Loan Modification Calculator. Know Your New Monthly Payments

Loan Modification Calculator and Obama’s Mortgage Plan

A loan modification calculator is used to figure out how much you can save if you got a loan modification. It tells you whether you qualify or not for the Obama mortgage plan and it gives you an overall figure of how much you have to pay monthly on your new mortgage payment. It is very easy to use. All you need to do is to fill up a few simple questions and you are done. Links are provided below on how you can avail of a loan modification calculator online. Best of all, it’s free.

What is the Obama Mortgage Plan? It is a relatively new government program facilitated by the Department of Housing, Urban Development and the Treasury Department designed to help millions of homeowners cope with their difficult mortgages. With the economic crisis the US experienced in 2009, many American citizens have found themselves in a very difficult financial situation. One of the major concerns of the Obama Administration is to help these troubled homeowners avoid foreclosure.

This program is known as the Making Home Affordable Project. It has a website online that is dedicated as a centralized information source for troubled homeowners who are concerned about losing their homes. You can find the link to this website at the bottom of the article.

The Making Home Affordable Project will allow some homeowners the opportunity to refinance their mortgages using a streamlined process. It is estimated to help about 7-9 million Americans refinance their mortgages at a relatively lower rate. The government will be giving creditors and homebuyers alike incentives if they choose to refinance their loans.

The program is designed to help homeowners in 2 ways: Refinancing or Modification.

Refinancing

This part of the program is for homeowners whose properties have suffered a decrease in value. Because of this, they are not able to take advantage of the current low mortgage rates to refinance their properties. To be eligible for this program, the first mortgage of these homeowners must be 105% or less of the current market value of the property.

Modification

This section of the plan, on the other hand, is for those who find it difficult to pay their mortgages monthly. Many nowadays simply cannot afford their monthly dues because of the increase of interest rates, loss of jobs, drops in wages, and many more other reasons. The objective of this program is to reduce the monthly mortgage payment. The terms of the loan is modified so that the payment for the first mortgage does not exceed 31% of the borrower’s gross monthly income. Their website includes a loan modification calculator that gives you an estimate of how much you would be paying monthly on your modified loan using the 31 percent benchmark.

For those who cannot afford even a 2% interest rate on their mortgages, there are provisions included in the program for them too. You may be able to extend your loan to up to 40 years reducing a considerable amount in your monthly debt payments. There are cases where borrowers are allowed to defer repayment of some amount of the loan and even get forgiven for a part of the debt.

The Department of Treasury’s website gives special mention to those who have a consistent payment history on Fanni Mae and Freddie Mac mortgages. They say that an estimated 4-5 million homeowners who have been under these plans are eligible for refinancing and they can take advantage of the lower interest rates that the Making Home Affordable Project offers.

It is quite easy to find out if you are qualified for the program. Simply go to the official Department of Treasury website – FinancialStability.gov . You can also check the official website of Making Home Affordable Project – MakingHomeAffordable.gov. There you will find comprehensive and detailed information about the program.

All you need to do is answer the questions that are posted on the quiz portion of the site. Answer them as honestly as possible. After the questions have been answered, the system will evaluate them automatically. Once the system determines that you are eligible for the program, it will direct you to the second page in an instant where you will be provided with a checklist of documents that would be needed to be given to your loan officer of choice.

Make sure that you deal only with a legitimate loan officer. Beware of scams online who pretend to offer the same program with a price. Be aware that this program is FREE. You do not need to pay for any fees in using the loan modification calculator or asking for additional information. Websites that offer foreclosure relief programs or housing counseling for a price have been reported to be major scams. The Making Home Affordable Project usually comes with a free housing counseling. Times like this, you do not want to waste your money on greedy, fly-by-night organizations.

The US government is trying its very best to help out all individuals who have been gravely affected by the economic crisis of late. If you are a homeowner who is concerned about not being able to pay your monthly mortgage payments or you are terrified of losing your precious home to foreclosure, do not hesitate to check their website as soon as possible. There are provisions in the program available to people just like you. The sooner you deal with the problem, the faster you get to calm your woes. Not to worry, help is just a click away.

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Home Loan Modifications

Home Loan Modifications – After the economic crisis has swept the country, many families have been faced with the fear of losing their homes. If you are facing foreclosure, do not fear, you have many options.

Loan modification has helped thousands keep their homes. It may help you too. First, you have to dismiss the common myths about loan modification which are:

1. Creditors or the banks want you to lose your home.

- The banks do not make any money or get back their investment if it forecloses on your home. So if you are willing to make any payments, they will be more than willing to work with you

2. You are not qualified for loan modification if you have bad credit

- Even if you have a bad credit score, you can still qualify for a loan modification.

To be more specific, the most influencing factor that affects your qualification for a loan modification is your ability to pay not your credit score. The amount of your income or how much you make monthly decides whether you can modify your loan or not.

In the past, loan modification is only for those who are delinquent in their monthly debt payments. This does not hold true anymore. Major creditors are now amenable to negotiate adjustable rate mortgages in order to keep their clients’ homes from going into foreclosure. They would rather modify your mortgage payments to your monthly financial capabilities rather than having you walk away and file for bankruptcy.

Be aware that a loan modification rather than defaulting on your debt altogether keeps your creditors from filing a deficiency judgment against you. Also, it may not be known to many, when you file for bankruptcy, not only will you be paying the bankruptcy payment; you will have to pay a mortgage payment as well.

The loan modification process can be done right up to the sheriff’s sale. You are qualified to modify your loan as long as you have enough proof that you have a sufficient monthly income to repay your dues.

If you have already been served foreclosure documents, your first move is to contact your creditor and ask to be connected to the loss and mitigation department and start to re-negotiate your debt as early as possible. It is not advisable that you get in touch with the attorney who served the foreclosure documents, go straight to the lenders you have borrowed from.

In the negotiation process, you have to convince your creditors that you are determined to pay off your debt but you just do not have the means to keep up with the current terms of the debt. Give them a specific amount of what you can afford monthly along with proof of your monthly income. Of course, it would be useless to agree to an amount that you cannot afford just to buy some time from foreclosure. Agree only to realistic terms, the exact amount you are 100% sure you can keep up with and the exact date as to when you can start paying the debt off.

Once you have settled the negotiation, check the details out. If the amount payable in the written agreement is one you cannot afford, send it back to the creditors and re-negotiate again. Remember that your creditors are more than willing to modify your loan as long as you show them determination and ample proof that you are willing and able to pay the loan back.

Once you have reached an agreement with your creditors, get it in writing and only then will you inform the attorney who has served the documents of the agreement you and your lender have agreed upon.

Once your loan modification is underway, keep your end of the agreement and always pay on time. This will ensure the success of paying off your debt sooner and most of all you get to keep your precious home.

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Loan Modification How To

Loan Modification How To – Troubles keeping up with your monthly mortgage payments? If so, then it may be high time to approach your creditor for a loan modification. Simply put, a loan modification is changing the terms of your loan so that you can better meet your monthly debt obligations.

Know that the first person you should approach for a loan modification is your creditor – the company you are indebted to. You need not go through the assistance of a third party to seek for this service. It is quite unfortunate that there are many fraudulent services of this sort who will charge you an exorbitant fee for something you could successfully do on your own.

There are even cases wherein fraudulent companies who offer this kind of service have taken advantage of homeowners who already are in crisis by charging fees for services that they never get to complete. They take your money, claim that they have approached your creditors, and in the end inform you that nothing can be done. In this scenario, not only are you left dealing with your mortgage problems, you get an extra bigger hole in your pocket. So if you have decided that a loan modification is your way out of foreclosure, approach your lender directly. Mortgage lenders are required to work with you to avoid foreclosure, there would be no reason at all why you will not be able to handle the negotiation yourself.

In applying for a loan modification, get all of the documents needed before hand. Documents such as your homeowner’s insurance policy, tax bills, a summary of your budget and living expenses, and most of all your proof of income will come in handy for the success of the negotiation. It is but normal for your creditor to gather a lot of information from you before you get approved for a loan modification program. Having all the important documents ready on your first meeting for the negotiation will greatly increase the chances of getting an approval.

If you have a very busy schedule, a phone call to your creditor will suffice. All you need to do is provide all the necessary information over the phone. During the call you will be informed of the necessary documents you will need to mail, fax, or email to your creditor to complete the requirements of the loan modification. Set aside an hour or so from your schedule for this important call if you choose to apply this way.

Your second option is to go personally to negotiate with your creditors. If you have a flexible schedule, this would be the best way to go about it. In the initial meeting, they will provide you with all the paper work you need to accomplish. Fill out the questionnaires as completely and honestly as possible. Another benefit of personal appearance during the negotiation is that there would be no need to mail any documents, cancelling the probability of providing them with incomplete papers or information. It would also be advantageous for those who have a personal relationship with the bank employees for this will certainly speed up the process.

In the negotiation process, stay focused on the underlying problem at all times. Remember your reason or reasons why you are applying for the loan modification program in the first place. Make sure that you and your creditor arrive to terms that are reachable in your end. Also, be aware of the long-term effects of the loan modification, which would mainly be the interest rates, the payment options, and the length of term of the loan. Keeping these in mind, getting approved for a loan modification is very possible.

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Mortgage Loan Modifications – What To Do If Facing Foreclosure

Mortgage Loan Modifications- In the event that your home goes into foreclosure, the first thing your creditor will do is to put a newspaper ad to inform the public that your home will be auctioned off on a certain date. Do not be surprised if you get various notices and offers from the mail from lawyers and companies who will try to convince you that they can help you out.

These are companies or individuals who make money charging fees from unfortunate homeowners. Be careful in dealing with individuals like these who claim that they can solve your problem. These people look at the foreclosure ads everyday and send out offers to everyone on the list.

Many of these companies claim to be non-profit organizations but they actually charge an average of $1500 to $2000. They would claim that they can work out a repayment plan or a loan modification with your creditors. They have the capability to convince you that with their help you will be able to get your home out of foreclosure with their special tactics in negotiating a deal with your lender.

Of course, there are legitimate companies out there who will be able to re-negotiate the terms of your debt more successfully and even faster (if you find the right one.) However, if you have the time, it would be wise to do the negotiations yourself.

Creditors are aware of the dilemma many of their clients are experiencing financially. After the economic crisis of 2009, thousands of their clients are defaulting on their payments and inevitably facing foreclosure on their homes. If you have been delinquent in your monthly payments maybe because your income cannot cover your debt bills, but you are now capable of paying monthly, you may be eligible for a loan modification program.

In this case, the payments you have not made in the past months will be put at the end of your loan. Your payments will stay the same but paying off the whole amount of what you owe will take a little bit longer.

Another option available to you would be a repayment plan. Simply tell and prove to your creditors that you got behind with the payments due to financial problems that you have overcome and you are now able to pay the extra amount for a certain period, then they will be more than willing to work with you.

Contrary to what most believe, creditors in reality lose money if their clients’ properties are foreclosed. Especially at times like now, selling a house is no easy feat. The properties that have foreclosed are selling at less than half the price of the original market value. In fact, be aware that the less equity you have left in your home, the less money the bank will make in the event of a foreclosure. So in this case, the less equity you have is more advantageous in your part.

Because of the credit crunch, hundreds if not thousands of homes are being foreclosed. This in return would make foreclosed homes a dime a dozen. For banks and creditors to keep their investments in check, they would do anything they can to help their clients keep their homes even if it would mean that their borrowers would pay less or take them longer to pay off the totality of the debt.

But yet again, the process is still not that easy. Fact is major creditors are known not to have great personal service. In one credit company, expect different answers from different employees to your questions. You will be transferred from one department to another. If you decide to proceed with the negotiations through phone, expect to be on hold most of the time.

What would speed up the process is to be prepared with proof of your monthly income after taxes and a summary of your monthly living expenses. Make sure that you are ready with a viable answer as to why you have gotten behind with your monthly payments. Give them reasons that are justifiable. Surely, they would disapprove your request if your answer to that particular question would be: “I had to buy a new car” or “Went on a vacation, we forgot to pay”. Valid answers would be – a medical emergency, loss of job, an addition to the family and so forth.

Also, give them detailed information about the status of your monthly income. If there has been an increase lately, tell them how much you made then and how much you are making now.

After the initial meeting or phone call with your creditor, you will be given a list of the requirements and documents that have to be submitted. These would include a hardship letter, 2 recent monthly income stubs, and your current bank statements.

In the hardship letter, thoroughly explain why you have gotten behind in your monthly payments. Give them a detailed explanation as to why you could not afford such payments in the past. Reasons like losing your job, cut in your monthly salary, increase in taxes and insurance, increase on monthly expenses due to medical reasons, or an addition in the family.

Find out from the person you are dealing with how long exactly it will take to process your application. If your home is due for foreclosure, let them know the date of the foreclosure. If your foreclosure date is coming up soon, they will usually bump you up in the list of others who are applying for loan modification.

Once your documents have been submitted, inform them of the submission to make sure they got them. Be persistent in making follow up calls after a few days to be assured that they are working on your application. If your foreclosure date is nearing, the more you need to be on them. In case you do not get enough participation from the person in charge of your application, talk to someone from the corporate headquarters. They will be more willing to work on your application if they are convinced that there is a chance of avoiding foreclosure to your home and saving your loan. If they can save your loan, they get to avoid losing more money. So remember that they are actually on your side.

While negotiating, remember to always be polite yet assertive. Dealing with people who are experiencing financial is a very common occurrence in credit companies nowadays. Also, know that they should treat you politely too. You still have your rights as a borrower. Do not allow them to treat you like a criminal or make them judge you in any way.

Worse case scenario is that your creditor will not be willing to work with your or they may say that you do not qualify for a loan modification program because you do not have enough monthly income. In the event that it comes to this, know that there are other options, which would include bankruptcy.

But then again, going to your creditors and working out a negotiation should be your priority. Deal with your problem head on and work something out with your company to give you a chance of saving your home.

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First Time Home Buyer Tax Credit

First Time Home Buyer Tax Credit – If you are buying a home for the very first time be advised that there are different first time homebuyer programs that are available to you. These programs will help you get your very first home at the best deal possible.

First time home buyer tax credit

This is an ideal year to buy a home for first time buyers. The Obama’s mortgage program includes an $8,000 tax credit or 10% of the home’s price, whichever is lower, for Americans who are buying a home for the first time.

Unfortunately, not everyone qualifies for this program. A single homebuyer who makes more than $95000 a year or a married couple who jointly has a yearly income of $150000 will not be able to get the full amount of the tax credit. And those who are not eligible for the tax credit at all are single homebuyers who make over $95000 dollars and married couples who have an annual income of more than $170,000. So if you have an income of less than what is mentioned above, you are qualified for the tax credit.

If you are eligible, the $8,000 tax credit (or 10 percent of the amount of the home) is fully refundable. You can claim this amount on your next tax return if you buy a home this year. Be informed that you can get the full amount of the tax credit back even if the total of your federal tax liability is less.

Federal Housing Administration Loans

The Federal Housing Administration offers loans to homebuyers that require a down payment of about 3.5% of the cost of the house. Usually, other lenders require you to pay a down payment of 20%. Getting a considerable reduction from the down payment would make it easier for first time buyers to acquire a home. This is just yet another mortgage program of the government to make it more affordable for everyone to own a home. Again, not everyone qualifies for this program. In order to be eligible for this loan, your monthly mortgage payments after you have purchased the home should not be more than 29% of your monthly gross income. Also, you need to have a good credit score to be approved for the loan.

Special Loans for first time home buyers

Major creditors usually have a special package for first time homebuyers. They offer a lower down payment that is less than the conventional 20 percent of the home’s purchase price. Other creditors who will not give you a lower down payment offer a program where you can get a piggyback loan for you to be able to reach the required traditional 20% down payment.

Usually, if you apply for a loan that has a down payment which is less than the traditional 20% of the purchase price of the house, you would be required to get a Private Mortgage Insurance. This is used as security for the creditors just incase you default on the loan. The cost of this insurance is normally 0.5% of the mortgage amount per annum. Most creditors would allow you to cancel the insurance once you have paid off at least 20 percent of what you owe.

When you are considering purchasing a home for the first time, it would be advisable for you to research on all your options. There are various programs offered by private lenders and the government alike that will make your first home more affordable. Be advised that there are also some states in the US and other federal programs that give out grants towards the cost of the home of first-time buyers.

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Compound Interest question…?

For my business class we have to use this Compound interest calculator and input different scenarios.. This is the example the teacher gave us and i can’t figure out how he got his answer
(i don’t know what he imputed in the calculator to get it, here’s a link to the calculator we have to use… http://www.moneychimp.com/calculator/compound_interest_calculator.htm )

Try a few different scenarios to see what compound interest is all about. For example, assume that you begin saving 0 a month. At the end of a year you would have saved 00. If you continue saving at that rate for 30 years, and you earn an 8% average return in the stock market, at the end of 30 years you would have put in ,000, but with compound interest you would have a total of 146,815.04.

Instructions on what to put in
Current Principal:
Annual Addition:
Years to grow:
Interest Rate:
Compound interest, time(s) annually
and when to Make additions ( start OR end of each compounding period)

Would really help A LOT. This is just the example he gave, so your not doing my homework for me, i truly want to know how he received that answer.

Thanks so much!!!
I’m not trying to earn money,
this is for school just learning what compound interest is..

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A very good Mortgage Calculator?

Hi, Im looking for a mortgage calculator that allows you to enter, Mortgage amounts, Interest rates, Down Payments, Insurance Rates, Taxes, etc… Or even better a calculator that helps you organize or predict what your monthly living costs will be…?

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Anyone had success with the making home affordable/loan modification program with chase.?

I have been calling since March and get different directions every time I call. I did the application over the phone twice now but when I call to check the status, they say it isnt in the system. I’m going to send everything in the mail tomorrow. I was just wondering if anyone has had any success with the program, especially with Chase.

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Anyone had success with the making home affordable/loan modification program with chase.?

I have been calling since March and get different directions every time I call. I did the application over the phone twice now but when I call to check the status, they say it isnt in the system. I’m going to send everything in the mail tomorrow. I was just wondering if anyone has had any success with the program, especially with Chase.

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Financial calculator – Annuity problem?

How do I solve for the number of periods with an annuity on a financial calculator? (Which buttons to press)

Problem details: Guy wants to retire with 0,000 by investing ,000 per year in the stock market (starting at the end of this year). 15% average annual return. How long to save money before retirement?

I had:

FV = 500,000
Interest Rate = 15
Payment = 8,000
0 N(15%, PMT 8,000, PV 0)
…this keeps coming out 0.. which makes sense from the formula (cause PV is 0). I now know the answer is 17 years from guessing, but I need to know how to do this on a calculator.

Any help is appreciated. Thank you.

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Is this a accurate Calculator to be a millionaire?

hello,I’m a 27 year old MBA Educated Investment Banker making 120k a year.I’m single living alone and I’m thinking how much i should save a year to be a millionaire by the time I’m in my 40’s.I went on Msn money and i went to the savings Calculator and I type in this info.It asked me questions

How much have you saved so far: ,000
How much have do you regularly deposit: ,000
How often do you make a deposit:Monthly
For how many years:15
Whats the interest rate on your current savings:5.00%
Whats your marginal tax rate:25.00%

It said with my current savings plan,I will save approximately ,310,837 when I’m 42 years old.

Your starting balance ,000
Total deposits 0,000
Total interest earned 7,782
Total taxes paid 6,946
Your savings will grow to ,310,837

I just want to know if this is Accurate

http://moneycentral.msn.com/personal-finance/calculators/aim_to_save_calculator/home.aspx#Results

I said that I have a MBA,so that means that I’m highly educated.And my boss doesnt go on yahoo answers

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My Sharp EL-733A financial calculator does not have I/YR or P/YR buttons. What's equivalent?

My real estate course text book has a chapter on mortgage calculations. Unfortunately, it assumes I have the HP 10BII calculator whereas I’ve got the Sharp EL-733A instead. I must confess I’m not very good with numbers. I’ve stayed up all night reading the Sharp manual and a tutorial, playing with the calculator, and still could not figure out the "equivalent" keys or sequence of keys. My assignment is due today so I need some urgent help.

I/YR is supposed to be the "nominal interest rate per year — entered as a percent amount (not as a decimal)."

P/YR is "Periods per year" — this indicates the compounding frequency of the nominal rate in I/YR and is located below the PMT key.

I have a feeling that I should be using the 2ndF [divided by]12 key in place of I/Y, but I cannot be sure.

I have no idea what can be used in place of P/YR.

My calculator manual: http://www.sharpusa.com/files/cal_man_EL733.pdf
Chapter 2 covers FIN mode.

I would be grateful for your help!

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Please Help!! Engmar borrows $20000 to buy a car. Interest will be added at an annual rate of 4% compounded co

How long will it be before half of the initial amount is paid off?
time =______ years
How long will it take to pay off the loan completely? (Keep all the decimal places from your calculator.)
time = ______years

Thank You!!

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What is a FX trading pip?

Free advice about mortgage loan modification-Loan Modification

www.mtgmodadvice.com Free Home Loan Modification info & advice. Get everything you need to know about Mortgage Loan Modification an Alternative to Foreclosure from Loan Modification Experts.

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Java Mortgage calculator help.?

Can someone help me flesh out the details of this? I need to make a mortgage calculator in java does the following
The user will be asked to enter to the amount of the mortgage loan, the term in years of the mortgage, and an annual interest rate. The amount of the mortgage loan shall be greater than 0 and not exceed 10,000,000 dollars. The minimum term for the loan is five years, with a maximum of 30 years. In addition to the user being able to supply the mortgage information the application will display three of the most commonly used mortgages and the user shall be able to select these mortgages instead of supplying the mortgage information. Once the user has provided the mortgage information, the program shall calculate the monthly mortgage payment and the amortization table for the life of the mortgage. For each month the amortization table shall display the loan period, loan balance, principal balance, interest balance, principal paid and interest paid.

Here is mortgage payment formula.
PMT = (PV x IR) / (1 – (1 + IR)^-NP)

Where:

PMT = Monthly Payment
PV = Principle Value (amount of loan)
IR = Interest Rate, by month
NP = Note Period, or mortgage term in months

IR = apr/100/12
NP = term * 12

if Apr > 0 AND APR <= 100 then
PMT = (Principal * IR)/(1-(1 + IR)-np)
else if Apr = 0
PMT = Principal/NP
end if

I need help I am not so good with Java. As long as i get the calculator part of this done i think i can handle the rest.