One Can Modify Luxury Home Loans, too?

Not all clients took my conservative mortgage advice over the years, and some ended up with home loans that have turned downright nasty.

In one case, a client and dear friend was persuaded to take out a Negative Amortizing Adjustable Rate Mortgage (Neg Am) along with a HELOC (Home Equity Line of Credit) a few weeks after the purchase of her $1.8 million Carsbad home.

I just heard that in a couple of months, her mortgage will reset to an intolerable level and she is seeking a way to manage payments and keep her dream home.

Late last night, I discovered that fellow real estate blogger Ryan Rockwood had written an ebook on How To Get A Loan Modification that is packed with information for struggling borrowers–and chock full of insider tips.

For example, I know that many borrowers agonize because either they or their mortgage broker overstated income levels when applying for mortgage loans during the real estate bubble years.  At the same time, attorneys have discovered that many lenders may have violated provisions in the Truth in Lending Act and/or the Real Estate Settlement Procedures Act (RESPA). Rockwood states that there is plenty of blame to go around, and lenders as a rule aren’t pursuing earlier income exaggerations.

That information alone might spur some to pursue loan modifications for their mortgages.

If you are having difficulty with your mortgage, I encourage you to visit the 60 Minute Loan Modification site, where you will soon be able (if not already) to purchase one of the best books I have seen about how to get a loan modification.

The post Even Luxury Home Loans Can be Modified appeared first on Luxury Home Digest.

Become a victim of identity theft, and you could be in for the nightmare of a lifetime.

We have known several identity theft victims. One family lost their home because of it–and another even fears for his safety. It is a vicious crime that can take years to  resolve and the damages can last far longer than that. And all too often, identity thieves are never caught or punished.

Almost 10 million Americans are victimized by identity theft each year, and it is one of the fastest growing financial crimes.

The best solution is prevention and freezing your credit may be one of the simplest steps you can take to help stop this crime. A security freeze will prevent thieves from obtaining credit in your name by locking, freezing and blocking access to your credit report and credit score.

The cost to do this is fairly minimal ($10 in California), and is a solution available to residents of:

Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Hawaii, Indiana, Illinois, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, New York, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Utah, Vermont, Washington, West Virginia, Wisconsin, and Wyoming.

What happens if you want to obtain new credit? The consumer is given a PIN to grant access to the credit file. Again, a nominal fee may be charged to do so.

How does the credit freeze work? Simple. If a business or lender cannot obtain credit information, new credit will not be issued to the thief. Unfortunately, though, you will have to unfreeze your credit if applying for a new loan or mortgage.

For additional reading about this subject, click here.

The post Stop Identity Theft: Freeze Your Credit appeared first on Luxury Home Digest.