The situation has imploded to the point that there may be more than 2.4 million foreclosures that will occur. And this doesn’t include the millions of homeowners who are upside down on their homes.

These strategic defaulters who could obviously pay their mortgage but decided it was not worth their time or money and who did not complete a workout alternative in good faith will have to face Fannie Mae who plans to limit their access to government-sponsored home loans for seven years.

In addition, many of the lenders who have been victims to this reckless behavior are seeking what legal experts call deficiency judgments. This is a court order requiring a borrower who has defaulted on their mortgage to pay any unpaid portion of the home loan after a foreclosed or seized house is sold.

In the state of California, a bank or mortgage lender can only obtain a court ordered deficiency judgment if the home loan was used to refinance a home but not if it was used to fund a purchase.

And as regards the ability for future borrowers who have purposely defaulted on their current mortgage to attain another government-sponsored home loan?

Think about it for a moment: What if Fannie Mae took the stance that any government sponsored loans such as a FHA loan would not be available for ones who simply walked away from their home loan?

Of course this would be the end result once it was proved that the homeowner refused to pay their home loan all because they were upside down on the value and that it wasn’t due to being unemployed.

So how long could one be banned from doing business with Fannie Mae? Well at this point, Fannie would no longer buy or guarantee a home loan for about seven years.

Further data from the research firm CoreLogic shows that consumers who are slightly underwater or owe a little more than their homes are worth will most likely continue to pay their mortgages if they have the resources.

But borrowers on both a local and national level are more likely to walk away from their St Louis home mortgage loan when the home’s value is at least 25 percent less than the original home loan amount.

March 2010 saw about 31 percent of foreclosures as strategic walkaways by the consumers themselves which was compared to only 22 percent in March 2009.

However, many are now questioning why it took so long for Fannie Mae to make these debtors finally owe up to their financial responsibilities?

The period or time frame that one should be blacklisted for is being debated by consumers all over the nation. Some feel that seven years is no where near the allotted time for punishment and others feel it is just too much.

The problem seems to have gotten totally out of hand when the fundamental idea of buying a home to live in now became simply, an investment.

Thus, it is probably time that these greedy homeowners who thought nothing at the moment of refinancing their homes to the hill should be held accountable and taught a valuable lesson that one’s home is for living in and not for entertainment or investment purposes.

A recent press release said that “Fannie Mae will also take legal action to recoup the outstanding mortgage debt from borrowers who strategically defaulted on their home loans in jurisdictions that allow for deficiency judgments.”

Now that Fannie Mae has taken steps to make these ones pay for their lack of responsibility and curtail future offenders, experts are saying maybe the Administration will stop making less of this problem and also take a strong position which may help prevent another mortgage fiasco from ever happening again.

Visit this website to learn more about St Louis mortgage refinancing loans. Stop by Floyd J. Tapia’s site where you can find out all about St Louis finance and what it can do for you. We invite you to call us at 877-334-0210 or 314-334-0210.

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1. Make Your Kitchen Hot

Depending on your budget, why not start with the less expensive type of replacements that will make your old kitchen look like new. Remember, this is probably one of the most important rooms in your house to show off to the new family. Start with some new lighting fixtures and do not forget to replace the old cabinet door handles. A new sink or kitchen faucets will do wonders for the perfect open house. And if you have a larger budget, think about refacing your kitchen cabinets which is still less than buying new ones.

2. A Face-Lift Will Make Your Home Look Younger

Another eyesore you want to avoid is if your kitchen appliances do not match. A simple solution would be to order new doors or face panels from the manufacturer. Most people don’t realize this but many dishwasher panels are white on one side and black on the other and they are easy to change.

3. Give Your Bathroom Some Style

This is another room that you want to make a great impression for the new buyers. If money is tight, go the quick and easy route by replacing the toilet seat and perhaps a new pedestal sink. This would not only be inexpensive but will give your bathroom a whole new look.

If your floor looks old and dingy, replace it with vinyl or sheet tile. Another tips is to replace old, broken chipped tiles with new ones and do not forget to use new grouting if needed. If you have extra money for improvements, put in a new prefabricated tub.

4. Get Out The Brushes and Start Painting

Nothing will make a room look new, clean and bright than a new coat of paint. Folks, this is another inexpensive route that you must take. Some additional tips would be to paint the ceiling, yes, the ceiling and paint all trim a contrasting color.

Some consumers are now painting their walls three different shades of the same color. You first paint the bottom wall with the darkest shade. Once it dries, do the middle section with the next lightest shade and so forth.

5. This Would Be a Good Time To Look Down

Does your carpeting need help? This is another area that will make your home look newer and brighter. You can accomplish this by calling your local neighborhood carpet cleaners who do this professionally.

If this doesn’t go as well as you expected, don’t go out and buy new carpeting yet. Here’s two reasons why; first, you can go out and buy an area rug and cover up the small, dingy portion of the carpet. Second, most new buyers will go out and buy new carpeting for their color or style preference anyway so why incur a needless cost.

6. Making A Grand Entrance

This is the very first thing you, and your guests, will see as they enter your home. If the door is made of wood and in good shape, then a new coat of paint or refinishing it may be the answer. But if you have a steel door and you notice it is dented, replace it with an inexpensive steel door, a fiberglass door or upgrade to a nice wood grain door.

After you paint or refinish the front door, think seriously about replacing the door nob, lock set and knocker. Another great tip is placing two large planters on both sides of the new door.

7. Your Home and Curb Appeal

These tips may seem obvious but let’s go over them anyway. When new buyers pull up to your address, make absolutely sure the lawn has been mowed and manicured. Make sure any bushes you have are trimmed as well. The inside of your home may be immaculate, but if the outside looks like a complete mess, your odds of selling the home just went down.

Another idea would be to hire a landscaper to spruce up your front lawn. This can be done to a beautiful degree and yet be kept within budgetary means. It may slightly help the value of your home. But even if it doesn’t, it may keep your house on the market longer than necessary which you and your St Louis mortgage broker will definitely not like.

Want to find out more about a St Louis finance loan, then visit Floyd J. Tapia’s site on how to choose the best St Louis mortgage broker for all of your St Louis lending needs. Or give us a call at 877-334-0210 or 314-334-0210.

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The outlook for these federal programs being able to help all homeowners avoid foreclosure is not very good. But that being said, there are certain things that can help you increase your odds of success according to many St Louis mortgage lenders.

Let’s start with the easier ones first:

1. Completing the Package – Consumers will need to submit paycheck stubs, a finance budget, a letter of hardship and any other documents the loan servicer requests. Remember that if even one document is missing or outdated, your file will be dropped to the bottom of the pile.

2. Be Sure and Ask Questions – You want to make sure that you fully understand everything being said and anything you sign. This will make the entire process go smoother for you and the servicer especially if they ask for additional documents from you.

3. Pick Up the Phone and Call – Sticking your head in the sand and hoping for the best will not be in your best interest. You must pick up that phone and call your servicer on a weekly basis. This would be the time to talk about any changes that have occurred and to discuss the status of your file and how close it is to being finished.

4. Remember To Be Persistent – No one told you that this loan modification process was going to be easy. That’s why its ever so important to submit documents when asked even if you already submitted them. Getting mad or arguing will not help matters. Being professional and proactive may end up getting you approved ahead of others who are not so accommodating.

Here are some more suggestions that can prove invaluable to you when discussing your St Louis mortgage situation with the servicer when on the phone or in person:

5. Make Sure You Are Flexible – You first have to realize that not everyone applying will qualify for the HAMP loan modification program. There are guidelines that must be followed which will require you to submit a full documentation so do not argue or slow things done by not following these non-negotiable requirements.

6. Do Not Forget To Label Your Documents – Since you are not the only homeowner seeking assistance with a loan modification, you need to make sure that the servicer who is getting your application receives it promptly and intact. So, you must put your name on every document and call to make sure they were received. And if you make a mistake on one of the applications, start over with a fresh one. If you scratch it out, you run the risk of it being thrown out and that will delay your getting help.

7. Release Your Tax Returns – The biggest reason that homeowners are tossed out of these bailout programs is because they do not give these servicers permission to access your tax filings from the IRS. If you are serious about getting help, make absolutely sure you sign the IRS Form 4506-T.

Visit our website to learn more about the best St Louis finance loan. Stop by Floyd J. Tapia’s site where you can find out all about a St Louis home loan mortgage and what it can do for you. We invite you to call St Louis mortgage brokers at 877-334-0210 or 314-334-0210.

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The following 3 credit improvement tips will help you and your family immensely:

1. A Good Start Would Be To Look At Your Credit Report Right Away -

One of the most important reasons for keeping close tabs on your credit score is to make sure there are no errors contained within.

Your credit report contains financial scoring information that can either help you get a good loan or could prevent you from getting one all together.

Federal law allows you to order a free copy of your credit report from each major credit bureau every twelve months but make sure you do so through Annual Credit Report.

You can now thoroughly review your reports for the important reason of looking for any type of mistakes that could be costing you time and money.

2. It May Be Best To Opt Out Of Pre-screened Credit Card Offers -

To begin with, your mailbox would probably be filled to the sky with all the offers you could receive.

In this way, if you do ever wish to proceed in looking for a new credit card, you can do it when you want to by going online at websites like Credit Card Guide or Bankrate.

One of the biggest misconceptions when receiving credit card offers in the mail is thinking that you automatically qualify for the best terms and rates available.

Most credit card companies and banks will still pull your credit report and then score you when you apply.

If your credit has become worse since this offer found you, you will probably be offered less than favorable terms or your application may be declined.

You can also permanently stop receiving junk mail such as credit card and insurance offers by simply going online to Opt Out Prescreen.

3. Remember to Pull Out Those Hidden Credit Cards -

August 2010 will mean the end of inactivity fees for not using your extra credit cards.

But don’t forget that credit card companies can still close your account or reduce your limits on unused credit cards which in turn might drop your credit score.

This can be avoided by using your credit cards once every 90 days.

The good thing about keeping these cards with limited usage is when another card you have gets zapped with a higher interest rate or lower credit limit.

Looking to find the best deal on a St Louis home mortgage loan, then visit www.StLouisRefinancingGroup.com to find the best St Louis finance advice on a St Louis loan for you and your family. Get your questions answered by calling the St Louis refinance experts at 877-334-0210 or 314-334-0210.

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But consumers may be totally surprised how easily one can become a victim of identity theft and how often it occurs even if you still have the card physically in your possession.

There is a new kind of crime that is becoming more and more frequent called “skimming.” Criminals are now taking full advantage of technology and can steal your credit card information at a moments notice.

Just recently reported by the St Louis Refinancing Group news team, skimming has received more news attention than ever due to banking incidents happening at Bank of America banks.

Skimming occurs most frequently at retail type stores that process credit and debit card payments which would include bars, gas stations, restaurants and get this, ATMs.

Let’s take for example an employee who decides to commit theft. They simply steal a customer’s credit card information off the magnetic strip on the back doing so by means of scanning with a hand held electronic device.

Once they have your private financial information, they can now go on their dream shopping spree or sell your information to criminals where counterfeit cards are made.

But there is now a new way to capture your card information. When you use your cards at an ATM, they can steal your data by using cameras or personally watching you key in your 4 digit PIN number.

What is sad is that most cardholders never know that the fraud has taken place nor any idea something is wrong until the criminal activity is spotted on their bank statement. And that is if they look at their statement very closely.

So, here are 10 tips to help keep your financial information private and safe:

1. Keep your personal information updated with your bank or financial institution. This is very important if an issue every occurs and you need to dispute any fraudulent charges.

2. Take the time and write down all customer service numbers on the back of your cards so they are readily available if your cards are lost or stolen.

3. Never use an ATM that is dirty or in bad shape. They may not be in working condition or may be a counterfeit machine put their to steal your credit card information.

4. Always let your bank or credit company know when you travel and where you are going so that they can monitor purchases and decline any suspicious transactions.

5. Watch the signage at all ATMs. This may tip you off that something isn’t right such as ‘enter your PIN twice to complete transaction, etc.

6. If your bank(s) offers email banking alerts, make sure you sign up for them.

7. If you notice that the front of an ATM machine looks damaged or loose, this may be a sign that someone has attached a skimming device.

8. Keep in mind that the location of the ATM you are patronizing. If there are suspicious individuals casing the ATM, they probably want your cash or are wanting to watch you type your PIN number. If you ever lose our card in a machine, just leave. It may be best to politely turn down assistance from someone who may have been watching you. You can always call your bank and get a new card.

9. Make it a habit to cover the keypad with your other hand when keying in your PIN number. This will prevent someone or a camera from capturing your numbers.

10. Although ATM skimming is growing at a quick pace, skimming occurs more often at retail outlets such as restaurants. If possible, always keep your card in sight. Try not to let anyone leave with your card if you can help it. If you are in a retail store and they say they have to go to another counter to run the card, follow them. If in doubt, pay with cash.

Another good piece of advice that was mentioned above is to check your balance on a regular basis when your statement arrives.

You should also stay abreast of the laws protecting your credit card rights and that these laws do not always apply to debit card purchases. Always use your credit card if possible when making purchases.

Always notify your bank or credit card company within two days of losing your cards. This may help limit your losses to $50. The worst thing you can do is prolong this needed phone call. You may end up suffering greater financial losses by waiting.

Looking to find the best deal on a St Louis refinancing loan, then visit www.StLouisRefinancingGroup.com to find the best St Louis finance advice on a St Louis mortgage for you and your family. Get your questions answered by calling the St Louis loan experts at 877-334-0210 or 314-334-0210.

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With the federal tax credit program soon expiring, St Louis refinancing and lending analysts seem concerned that any hope of a recovery may now be out of reach as unemployment seems to be on the rise.

However, to the great disappointment of political experts and financial professionals, the Obama administration’s additional initiatives to modify consumers’ loans facing foreclosure has horribly failed and has not met with any great success thus far just as the federal stimulus met with similar doom.

St Louis mortgage professionals also fear that a huge supply of discounted homes will hit the market in 2010 and this additional supply of homes will only worsen an already failing market situation.

As the deadline for the home tax buyer credit approaches April 30th, there is no evidence nor likelihood that we will see any increase in housing demand whether it would be new purchases or refinancing nor will this federal program be extended any time in the near future.

But what is surely ironic is no one seems to be strongly and publicly advocating consumers to buy a house at this time. In fact, Tim Surrat, a real estate agent, seems to echo this thought by saying: “No one is saying that they need to buy before the tax credit expires.”

Some experts are saying that the size of the tax credit at $6,500 to $8000 is actually too small to influence buyers to make any kind of immediate buying decision.

The real problem that the banking industry seems to agree upon is this in no way takes into consideration the needed savings to offset the home buyer’s down payment or commissions to real estate agents.

Let’s take for example a house that is priced at $164,000. If the real estate agent’s commission is at 6 percent, the amount paid would be $9840. In this case, as it would for most transactions, the expenses would be much higher than the $6500 to $8000 being offered.

As Roberton Williams, a senior associate at the Tax Policy Center, said: “You’ve got a really big problem that requires big guns, and the tax credit is just not big enough.”

Many lobbyists are saying more time should have been spent on making this program much more financially advantageous to buyers rather than the apparent wasted time on the controversial passage of the recent health care program.

The next crisis that seems to lay ahead of our political decision makers is will the social security system get the needed emergency cash to help keep it going. Let’s hope this agenda passes with gold stars.

Want to find out more about a St Louis home loan, then visit Floyd J. Tapia’s site on how to choose the best St Louis mortgage for your needs. Call his office 24 Hours at 877-334-0210 or 314-334-0210.

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But the news may prove to be much more damaging. This announcement includes the thousands of homeowners who have already modified their loans to lower payments and have paid them on time.

While some of these consumers are losing their benefits due to a failure to prove that they were qualified for this help in the first place, many other participants are losing their current loan modifications due to earning too much or too little since they started the process.

The problem stems from the fact that some of them are actually saving money for their retirement. And that in turn could mean you’re out of the loan modification program because their savings would put them over the limit permitted so that they no longer qualify for federal aid.

Now that’s not to say that there will always be those who approve and disapprove of federal funding to help bailout distressed homeowners. But the problem perhaps lies in the very system itself.

The problem lies not in the fact that these distressed homeowners were rightly approved for foreclosure prevention benefits after submitting all necessary paperwork, but the grim reality that they no longer have any rights to this emergency funding due to government loopholes.

The devastating irony is that taxpayers who have paid taxes for years to keep the government going are the very homeowners who now need assistance yet are denied such deserving benefits. This bailing out of fraudulent companies must stop and all monies re-routed to taxpayers who deserve such benefits.

But sad scenarios such as this has helped give birth for private companies to provide similar services to consumers needing this help but at a cost.

Wells-Fargo is one such private company and bank who is offering help to distressed borrowers in lieu of federally mandated options. And there is no surprise to the large number of mortgage owners leaving the fickle government programs for these private ones.

Why? It seems once you’re in there, you actually have a shot at getting a direct answer on whether or not you’re able to keep your home and what your payments will be. This may be what homeowners need and will use.

When applying for a St Louis lending loan or for the best St Louis mortgage rates, call the St Louis mortgage experts at 877-334-0210 or 314-334-0210 and ask for Steve, Doug or Floyd.

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The harsh reality of this appalling situation is a paltry 4 percent of total homeowners receiving long-term mortgage assistance who faced foreclosure this past year.

This has created a whirlwind of lawmakers trying to explore financial alternatives within the Obama administration aimed at helping the remaining 96 percent who may still lose their homes.

Demographics are showing that approximately two million homes and other real estate elements are falling into foreclosure or are bank-owned with more losses coming.

The government’s current solutions have been futile at saving homes from this foreclosure epidemic and that there is an anticipated 8 million foreclosures looming on the horizon as the economy falters according to Citigroup analysts.

Could the answer lie in encouraging more short sales? Well, the National Association of Realtors reported that over 500,000 home sales in 2009 were actually short sales. This was almost 10 percent of total house sales for the year.

Interestingly, Bloomberg.com said that banks who were once contrary to these type transactions are beginning to go along with short sales in larger numbers.

Further data shows that short sales almost tripled to 40,000 in the first six months of 2009, compared to the same months in 2008 as reported by the St. Louis Refinancing Group and the local lending community.

The Office of Thrift Supervision and the Office of the Comptroller of the Currency seems to feel that in reality there were 25 foreclosures started or completed for each short sale filed and completed.

Mr. Richard Green, the director of the Lusk Center for Real Estate at the University of Southern California in Los Angeles writes: “It’s really finally dawning on banks that they’re better off with a short sale. I think banks were in denial.”

Most homeowners don’t know this but there are a few benefits in doing a short sale. You remain in control of the sale as like any other home sale. And you can spare yourself the social stigma of having a foreclosure on your credit report.

And if your mortgage payments were never 30 days late and the lender didn’t require you to pay back the loan, you would be allowed to purchase a future home after said short sale occurred according to Fannie Mae guidelines either immediately or after a waiting period of no more than 3 years.

However, if your mortgage payments fell behind more than 30 days and a short sale was approved by the lender, you still may qualify to buy another home with Fannie Mae within 2 years.

But what if you were a victim of foreclosure? Do not despair. Even with restrictions in place, you may qualify to by another home within 5 years and if there’s no restrictions in place, within 7 years.

And for those who are investors and do not occupy the home, the wait to buy with a Fannie Mae insured loan is 7 years.

With political pressures escalating from demanding consumers in the mortgage arena, the Obama administration has had no choice but to champion the short sale as a feasible alternative to foreclosure.

There have been finalized guidelines carefully defined by the Treasury Department for utilizing short sales under the Making Homes Affordable program.

Under the new Home Affordable Foreclosure Alternative (HAFA) program, the administration is urging participating servicers to follow through with short sales as an alternative to foreclosure.

This new program known as HAFA was executed to assist distressed homeowners who were not able to qualify for a temporary or permanent loan modification under the (HAMP) Home Affordable Modification Program.

Learn more about the best St Louis Mortgage loan. Stop by Floyd J. Tapia’s site where you can find out all about a St Louis Mortgage Refinancing and what a new home loan or refinancing can do for you.

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