Archive for April, 2007
Dream House Mortgage - Welcome Home, my dear!
At Dream House Mortgage, I know who you are! From Juneau, Alaska to Cheyenne, Wyoming and every small town across America, I’ve been financing your dreams from the comfort of your home for over 20 years. I team of experienced mortgage experts is committed to your success and will go above and beyond traditional means to insure your satisfaction.
Dream House Mortgage is a direct lender, not a broker. This means we don’t shop your application around to other lenders and hope one bites. We are one company, with one goal: “Your complete satisfaction”
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Federal Regulators Urge Loan Institutions to Assist Borrowers Who Cannot Make Mortgage Payments
Press Release - Federal Reserve Board (FRB)
2007 April 17th
If you are one of the many Americans who is having trouble making your monthly mortgage payment, please read the following to find out about constructive workout arrangements that may be available to you.
The federal bank, thrift and credit union regulatory agencies are encouraging financial institutions to work with homeowners who are unable to make 
mortgage payments.
Prudent workout arrangements that are consistent with safe and sound lending practices are generally in the long-term best interest of both the financial institution and the borrower.
Institutions will not face regulatory penalties if they pursue reasonable workout arrangements with borrowers. Borrowers who are unable to make their mortgage payments should contact their lender or servicer as soon as possible to discuss available options. Examples of constructive workout arrangements include modifying loan terms, and/or moving borrowers from variable-rate loans to fixed-rate loans.
Bank and thrift programs that transition low- or moderate-income homeowners from higher-cost loans to lower-cost loans may also receive favorable consideration under the Community Reinvestment Act (CRA), provided the loans are made in a safe and sound manner. Federal credit unions are exempt from CRA requirements. The agencies want to remind their institutions that existing regulatory guidance and accounting standards do not require immediate foreclosure on homes when borrowers fall behind on payments.
In addition, under the Homeownership Counseling Act, institutions are required to inform delinquent borrowers about the availability of homeownership counseling. Institutions should also consider working with reputable consumer-based organizations to help financially stressed borrowers avoid predatory foreclosure rescue scams.
Joint Press Release From:
- National Credit Union Administration
- Board of Governors of the Federal Reserve System
- Office of Thrift Supervision
- Federal Deposit Insurance Corporation
- Office of the Comptroller of the Currency
- National Credit Union Administration
Secured loan for bad credit borrowers-Bad Credit Secured Loan
Now a day’s time has been changed for bad credit borrower. Today’s loan market provides unlimited options for even those borrowers who are tagged as bad or poor credit. Bad credit borrower can avail the bad credit secured loans at the flexible rates.
Better option if you are homeowner
Getting finance when you have bad credit is not an easy task. Moreover, most people get declined for financing even when applying for bad credit loans. If you are a homeowner you shouldn’t make the mistake of applying for an unsecured loan for people with bad credit. The smart thing to do is to take advantage of your position and request a bad credit secured loan.
Requirements for bad credit secured loan
What you’ll need to show the lender is that you are capable of repaying the loan and honor your agreement. You’ll need to show proof of a steady income. In order to do so, if you are working on your own, you’ll need to show copies of your tax presentations. Otherwise, you’ll need to show copies of paychecks or other proof stating that you have a steady job with an income that will let you afford the monthly payments without hassles.
Option for borrowing loan
The bad credit secured loans can be easily accessible through the prominent banks, institution or online market. Availing the loan online is the best way to opt for the quick and fast cash approval. But getting the bad credit secured loan from the specialized lender is the best option as they can offer you good options to deal with