SUCCESSFUL LOAN MODS(5yrs fxd) PAY ATTENTION (THE BATTLE IS OVER BUT THE WAR HAS JUST

[Mike]

Congratulations to all those who have gotten loan mods and to those of you who are in the process. If you have gotten A loan modifried to a 5 yr fixed you need to keep in mind that this loan is scheduled to reset in 5 yrs. so now is the time to put a plan of action together in order to get in a good loan 30yr fixed or better.because of the unsettled housing market this may be more difficult than times past. some of us may loose more equity.now is the time we need to start doing things to improve our credit.1.MAKE ALL PAYMENTS ON TIME.(any late payments really hurt your credit score). 2.PAY DOWN CREDIT CARD BALANCES.(IF YOU HAVE $10,000 AVAILABLE CREDIT YOU SHOULD NOT USE MORE THAN $3500 HENCE 35% IF YOU DO THIS WILL HURT YOUR SCORE. 3.DO NOT OPEN ANY NEW LINES OF CREDIT THAT ARE UNNECESSARY!!! 4.MAKE NECESSARY REPAIRS.(if neededTO KEEP THE VALUE OF YOUR PROPERTY FROM DEPRECIATING 5.WATCH THE MARKET WITH THIS NEW HOUSING BILL THIER WILL BE NEW LOAN PRODUCTS COMING OUT. SUCH AS FHA SECURE AND THE BAILOUT WITH FHA SECURE MAY BE GOOD FOR SOME THEY WILL FINANCE 97% BUT WITH THIS PRODUCT YOU WILL BE PAYING MORTGAGE INSURANCE BUILT IN. NOT TERRIBLE BUT IF YOU DONT NEED IT. TRY FOR A 30 YR FIXED.WITH THE BAILOUT YOUR LENDER HAS TO AGREE TO A WRITE DOWN.THIER WILL BE MORTGAGE INSURANCE. AND THE GOVT WILL BE YOUR NEW SILENT PARTNER. WITH THIS PRODUCT IN THE FIRST YR GOVT HAS 100% OF EQUITY OVER THE LOAN AND OVER A 5YR PERIOD YOU WILL GAIN MORE EQUITY IN YOUR RESIDENCE AS ITS NO LONGER YOUR HOME CAUSE AFTER 5 YRS THE GOVT WILL ALWAYS RETAIN 50% OF THE EQUITY IN THE PROPERTY. SO IF YOU PUT A NEW ROOF OR A NEW KITCHEN.YOU PAY 100%OF THE COST AND GOVT GETS 50% OF THE EQUITY. I CALL THIS THE LOAN OF LAST RESORT. THOSE OF YOU WHO HAVE TO TAKE THIS LOAN THIER HAS TO BE A LOOPHOLE SOMEWHERE THIER ALWAYS IS.MAYBE REFI NO MONEY OUT(shows no profit)sell it to a family member or spouse WITH NO PROFIT.THIS IS JUST SPECULATION WE REALLY NEED TO SEE HOW THIS IS GOING TO PLAY OUT.CAUSE IT IS VOLUNTARY SO WE DONT EVEN KNOW WHICH LENDERS AND INVESTORS WILL TAKE PART IN IT. 6.WHEN IS THE BEST TIME FOR YOU TO REFI. THE SOONER THE BETTER AS SOON AS YOU CAN GET INTO A 30 YR FIXED IS BEST FOR MOST OF USFOR SOME IT MAY BE WHEN THIER PREPAY PENALTIES END.FOR OTHERS IT MAY BE WHEN PROPERTY VALUES START TO INCREASE.AND THIS IS WHEN I FEEL IT IS ULTRA IMPORTANT TO WATCH THE MARKET AS I FEEL WHEN PROPERTY VALUES INCREASE SO WILL RATES!!!!! YOU DONT WANT TO BE THE PERSON WHO OWES 180k AND THIER HOUSE IS CURRENTLY WORTH 160k AND PROPERTY VALUES START RECOVER YOUR HOUSE IS NOW WORTH 210k AND YOU REFI @ 6% BUT YOU DECIDE TO WAIT FOR YOUR PROPERTY TO FULLY RECOVER AND GO BACK TO 240k BUT NOW THE RATE IS 9% AND YOUR 5 YR FIXED IS 7% SET TO ADJUST TO 10%.THIS IS JUST SPECULATION AND IT WILL BE DIFFERENT FOR EVERYBODY KNOW WHEN IT IS THE BEST TIME FOR YOU TO STRIKE!!!!! THANKYOU FOR LETTING ME RANTUNCLMIKL