Do It Yourself Loan Modification

Negotiate your own loan modification, you do not need to pay someone to submit paperwork on your behalf and charge you $1,000`s.

1. First you need to know and have clearly set in your mind that the banks are not here to help you.
2. You only get one chance to submit your financials the right way in order to qualify.
3. Payments will be considered at 31% of your gross monthly income.
4. A financial review of the household income and expenses to determine if surplus income is sufficient to meet the new modified mortgage payment, but insufficient to pay back the arrearage.
5. All borrowers must fully document income, including signed IRS 4506-T, two most recent pay stubs, and most recent tax return, and must sign an affidavit of financial hardship.
6. The modification sequence requires first reducing the interest rate (subject to a rate floor of 2%), then if necessary extending the term or amortization of the loan up to a maximum of 40 years, and then if necessary forbearing principal. Principal forgiveness or a Hope for Homeowners refinancing are acceptable alternatives.
7. The monthly payment includes principal, interest, taxes, insurance, flood insurance, homeowner’s association and/or condominium fees. Monthly income includes wages, salary, overtime, fees, commissions, tips, social security, pensions, and all other income.

If you have any questions regarding do it yourself loan modification, email me at RobertBenenati@365realtyinc.com and I will try to answer them as best I can. Good Luck!!

5 Quick Credit Tips

Better score = lower rate 5 tips for better credit

1) Keep all balances on credit cards below 30% of available credit

2) Never pay late. If you are disputing a cell phone bill; pay and then dispute. Cell phone companies report to collection companies fairly quickly and this can hit your score fast and hard. Better to pay the $30 then pay higher interest rates for 7 years. Even if they agree you are right, getting a collection off your credit is not easy task. Utility companies and medical billing companies report quickly too so beware.

3) Do not close credit cards and do not open credit cards you do not need. Opening a new line of credit for 10% off is not worth it.

4) Be on top of your credit. Check it once a every 4 months with one bureau. Through the free credit you can check it with each bureau once per year. If you check one bureau in January and the next in May and then in October you will monitor your credit for free for the year. Look for credit cards you do not recognize and new addresses. If your address is wrong alert the bureaus. That is the first sign of ID theft.

5) Check out www.optoutprescreen.com This website, developed by the credit bureaus, gives consumers the opportunity to opt out of receiving credit offers in the mail. Signing up (it is free) can bump your score a few points and it eliminates credit card offers in the mail which cuts opportunites for ID theft.

Robert Benenati

Real Estate Broker

365 Realty, Inc.

www.365realtyinc.com

What is Lake Nona?

Lake Nona is located minutes fro the Orlando International Airport, where you will find some serious research and development of the biomedical science. Structures located in the 600-acre vicinity are to include:

• University of Central Florida`s College of Medicine & Healthcare Campus
• Sanford-Burnham Medical Research Institute at Lake Nona.
• University of Florida Academic & Research Center.
• Orlando VA Medical Center.
• Nemours Children`s Hospital and Research Campus.
• M.D. Anderson Orlando Cancer Research Center.

Buying a home in Lake Nona is investing in your future.

It`s The Monthly Payment That Matters!!!

Everyone is so caught up and worried about home prices going up or down, let me ask you, does it matter what the sale or purchase price of the home is? Really all you have to be concerned about is, one, that the loan you about to sign for, is a 30 year FIXED(the interest rate does not change) monthly payment that you can afford and number two, that you are happy with the house your about to call home.

If you have been renting all your life and have paid rent to a landlord receiving no kind of benefit or tax break, why are you so worried now?

Remember!! If you can comfortably pay the monthly mortgage, give yourself and your family the pleasure of becoming a homeowner.