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Loan Modification Forum Returns to Hartford CT, Tuesday Nov 15

 

For Connecticut home owners that are under water with their mortgages, there may be another opportunity to talk directly with your lender about your loan and a loan modification.

The recently modified HARP, Home Affordable Refinance Program, may have made it possible to get out from underneath the burden of that large mortgage.

On Tuesday, November 15 at The Connecticut Convention Center in Hartford CT, representatives from some of the largest banks holding mortgages in the State will be there to answer questions and review your mortgage to see if you might qualify.

The Loan Modification Forum in Hartford CT will run from 10 AM to 7 PM.

Some of the lenders attending will be:
Bank of America, GMAC, HSBC, JP Morgan Chase, First Niagara, McCue, People’s United, Wells Fargo, Webster Bank.

Housing counselors from the Connecticut Fair Housing Center, Statewide Legal Services and The Workplace Inc will also be in attendance and available for counseling.

The counseling session will be similar to the first mortgage application taken.

Borrowers who attend Tuesday's event should bring documents, including:

·          most recent tax returns

·          three most recent statements for bank, investment and retirement accounts

·          most recent statements for all credit cards and loans.

 A complete list of required documents and participating lenders and servicers is available at http://www.ct.gov/dob/homeowner.

 

If you are a home owner that will not qualify for the new HARP Program and need some assistance with selling your home as a short sale, I can help. Call me to set up an appointment to go through the short sale process.

 

 Loan Modification Forum Returns to Hartford CT, Tuesday Nov 15

Even in this Fluctuating Market, There's Value In Owning a Home

Home Buyers are being cautious about buying a home because of the fear that prices are still dropping. There are values to be had, and when factoring in the loss factor of paying rent, a home buyer should just consider buying enough home to satisfy their living needs.

The initial purchase, commonly referred to as a Started Home, is usually a smaller but functional property, with 2-3 bedrooms, kitchen, living room and a bath. This is probably similar in size to a common rental unit. The essential difference, is that the owner now has an investment for themselves and their family.

Yes, there are some additional responsibilities such as yard and home maintenance, but this work maintains the equity, or potential profit, of the home. The end of month payment may be slightly larger than a rental property, but this is largely deductible from taxes at the end of the year and the rent is not. The monthly mortgage payment with a fixed rate will have very small changes if any to payments except for taxes if they are added to the payment. A renter's payments can change from 3-5% with each year, and that in itself can cause a renter to move much more frequently, and adds those costs as well.

A real difference in owning vs. renting is that owners have a much stronger sense of community than renters. Their mindset is one of pride, and it can make them friendlier and maybe even healthier.

Because of the stability of a home, children of home owners typically stay in school longer and do better in school. They are also more likely to participate in local activities and spend less time in doors in front of a television.

 With the stability of home ownership also comes a stability of a neighborhood. Communities of owner occupied homes tend to have lower crime rates.

Above photo of that happy family
courtesy of Lenn Harley, Homefinders,
with a chuckle!

Home ownership is a good thing. It's good for the economy, it's good for the family and it's a great way to appreciate wealth a little at a time.

Even in this Fluctuating Market, There's Value In Owning a Home