Archive for June, 2009

Posted on June 22, 2009 - by admin

Don’t Fall For A Mortgage Reduction Program

Soon after you’ve purchased your new home you may start getting offers from your lender about taking advantage of a mortgage reduction program. Through the program you can literally cut years off of the term of your mortgage. In fact, you might have your home paid off from five to seven years early.

Instead of making one monthly mortgage payment, you simply divide your payment in half and make a payment every two weeks. Over a years time, you’ve actually made an extra mortgage payment. It’s sounds like a really good deal, but there are several bad aspects to a reduction program.

In the first place, this is something that you can do all on your own. All you need to do is to add some to each of your monthly mortgage payment. Your mortgage invoice even gives you the option of paying additional principal. You don’t need to have anything setup to pay your mortgage off sooner in this way.

Another thing that the lender doesn’t want you to know is that they will charge you a fee to set up the reduction program. The setup fee generally runs from between $250 and $350 and on top of that, they’ll charge you a monthly processing fee. So, if this is something you’d like to do, just do it yourself and save some money.

Posted on June 5, 2009 - by admin

Tips To Avoid Getting Scammed During Foreclosure

If you’re facing foreclosure, then you’ve probably considered getting foreclosure advice from a professional. The problem is that not everyone that claims to be an experienced professional is. You can become a target just as soon as you ask for help in saving your home.

Before seeking advice from any company or agency, do a little research. You need to make sure they’re a reputable business and have been in business for at least two years. But, if you’re still not sure if they’re legitimate, there is a few things that can distinguish a real professional from a scam artist.

You should never be asked to pay large amounts of money up front. In fact, the first consultation should be completely free. A legitimate company will discuss your particular situation with you and inform you of exactly what they can and can not do before asking for any payment.

Don’t be afraid to ask for references from the company. If they’re a legitimate company they won’t care to provide you with references because they will have many satisfied customers. And, make sure that the advice you decide to take will actually stop the process of foreclosure.