Foreclosures in Nassau County, Suffolk County and the NY Metro area continue to increase due to the struggling economy. As a result, some homes become neglected over time and develop situations that subsquently require a restoration company to perform repair work. Initiating necessary foreclosure repairs for a property can be accomplished by a potential homeowner applying for a mortgage related to the 203(k) Program.

203(k) Mortgage
The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), administers various single family mortgage insurance programs like a 203(k) mortgage. These programs operate through FHA-approved lending institutions which submit applications to have the property appraised and have the buyer\’s credit approved. These lenders fund the mortgage loans which the Department insures. HUD does not make direct loans to help people buy homes.

One Mortgage Loan
When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods.

The Section 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. To minimize the risk to the mortgage lender, the mortgage loan (the maximum allowable amount) is eligible for endorsement by HUD as soon as the mortgage proceeds are disbursed and a rehabilitation escrow account is established. At this point the lender has a fully-insured mortgage loan.

Advanced Restoration Corporation is a full service property damage restoration company that has the abiltiy to execute all necessary repairs to a property that qualifies for a 203(k) loan. For more information on FHA 203(k) loans and how Advanced Restoration can partner with you, please contact Gary Matzelle at (800) 693-6263. ___________________________________________________________

Advanced Restoration Corporation is a family-owned and operated full-service property damage restoration company with a combined 75 years experience in dealing with Fire & Smoke Damage Restoration, Water Damage, Mold Remediation and Reconstruction. We service Long Island (Nassau County, NY; Suffolk County, NY) and the New York area.

When disasters strike, Advanced Restoration is ready to respond 24 hours a day, 7 days a week. You are guaranteed to speak with one of our knowledgeable, caring team members, day or night. Our immediate response to a claim/property loss helps minimize the damages to the structure, contents, and ease the sometime catastrophic effect that a disaster may have on an owner or occupants.

Our company is dedicated to serving our clients with courteous and prompt service. We take the utmost pride in the craftsmanship of our work. As certified specialists in water mitigation and fire/smoke restoration, we have the knowledge, expertise and experience to deal with all types of property damage. Our professional staff is also trained in all aspects of mold remediation and damage appraisals.

Federal Housing Administration loan or the FHA loan is a mortgage loan provided in the United States that is insured by the Federal Housing Administration.  It is issued by federally qualified lenders and is preferably lent to borrowers unable to get typical home loans sanctioned for some reason.

From the year 1934 the US Federal Housing Administration Department (FHA) has been aiding the Americans to purchase new houses and fulfill their dreams to own a house. Their main sets of borrowers have been low and middle-income families who would otherwise not be able to satisfy the prerequisites of other loans. Though there are certain FHA Loan requirements but they are much more relaxed as compared to conventional loans.
Federal Housing Administration Department (FHA) does not actually issue loans. What they do is they insure the loans lent by private lenders. Before going for an FHA Loan one should do a thorough comparative study of several lenders or mortgage brokers and enquire whether they originate FHA loans. This study is mutual as the potential lender also assesses the financial capacity of the interested home buyer.
Some of the FHA Loan requirements are that one should be able to show his employability. He also has to prove his job stability and employment consistency. This trustworthiness includes holding a fixed job for at least two years with the same firm. He must also have evidence of increasing or at least regular income. Any foreclosures in the borrower’s record should not be less than three years old.
One is also required to pay a certain amount of down payment which is one of the FHA Loan Requirements. Although this amount is comparatively much lower than any other loan and thus proves to the very helpful to the borrower. The lenders of FHA Loans are not too strict about ascertaining the credit history of the borrower. This proves to be one of the most lenient aspects of FHA Loans. FHA lending limits depend on a number of housing related issues. It also depends on the state and county in which the property is located.
Since FHA Loan is insured by the federal government and has various advantages, it has become one of the most useful loans.

Most people trying desperately just to make ends meet are now wondering if they have any other alternatives to foreclosure. Luckily, mortgage loan modification can help stop foreclosure in its tracks and get homeowners back on their feet. Your lender and your loan’s insurer make a difference in how and when you’re able to modify your loan, so look into requirements for Chase Bank home loan modification policies and processes in this article.

The first thing you need to do is find out who insures your loan. Many people have no idea because they have never needed to know before. The easiest way is to call Chase and request the information. If your loan is insured by either Fannie Mae or Freddie Mac, then you are probably eligible to participate in the President’s $75 Homeowner Stability Initiative that works with lenders and borrowers to reduce monthly payments to 31% of gross monthly income.

Of course there are a few stipulations, you must be the owner and occupant of the home, and you loan must have less than $729,750 in unpaid principal and originate before 2009. Your loan must also exceed 31% of your income, and each loan is only eligible for one modification under this plan. It is, however, highly beneficial and if you think you qualify then you should talk to a financial counselor about it. This government plan gives incentive payments both to homeowners and to lenders to facilitate the process, so homeowners get better deals with loan modifications through this government program than by going straight through their bank.

If your loan is not a Fannie Mae or Freddie Mac loan, however, you are not eligible for refinance under this new government program. But don’t despair. Chase bank has its own loan modification process and you should certainly look into it before resigning to foreclosure. Requirements include being the owner-occupant of the home, holding a first mortgage (never before modified or refinanced), and being able to afford monthly payments between 31% and 40% of gross monthly income. Naturally this is higher than the government rates because these types of loan modifications are not funded by the government Homeowner Stability Initiative. If you meet the above requirements, Chase will ask for a hardship package containing your hardship letter, financial statement, pay stubs, bank statements, and tax returns.

No matter what avenue you go through – Chase or the government – modifying your loan is usually a much better option than foreclosure. It prese
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So you just purchased the car of your dreams, or you’re about to, and you want to get the best new car insurance at the best rate. Here’s how to do it.

New Car Insurance

When you buy a new car your loan company will require a certain amount of new car insurance to protect itself in case your car is damaged or stolen.

If you don’t get your own insurance, your loan company or dealer will get it for you and, believe me, it won’t be cheap. The last time I purchased a car the difference between my loan company’s insurance rate and the rate I got myself was more than $1,000.

So the first thing you need to do is go shopping for your own insurance and compare rates.

Comparing Rates

The easiest and fastest way to get cheap rates is to go to a car insurance comparison site (see links below). Here you can get multiple rate quotes from a number of car insurance companies so you can compare them and choose the best rate.

Once you’re on the site you’ll be asked to fill out a questionnaire so you can tailor your insurance to fit your specific needs. As you fill it out you’ll be able to view a list of discounts and include them in your auto insurance policy.

Here are some new car insurance discounts worth considering:

* Raising your deductible by a couple of hundred dollars can save you hundreds of dollars a year on your premium.

* Installing an auto alarm and ant-theft device can get you a good-sized discount.

* Dropping unnecessary coverage like medical and towing coverage if you already have them will save you money.

Comparing Companies

After you choose a car insurance company you want to make sure that company will give you good service, especially when it comes to paying your claims.

A good way to see how well a company treats its customers is to go to Epinions.com. Here you’ll find reviews of all the major insurance companies written by actual customers, plus testimonials on how they were treated and what their claims experiences were.

You can also go to your state’s insurance department website to see what claims have been filed against a particular company. If your state doesn’t provide this information, you can get it from the California Department of Insurance website – www.insurance.ca.gov.

Visit http://www.LowerRateQuotes.com or click on the following link to compare auto insurance rates from top-rated companies and get cheap new car insurance. You can get more car insurance tips by checking out their “Articles” section.

Unemployment insurance is a term used for mortgage payment protection, loan protection and income protection which is taken out in case some time in the future you find yourself unemployed by way of unexpected redundancy. While there have been many problems associated with the cover it can be a valuable lifeline if you should come out of work by giving you a tax free income each month.

Cover can be taken out just to protect against becoming unemployed or for additional cost you can include becoming unable to work through accident or sickness. The cover can be invaluable if you suddenly lose your income but unemployment insurance is not suitable for all individuals due to the exclusions in a policy. Common ones in all policies are if you suffer an ongoing illness, are of retirement age, only work part time or are self-employed. Always check the terms and conditions of a policy because exclusions will also depend on the provider.

Once you have made sure that a policy would be suitable then you have to decide which type of cover would be in your best interest. Mortgage insurance will give you a tax free income so that you can keep the roof over your head by continuing to pay your mortgage each month. Loan payment protection will be needed if you have monthly loan repayments to make each month or credit card repayments. Income protection can be taken out to make sure you will be able to continue paying essential outgoings and so not have to change your lifestyle too much.

Unemployment cover could begin to give you an income from between the 31st and 90th day of being out of work continually. Once the cover has started to payout it would continue to do so for between 12 and 24 months which usually is more than enough time for you to find work and get back on your feet again. The premiums for the cover are based on the amount of your income; loan, mortgage or credit card repayments that you wish to cover and also how old you are at the time of taking out the cover.

While premiums do vary a standalone specialist provider will always offer the cheapest quotes for unemployment insurance and along with this they will always give the essential key facts so the individual can make an informed decision regarding the suitability of a policy.

Since the investigation began by the Financial Services Authority in 2005 following a super complaint by the Citizens Advice faith has been lost in payment protection policies. However it should be remembered that it is not the fault of the actual products but those who sell the cover with little or no sales experience. The majority of those fined have been high street lenders who sell unemployment insurance alongside loans, mortgages and credit cards. The safest and cheapest way to buy any type of payment protection policy is with someone who specialises in selling this type of cover, a specialist will have the answers to any questions relating to payment protection.