the mortgage. Ask about different types of loans, such as fixed- and variable-rate mortgages.

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