Cheap and Fast Loan Modifications

Loan Modifications have become the buzz of the day. Here's the skinny on what a Loan Modification is and how they work.

Loan Modifications are simply a restructuring of a mortgage holders current mortgage loan with the current mortgage holder. Due to the current credit crisis lenders have started to help their current customers modify their loans to insure that the customers will be able to make timely payments.

Here's the deal, in most cases the bank does not want your property. With the decline in real estate over the past 2+ years banks do not want to foreclose on your property. It's a tough market out there and banks have the same trouble selling a property as anyone else does. Also, it is important to mention that foreclosures are very expensive for banks.

Thus, banks want to keep good, performing loans on their books. With all of the gimmick mortgages sold over the past few years this is hard to do unless you offer some type of relief to the current customer bases who is on these gimmick loans.

Here's where we can help. We can help qualifying clients with loan modifications on negative amortization loan, pay option ARM loans, ARM loans, and even high fixed rate mortgage loans. There are lots of companies out there offering this service. Please be careful.

We offer a free consultation to let you know if you can realistically expect to modify your current loan. We offer offer a fixed rate price for obtaining a loan modification for you.

How to Get an FHA Loan

Loan Modification for Bank United

Bank United is extending a loan modification offer to their specified customer base. Manhattan Mortgage Corporation is pleased to announce that we can help current Bank United customers with these loan modifications. This loan modification agreement will allow you to convert your current negative amortization mortgage into a 30 year fixed rate mortgage at or below 5.95% (rate as of October 1st, subject to change).
Due to the current credit market conditions Bank United is opting to practice due diligence in helping their client base convert to a safer fixed rate mortgage while preserving relationships with their mortgage bankers and brokers. Thus, Manhattan Mortgage Corporation will be offering assistance to current Bank United customers currently on a negative amortization or pay-option-ARM mortgages.
Please understand that at this time Bank United is hopeful that it will be able to help covert 4,000 customers to a 30 yea fixed rate. With the uncertainty in the credit markets it is not know how long this modification option will be extended or how many loans will be able to be converted. Over 1,000 customers have already capitalized on this offer. This is not a refinance transaction. This is as simple as calling our office and requesting to convert to the 30 year fixed rate mortgage that Bank United has agreed to offer you.
• No appraisal
• No credit check
• No title fees
• No recording fees with the state
• No per diem interest
We are very pleased to be a part of this proactive effort with Bank United. We hope you take advantage of this limited time offer.

Call us today to request more information or to reserve your 30 year fixed rate loan modification.

Thank you,

Chris S. Gray
Loan Modification Specialist
877.224.2260 x. 2002

How to Get an FHA Loan

No Downpayment, No Problem

Fanne Mae and Freddie Mac?? Who knows what's going to happen with these guys. Here's what we do know. We can offer the following INSIDE and OUTSIDE of the City Limits. Don't forget if you have not owned a home for the past 3 years that you are entitled to a $7,500 tax credit. Take advantage of this because there are less than 9 months left to capitalize on this tax credit.


No Down Payment Assistance?? NO PROBLEM!! We’ve got you covered. Our SUCCESS Program combines a 1st and 2nd mortgage to finance the purchase price of a home and most, if not all, of the downpayment and closing costs. Qualifying is very easy.

• Total Financing up to 103% of a Home’s Purchase Price
• NO First-Time Homebuyer Requirement (Of Course, First-Time Homebuyers are Welcome)
• 30 or 40 Year Fixed Rate Mortgage with or without 10 Year Interest Only Option
• No Sales Price Limits nor Recapture Tax
• Funds Consistently Available
• Low Minimum Credit Score Requirement
• 100% Financing in some “Declining Markets”

We understand the tough market situations. That’s why we’ve rolled out this program to insure that your buyers are able to buy the home they deserve. We give prompt prequalification letters and do not charge a credit or application fee.

How to Get an FHA Loan

HR 3221

Normally I will updating this blog on Friday's but today's news is huge. Bush has signed the bill that he once opposed that is supposed to give relief to over 400,000 homeowners who are near foreclosure. The measure includes $15 billion in tax cuts, including a significant expansion of the low-income tax credit and a credit of up to $7,500 for first-time home buyers for houses purchased between April 9, 2008, and July 1, 2009. Read that again. What is already a great time to buy got even better. The legislation overhauls the Depression-era FHA. It requires lenders to show how high a borrower's payment could get under the terms of his mortgage. It provides $180 million in pre-foreclosure counseling for struggling homeowners.
In short, if you're behind on your mortgage and possibly facing foreclosure we can finally help you. PLEASE NOTE, your current bank must reduce your pay off for you to fit into this plan.
This is called a short-sale, or short sale. We can help you negotiate a short-sale. Banks are very, very willing to sign off on short-sale pay offs due to the sagging economy, depreciating housing market, and increase in foreclosures.

As always, MMC Mortgage is here to help.

Call us at 615.403.0103 for a free consultation.
Thank you,
Chris Gray

How to Get an FHA Loan