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Probably the biggest question I hear is “Richard, I have tried to talk to my mortgage company, or my credit card company, and all I get is a run-around. How can I get them to talk to me, in order to lower my payments?” I hear this again and again. So I thought I would address this issue in this article. Very quickly, why am I qualified to talk about reducing your mortgage payments and slashing your credit card debts? I am the developer of the Mortgage Relief Formula, the home study course that teaches you how to lower your payments without getting a new loan, how to sell your house if you owe more than the house is worth, the nine day house sale method that works in any market, and how to cut credit card debts without bankruptcy.

How to get mortgage relief? Can I get Get Cash Out From The Refinance? No, since the lender is taking a loss as they reduce the amount you owe them, they will not allow the homeowner to get any money at closing. Will I have to Pay Back The Difference? Most lenders will normally release the home owner of the full balance in writing. Especially if they know you don’t have any significant assets. And typically the IRS will require that you pay taxes on the forgiven amount but in 2007, they no longer consider the forgiven debt as taxable income on primary residences. Please consult with your tax advisor for more details on The Mortgage Relief Debt Act.

How Long Will The Process Take? It depends on your specific lender, but normally you are looking on about 30 – 45 days. The key is to make sure you give the lender everything they need in a timely fashion and continuous follow up with your lender on a daily basis. What Will I Need To Qualify? Once you lenders give you the go ahead to start the Short Refinance procedure, then it’s just a matter of getting qualified for an FHA Loan.

So this initial “this is the best we can do” from the credit card companies is just a start. If you know how, you can do a lot better. Now let’s address the mortgage companies. They have another problem. They are losing money and yet they have to staff up to handle the huge number of loan workout requests and short sales and so forth. The fact is that you have people there who can handle 100 cases who have 1,000. So they will not pay attention to you unless you are very good at making your case, and you have a complete file with all the papers they want.

Why Would A Lender Participate In A Short Refinance? Lenders only care about two things, which is how much you owe them and how much the house is currently worth. The reason they will consider to do a short refinance is because they will get more money out of a short refinance when compared to a short sale and a significant amount more than if the house was suppose to go into foreclosure. The short refinance is based on the market value of the property, while the short sale is based on the best offer and no one in this market is going to pay market value for a home today. Also the average foreclosure will cost a lender about $100,000.

Learn more about Obama Mortgage Relief Plan Qualifications.

If you are in the process of refinancing your home mortgage qualifying for the lowest mortgage rate will save you a lot of money. But How to get mortgage relief? Did you know that mortgage loans are sold as retail products just like your kitchen appliances? If you accept retail interest rates when refinancing your loan you could overpay thousands of dollars every month you keep the loan. Here are the basics you need to know about mortgage interest rates before refinancing your home loan.

First and foremost, it’s helpful to understand how the debt collection process works. Why are you being contacted by the debt collector in the first place? If you are late on making a credit card payment, for example, a collection agency that either works for your creditor in-house or is a third party that has purchased your debt for less than you owe has been handed the reins in trying to collect payment. Keep in mind that if the credit card company has taken a loss on your account, it may show up negatively on your credit report. It might also be the case that you’re being contacted about a debt that isn’t yours, in which case it’s quite likely that you’ve been a victim of identity theft. It may be difficult convincing the collector of this at first.

Qualifying for the Best Mortgage Rate- Before applying for a new home mortgage refinance loan you should review your credit reports for errors or negative information. There are three credit reports you need to request from three separate reporting agencies. If you find mistakes in these credit reports you will need to dispute the errors with each credit agency and allow enough time for the correction to boost your credit score.

Comparison Shop for the Best Deal- Comparing mortgage offers will help you avoid the majority of mistakes homeowners make when taking out a home mortgage refinance loan. When you compare offers request a copy of the Good Faith Estimate from each lender before submitting your application. Most mortgage company will provide you a Good Faith Estimate simply by asking for one. If a mortgage company refuses to give you one, move on to another one that will.

Finally, put any and all debt collection complaints in writing and send them to both the creditor and the collection agency via Certified Mail. This includes any promises or threats, any rude or harassing comments, or any explanations of the collector’s behalf that may show improprieties in the handling of your debt, disputes, or payments.

Learn more about Obama Mortgage Relief Plan Qualifications.

Even though you may feel confident that your staff is highly trained and professional in all of their actions, you must still comply with new guidelines, as well as try to navigate the current economy. Under these circumstances, you are likely to find a need to outsource at least some elements of your business. Fortunately, you will find that mortgage underwriting outsource companies can easily meet your needs, as well as provide you with additional services as your business changes in nature and scope.

The Money Merge Account was developed by a team of financial experts with years of experience in the mortgage industry, the Money Merge Account rapidly reduces the principal of your mortgage, practically eliminating the interest from accruing on your loan. Your 30-year mortgage can now be paid off in about 8 to 11 years, with no change to your lifestyle or refinancing of your existing mortgage.

The Money Merge Account is not a bi-weekly payment or debt roll-down system. No refinancing of an existing mortgage. It’s an entirely new approach that gives homeowners flexibility with their money and complete financial freedom. Money Merge Account uses your mortgage, an equity line of credit, and the Money Merge Account software calculates the highest interest rate savings in the smallest amount of time.

Also, these loans are insured by the Federal Government, so once you are approved, the lender is covered in case you default on the loan. The Federal Housing Administration also requires you only put 3% down payment toward the loan. This holds true for a purchase or if you are refinancing your home. You can even get the cash from a relative or in the case of a refinance, use the equity built up in your home as the down payment.

So, If you’re looking for a bad credit score mortgage or refinance, strongly consider an FHA loan, you’ll benefit by being able to afford a home that you otherwise could not afford. Hard working families that may have damaged credit and very little down payment can still experience the joy of home ownership with an FHA loan.

Learn more about Obama Mortgage Relief Plan Qualifications.