If you’ve been struggling with mortgage refinancing and have looked at loan modification only to find it less than helpful and out of reach, there is new legislation proposed that could give you much-needed relief. According to Mortgage Loan.com, the proposed legislation could slow foreclosure proceedings giving homeowners time to seek loan modifications or mortgage refinancing.
The Regulation of Mortgage Servicing Act would address some of the primary complaints that have been raised by homeowners seeking loan modifications through their mortgage servicers. The bill’s sponsors, Sen. Jeff Merkley (D-Ore.) and Olympia Snowe (R-Maine), say it would help protect homeowners against abusive practices by making the rules for mortgage servicers more fair and transparent.
If you want the best refinance loan for your financial situation the first thing you need to do is your homework. A recent survey by one financial blogger indicates that the overwhelming majority of homeowners in the United States lack a basic understanding of mortgage fundamentals, which results in overpaying thousands of dollars in nearly every case.
You can quickly arm yourself with the fundamentals you need to know for your mortgage refi by checking out my free Underground Mortgage Refinancing Videos. You’ll learn how to avoid common mortgage mistakes made by the majority of homeowners regarding the origination fee, yield spread premium and paying points.
My mortgage videos are yours free with no obligation and you can watch them at your convenience on your PC or Mac.