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Time Primer
Loan Modification Primer
What is a Loan Modification? The technical answer is the amendment of the loan to re-amortize or alter the schedule of payments for the remaining balance and/or extend the current term of the loan in order to reduce the monthly payment, the interest rate and/or loan balance allowing the borrower to keep their home.
Today’s Economy – Because of the current economy, many families can no longer afford their homes and are losing them to foreclosure. The foreclosure rate in many states is reaching record numbers. The more foreclosures there are, the more downward pressure is put on home values. When there is a declining real estate market, mortgage lenders lose money. In many cases they can lose thousands of dollars on each home they have to take back in foreclosure. When the number of foreclosures is at a record number, it is easy to see why there are many banks going out of business.
The Feds – The Federal Government has made many announcements recently about how they will help homeowners in an effort to slow down the foreclosure rate. It seems as though the more announcements they make and the more bail out bills they pass, homeowners get more confused. I receive calls every week from homeowners that are so confused with their options that they think the best option is to just walk away from their home and do nothing.
Options – Foreclosure, Short Sale, or Loan Modification are the main options available to homeowners today that are unable to make their house payments. Foreclosure and Short Sale will have a dramatically negative impact on a credit score. A loan modification will not have a negative impact on a credit score. In addition to being the best option to preserve credit scores, Loan Modifications will help stabilize real estate values.
Mortgage Lenders – Contrary to many beliefs, lenders do not want to take homes back in foreclosure. They want to work with the homeowner to see if there is a viable option to help them keep their home. They are willing to reduce interest rates, extend the term of the loan and in many cases forgive any past due payments in order to help the homeowner make their home loan payment fit their current circumstance.
Hardship – The key to a loan modification is having a financial hardship. Hardships come with many different faces. There are two different types of financial hardships. One type is a reduction in income. The other type of hardship is an increase in monthly expenses. It doesn’t matter which type of financial hardship the homeowner may have, both are considered acceptable by most lenders.
Examples – Here are a few examples of a financial hardship: A homeowner might have a reduction in pay because of a divorce, lay-off, reduction in commission or an illness. A homeowner who was out of work for any length of time and had to live on charge cards for a while, causing an increase in their monthly payments can also be an acceptable hardship to many lenders. A homeowner may simply have an adjustable rate mortgage that will be adjusting to a payment they can no longer afford.
Loan Modification or Short Sale – Did you know that less than 10% of homes listed for sale as a short sale are actually sold? The rest of the homes go to foreclosure. Even if a homeowner is fortunate enough to sell their home on a short sale, it could have a devastating impact on their credit score. A Loan Modification does not have the same negative impact on credit scores. A short sale can cause home values to drop because the home is being sold for less than what is owed to the bank. When a loan is modified the value of the home is not reduced, only the monthly payment is reduced. As more people start to modify their loan instead of short selling, home values will begin to stabilize.
The Right Answer- There are many different options available today. Contact a professional to discuss which option is the best for you.
About the Author
Mick Bernard is a Credit Consultant from Scottsdale, AZ. His company Credit Strategies is helping consumers clean up their credit nation wide. For more credit tips visit us at http://www.onlinecreditstrategies.com/blog/
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Can anyone explain the time travel in Primer?
I don't mean a timeline of the movie. I mean how do they explain how their machines work? The A - B discussion, the weeble going back and forth and so on, I didn't quite get that part.
Sorry, it's been a while since I've seen the film...
From Wikipedia:
While writing the script, Carruth studied physics in order to make Abe and Aaron's technical dialogue sound authentic. He took the unusual step of eschewing any contrived exposition and retaining the shorthand phrases and jargon used by working scientists.
Aaron and Abe start the film by attempting to create a high-temperature superconductor. This machine operates on the principles of the Meissner Effect. The characters allude to this as they are designing the machine. In the dialog of the film, they refer to changing "transition temperature" as well as "knock[ing] out the interior magnetic field."
Aaron and Abe require palladium to build their machine. This is the reason they take the catalytic converter from a car; catalytic converters contain small amounts of palladium.
The principles of time travel in the film are based on Feynman diagrams. Physicists use Feynman diagrams to model the interaction between elementary particles. In some cases this can be an electron and a positron that have been created from the transformation of energy in a photon — this is known as pair production. The positron would be indistinguishable from an electron traveling backward in time. Thus, Feynman diagrams depict these interactions as being the same when happening forward or backward in time.
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