OBAMA ADMINISTRATION KICKS OFF MORTGAGE MODIFICATION CONVERSION DRIVE

The U.S. Department of the Treasury and Department of Housing and Urban Development (HUD) today kick off a nationwide campaign to help borrowers who are currently in the trial phase of their modified mortgages under the Obama Administration’s Home Affordable Modification Program (HAMP) convert to permanent modifications.

The modification program, which has helped over 650,000 borrowers, is part of the Administration’s broader commitment to stabilize housing markets and to provide relief to struggling homeowners and is a primary focus of financial stability efforts moving forward.

Roughly 375,000 of the borrowers who have begun trial modifications since the start of the program are scheduled to convert to permanent modifications by the end of the year. Through the efforts being announced today, Treasury and HUD will implement new outreach tools and borrower resources to help convert as many trial modifications as possible to permanent ones.

“We are encouraged by the pace at which trial modifications are now being made to provide immediate savings to struggling homeowners,” said the new Chief of Treasury’s Homeownership Preservation Office (HPO), Phyllis Caldwell. “We now must refocus our efforts on the conversion phase to ensure that borrowers and servicers know what their responsibilities are in converting trial modifications to permanent ones.”

In her new role, Caldwell will lead HPO’s conversion drive efforts. “Encouraging borrowers to move through the process of converting trial modifications to permanent modifications remains a top priority for HUD,” said HUD Assistant Secretary for Housing and FHA Commissioner David Stevens. “As a part of our continuing efforts to improve the execution of the HAMP program, HUD is committed to working with servicers, borrowers, housing counselors and others dedicated to homeownership preservation to improve the transition of distressed homeowners into affordable and sustainable mortgages.”

With tens of thousands of trial modifications being made each week, the Administration is now working to ensure that eligible borrowers have the information and the assistance needed to move from the trial to the permanent modification phase. (All mortgage modifications begin with a trial phase to allow borrowers to submit the necessary documentation and determine whether the modified monthly payment is sustainable for them.)

As the first round of modifications convert from the trial to permanent phase, the Administration has identified several strategies for addressing the challenges that borrowers confront in receiving permanent modifications.

In addition to the conversion drive that kicks off today, the Obama Administration has already taken several steps to make the transition from trial to permanent modification easier and more transparent by:

* Extending the period for trial modifications started on or before September 1st to give homeowners more time to submit required information;

*Streamlining the application process to minimize paperwork and simplify the submission process; meeting regularly with servicers to identify necessary improvement to borrower outreach and responsiveness;

* Developing operational metrics to hold servicers accountable for their performance, which will soon be reported publicly;

* Enhancing borrower resources on the MakingHomeAffordable.gov website and the Homeowner’s HOPE Hotline (888-995-HOPE) to provide direct access to tools and housing counselors.

Find out more about The Mortgage Modification Conversion Drive.

Source: MakingHomeAffordable.gov


Share the wealth:

First of all, gua mau ngucapin Happy Thanksgiving dan Selamat Idul Adha buat yang merayakan yaaaa…

Rabu, 25 November 2009

Seperti biasa kalo ada long weekend, pasti sehari sebelumnya kita cuma kerja setengah hari. Asik banget ya. Apalagi banyak banget yang udah cuti, jadi nyantai abis di kantor.

Siangnya kita cuma ke Costco untuk last minute grocery shopping. Tadinya gua kirain udah sepi karena pasti banyak yang lagi sibuk nyiapin Thanksgiving di rumah masing-masing, ternyata rame banget… Banyak yang masih belanja! Yang banyak diborong orang ya pumpkin pie, frozen turkey, dan bunga poinsettia.

Kita sendiri sih cuma belanja bentar trus pulang buat tidur siang. Malemnya, gua ama Andrew bikin snowman untuk ditempelin foto-foto orang-orang yang kita undang untuk Thanksgiving dinner besok. Jadi ceritanya instead of naruh nama di masing-masing piring untuk nentuin siapa duduk dimana, kita taroh foto-foto mereka (yang ama Esther di print dari Facebook). Good idea kan? Jadi lain dari yang lain…

Ini nih penampakan snowmen yang kita bikin:

Eh malemnya, tetangga kita ada yang ngetok. Dia ngasih kita mocca chocolate cake! Doh gua jadi gak enak ati. Soalnya awalnya sebenernya gara-gara pas Halloween kemaren kan dia ngasih kita permen, jadi pikiran pas Thanksgiving kita balesin gitu. Jadi kemaren pas Selasa, gua ngasih dia pumpkin pie (yang mana ukurannya kecil banget soalnya kan gua pikir dia masih single)… Eh ternyata malah dibalesin lagi kita dikasih cake (yang mana pasti harganya jauuuhhh lebih mahal kan!!). Haiyaaa… Jadi kepikiran dah, berasa kok gua pelit amat. Hahaha.

Kamis, 26 November 2009

Hari ini Thanksgiving day!!! Yah walaupun setiap hari pun kita harus kudu bersyukur selalu, tapi hari ini kita bener-bener lebih bersyukur, atas segala yang Tuhan udah kasih ke kita selama ini. Yang pasti karena kita bertiga sehat-sehat aja, keluarga kita juga semua sehat, gua juga punya kerjaan yang lumayan, kita punya tempat tinggal, ada mobil, masih bisa jalan-jalan dan makan-makan… dan semua-semuanya dah… Kita sangat bersyukur banget!

Makanya kita bakal ngerayain lagi kali ini. Kita ngundang 5 orang, jadi total ber-8 ama kita. Gak banyak-banyak ngundangnya, soalnya mau sitting dinner.

Paginya sih kita nyantai-nyantai dulu di rumah. Internetan, nonton DVD… Enak banget ya nyantai-nyantai itu. Hehehe. Trus sekitar jam setengah 1 baru keluar. Ngambil pesenan makanan dulu buat malem. Sama kayak taun lalu, kita taun ini juga mesen semua dah. Males mau nyiapin dari scratch. Menunya pun sama, ya tipikal menu Thanksgiving dinner lah: roasted turkey, bread stuffing, dinner roll, yam caserolle, gravy, mashed potato, dan cranberry sauce.

Trus kita pergi makan siang dulu di luar, baru trus pulang. Andrew dipaksa tidur walaupun rada susah, soalnya dia udah excited banget karena ntar malem mau pesta. Dia udah nanya-nanya mulu kapan orang-orang mau dateng.

Begitu Andrew tidur, langsung kita beraksi. Makanan-makanan dimasukin oven, meja makan mulai disiapin (ditata gitu biar rada keren.. Haha). Untung kita cepet beraksinya, soalnya Andrew cuma 1 jam tidur udah bangun.

Dan ya malemnya kita makan rame-rame. Andrew juga seneng banget banyak yang nemenin main. Trus ngobrol-ngobrol sampe gak nyadar, udah jam setengah 1 pagi! Huaaaa… Cape tapi seneng banget!

Jumat, 27 November 2009

Hari setelah Thanksgiving day dikenal sebagai Black Friday, hari dimana banyak sale gede-gedean dimana-mana. Terutama di toko-toko elektronik, orang-orang biasa dari midnight udah ngantri di depan toko. Toko-toko juga dari subuh udah pada buka.

Kita sendiri gak niat ikutan. Soalnya kalo gak beli barang elektronik yang emang mahal, rasanya gak worth ya untuk ngantrinya. Plus lagi malem sebelumnya kita jam 1 pagi baru tidur, jadinya Jumat ini kita bangun rada siangan.

Nyantai-nyantai lagi di rumah, sampe jam 12-an baru jalan keluar. Tujuannya ke Foxhill mal. Rencananya sih untuk sekedar memantau Black Friday di mal.

Nyampe sana, mau masuk tempat parkir aja udah ngantri. Macet! Parkiran pun penuh banget. Untung cuma muter sekali eh langsung dapet. Trus langsung cepet-cepet masuk cari makan. Udah laper. Foodcourt nya pun rameeee banget! Semua orang bawa belanjaan yang banyaknya bukan main.

Abis makan baru kita jalan-jalan. Masuk dari toko ke toko yang sebenernya sale nya gak sampe gimana-gimana banget (bukan elektronik sih). Barang yang sale nya lumayan, banyak yang udah abis. Eh tapi gak nyadar, entah karena pengaruh ngeliat orang lain pada belanja (alesan aja), akhirnya kok kita dari yang tadinya cuma mau memantau malah jadi ikutan belanja ya? Huahahaha….

Apalagi pas ke Disney store. Mau masuk aja kudu ngantri dulu! Padahal di dalemnya ternyata gak gitu banyak diskon juga. Awalnya gara-gara ada boneka yang emang good deal, jadi kita beli buat ponakan gua. Eh trus ngeliat ternyata kalo total belanja $40, bisa beli boneka Mickey Mouse yang lumayan gede seharga $5 doang. Lumayan banget kan… Jadinya malah nambah-nambahin belanjanya biar $40. Huahahaha. Kaco ya… korban iklan banget…

Trus sempet foto ama Santa Claus juga. Taun ini Andrew udah gak takut lagi, malah seneng, soalnya dia mau minta kado Natal! Huahaha.

Yah gitu deh, akhirnya baru jam 7 malem nyampe rumah lagi, dengan belanjaan yang… ehhmmm banyak juga! Huahaha…

Sabtu, 28 November 2009

Hari ini pengen nyantai lagi. Siang-siang baru keluar pergi makan, trus mampir sana sini beli titipan bentar trus pulang… Tidur siang! Enaknya… Sore nya ke gereja, trus pulang… Dan kita mulai packing untuk pulang Indo. Wah ternyata lumayan ribet juga ya… Banyak banget barangnya!! Huahahaha. Akhirnya kelar jam 10-an, lumayan lah sekitar 80% udah masuk koper. Tinggal baju-baju aja…

Minggu, 29 November 2009

Yah udah hari terakhir liburan… Kenapa ya kalo yang namanya liburan selalu cepet banget jalannya?

Hari ini kita ngunjungin temennya Esther yang baru ngelahirin. Rumahnya lumayan jauh di Laguna. Sekitar 1 jam perjalanan. Temennya Esther ini punya anak umur 2 tahun tapi gedenya ampir sama ama Andrew. Demen banget mereka main berduaan.

Trus kita pergi ke wharf untuk makan. Ngobrol-ngobrol, jalan-jalan di pinggir dermaga ngeliatin laut ama kapal-kapal. Andrew ama anaknya temennya Esther lari-larian mulu berduaan. Gak nyadar sampe jam setengah 4 kita disono. Trus langsung buru-buru balik dah soalnya masih kudu mampir ke salah satu toko buat beli titipan sepupu gua, trus masih mampir supermarket, dan ditutup pergi makan… Baru pulang dah.

Yah begitulah cerita liburan long weekend kita kali ini. Very very fun!! Yah ada acara nyantai-nyantainya, ada acara makan-makannya, ada acara belanja-belanjanya, dan banyak ketemu temen-temen… Menyenangkan sekali…

Gimana acara long weekend kalian?

PS. Gua kasih review dikit DVD yang kita tonton ya…

1. Angels and Demons – nilai 9/10 – “bagus, seru, mantep banget dah film ini… very recommended!!”

2. Orphan – nilai 8/10 – “seru juga, cukup menegangkan, bikin kaget-kaget… very recommended!!” Btw, ada pelajaran yang patut diambil dari film ini… Kalo mau ngadopsi anak, ngambil yang bayi aja, jangan anak yang udah gede. Serem gile…

3. Ugly Truth – nilai 5/10 – Pelajaran yang gua dapet dari film ini adalah… Mendingan nonton film yang lain dah ya!

PS lagi. Hari ini dapet kabar gembira. Satu hal lagi yang perlu kita syukuri banget. Akhirnya kita berhasil untuk refinance mortgage kita! Setelah bete berat karena pas bulan Mei lalu kita gagal untuk refinance, padahal waktu itu prosesnya udah sebulan lho… Eh gagal gara-gara nilai properti kita turun 15%! Jadi kalo kita tetep mau refinance, kita harus nombokin DP nya (soalnya rasio loan to value nya harus tetep 80% dan kita dulu pas beli emang naroh DP nya dipas-pas-in 20% aja). Ajegile… Duitnya dari mana coba…

Nah bulan lalu, gua coba-coba lagi untuk ngajuin refinance. Dan ternyata nilai properti udah balik normal (bersyukur #1). Dan bunga bank masih cukup ok (kita dapet 5.125%, bandingin ama bunga kita sebelumnya yang 6.375%), jadi per bulannya lumayan banget kita bisa saving nya (bersyukur #2). Dan hari ini (setelah 1,5 bulan prosesnya… yang mana lama dan ribet banget!) akhirnya dananya keluar juga (bersyukur #3)… Legaaaaa…. Thank  God banget banget dah!

Hello, Everyone!

I sincerely hope that you all had safe travels and enjoyed eating lots of turkey last week. Top priorities this week should be 1) getting some exercise to work off that turkey! 2) Figuring out a good way to save some money on your mortgage payment. The first is tough but the second is a slam dunk! Refinancing now is a no brainer. Do not wait any longer. I have mentioned before that the fed’s direct purchase program is over. When the money runs out (it has) the only way the market can move is UP. Rates will go up very soon and its now or never.

On a $300,000 mortgage, moving from 5.75% to 4.75% will save $200 per month on your payment.

Need some money for Christmas spending or to pay off high interest rate credit cards? A $10,000 credit card balance costs $500 per month. $10,000 home equity costs $52 per month. Let’s roll all those credit cards into your mortgage and save you some real money.

Experts agree that 2010 will still be full of economic issues. Cash is king. Gets some cash out … lower your overall monthly bills and be well positioned for 2010.

Today’s Rates:
30yr fixed- 4.625% 0+1
15yr fixed- 4.125% 0+1
FHA/VA 4.875% 0+0
USDA 100% financing 4.875%

Have a great day and let me know when to expect your loan application. And keep in mind that we service all metro areas in Texas: Austin, Dallas, Houston, Fort Worth, San Antonio, El Paso, Cedar Park, Round Rock, Buda and much more.

Cheers,

D. Stephen Steakley, Jr.
Austin, Texas Home Loan Expert
512-577-8898 ph
Austin, TX Home Loan – Quick Application

By:  LoanMan

Can I get an unsecured loan with my bad credit? The short answer is YES!  However, a lender needs incentive to make an unsecured loan, this comes in the form of a high interest rate. The lender want to minimize risk as well, so even at a high rate the sums available for lending may remain small, depending on your current job and your history…or how you got in trouble with your credit.

Let’s Go Over Unsecured Loans

Contrast an unsecured loan with a secured loan such as an auto loan, where the lender may repossess the car if the borrower fails to make payments or a home mortgage where a house foreclosure takes place in the case of a default.  Why does any of this matter? When a lender looks at someone who already comes to the table with bad credit they must give serious consideration to the possibility that they might have trouble getting paid on the new loan as well. What would make them want to make such a risky loan?

Maximum Loan Limits

With a car loan or a mortgage the lender can reassure themselves that if things turn sour they still stand to not lose money because the value of the collateral for the loan, say the house or the car, would fetch so much cash on sale that the loan could be paid in full. Unsecured loans offer no such alternative in the event of default.  For those with bad credit even less. At some point the lenders may draw a line, and set limits like maximum loan levels. In other cases the government may set limits, such as maximum interest rates. At the end of the day the consumer may or may not have options to take an unsecured personal loan depending on how much they need to borrow and how bad their credit has become.

Bad credit and no job will probably rule out an unsecured loan.

Imagine a typical situation where an unsecured loan with bad credit works. A person finds himself or herself with some debt trouble that has already caused a poor credit score to exist. Figure they have $4000 in debt on 7 accounts and credit cards. They have good income and a steady job but moving those 7 payments into one would really help to get their finances in order. This person may be a good candidate to take an unsecured loan even with bad credit. First they are not asking for too much. Unsecured loans with bad credit for homeowners may top out at $10,000 to $25,000. For renters limits range from $5,000 to $15,000. Unsecured loans higher than this range would require good to excellent credit. Note they have a steady job. Bad Credit is bad enough, bad credit and no job will likely exclude you from any type of unsecured loan. Sometimes lenders may look to what the money will be used for. Reducing debt helps your overall financial situation.

An unsecured loan at a high rate is better than foreclosure!

Need emergency money? Put yourself in the shoes of someone who lost their job. The mortgage fell $15,000 behind and foreclosure looms just over the horizon. You researched how to stop home foreclosure and decided an unsecured personal loan would be best if you could get one. With most unsecured personal loans the whole process takes a few hours to just a few days, so the timimg looks fine. Recently you took a new position at a higher salary than you had before. The bank offered a deal to take $5,000 now and put the rest of the arrears on the principal balance and allow you to pay it over the life of the loan. You have examined all of the options for how to get money when need money and determined that an unsecured personal represents the best option. With the new job you figure that you can easily make payments on both the mortgage and the personal loan. The interest rate may be high but looking at the payments over the entire personal loan the outlay represents far less than the legal fees alone would cost were the foreclsoure to proceed. While unsecured personal loans should not be used for all circumstances, when compared to the alternative of foreclosure an unsecured personal loan clearly appears as the better option.

People get in debt without understanding what got them there.

Examine the case of a person behind on their rent, utilities, car payment and credit card bills. They have a good steady job and a $7000 unsecured personal loan would catch them up with everything and put them back on track. They look at their income and expenses and feel the payment should be a piece of cake. Even figure they don’t even have bad credit yet. That personal unsecured loan sounds like just the thing needed. It may be, but just hold on a minute! If the loan payments look so easy what explains the landlord and other creditors banging on the door? Too many time people get in debt without understanding exactly what got them there in the first place, then they deal this the immediate debt problem and not the underlying issues. Before taking any type of debt consolidation loan know the facts about how you fell into debt and make the corrections needed to prevent debt from reoccurring. Not truly understanding cash outflow stands as a primary reason people end up in serious debt trouble like bankruptcy filing. You may think you understand where all of your money goes, but in fact, most people don’t really know. With income and spending issues understood and corrected, the time arrives for dealing with the debt either with an unsecured personal loan, a debt settlement, a bankruptcy or whatever fits your financial situation.

Do you have the income to repay the loan?

The most important factor in decision making on unsecured personal loans with bad credit revolves around the ability of the applicant to repay the loan. You need steady income and enough available cash beyond your expenses to prove you can make the payments on the loan you apply for. Remember, unsecured personal loans for people with bad credit do not come cheap.
Other loans or financial transactions might fall under the heading of an unsecured personal loan for someone with bad credit. To fully discuss that topic I shall address them and warn you about them here. PayDay loans technically qualify as personal unsecured loans and they can be obtained with bad credit too.  A caution, though, on PayDay Loans.  Use them wisely and only for a few days, or you could end up paying up to 300% interest.

Credit Cards

Bad credit might keep your credit limit low or even restrict you to a secured credit card, but an unsecured credit card might even be a better option for people who originally began looking for an unsecured personal loan.

Be honest with yourself.

Don’t be too upset if you fail at obtaining an unsecured personal loan with bad credit. Take rejection as a sign that perhaps you need to review your budget and spending habits or boost your poor credit first. Personal bad credit loans can help but they might lead you right to worse trouble as well. Learn everything you can about your own situation and be honest with yourself. Look at all options carefully and choose your next step wisely.