WHY CHOOSE ICASHLOANS ? : When you need cash quickly you want to work with a service that is reliable and experienced in the payday loan industry - iCashLoans is both. We pride ourselves on connecting our customers with the best payday lenders to meet their needs. Why waste time visiting dozens of websites trying to figure out which lender will serve you best? iCashLoans is the only site that you need to visit when you’re looking for a fast, secure payday loan.

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Our services are designed to help you find a reputable payday lender to work with. iCashLoans has a large number of lenders in our network, and we are confident that we can assist you in obtaining the best payday loan to meet your needs. Everyone hits a rough patch financially at some point, and payday loans are a great solution for short-term cash flow problems. You don’t have to worry about how you are going to pay an unexpected bill, or cover an emergency expense, between pay checks - iCashLoans is your source for finding payday loans. Using iCashLoans is 100% free to you - we do not charge any fees for our services. When you use iCashLoans you will save time and money. All you have to do is provide us with basic information and we will instantly search our network of lenders to find you the loan that meets your needs. At iCashLoans we pride ourselves on working with lenders that are fair and honest in their lending practices. Our main goal is to provide you with a great experience when searching for a payday lender. All lenders in our network are required by law to follow all of the rules and regulations related to payday lending. Don’t drive around town to visit payday loan shops, and forget about looking at website after website trying to find a loan with fair terms. iCashLoans is the only place you need to go to find a payday loan. We will search our vast netowrk of lenders instantaneously to find you the loan that you are looking for.

Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

Friday, May 23, 2014

Loan Modification Programs - Principal Reduction - Who Qualifies For It?

The statistics are staggering: $2 trillion dollars lost in home equity last year means that millions of homeowners now owe more than their home is worth. A loan modification program that offers a principal reduction so that the mortgage balance more accurately reflects the homes true market value is one way to entice borrowers to keep making loan payments and avoid foreclosure. Which lenders offer this type of program and who will qualify for a reduction in their home loan balance? Here is some helpful information for interested homeowners.

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The Federal government's policy for loan modification is that if a servicer determines that the lender would suffer a greater loss from foreclosure than it would from modifying the loan, then a loan workout is advised. The Treasury Department has allocated $75 billion, part of which lenders can use to offset losses from principal reductions offered to qualified homeowners.

Who qualifies for this loan modification program featuring principal reduction? To be eligible, a homeowner must:

Live in the home as their principal residence Be facing a financial hardship situation Be able to prove their income and meet certain approval guidelines

The federally subsidized plan, called Making Home Affordable or HAMP, requires participating lenders to conduct an analysis called a Net Price Value for each modification application. This process determines if the lender will save more money by foreclosing or offering a loan workout that features a lower interest rate, longer term or principal forgiveness. Borrowers who have lost a considerable amount of equity may be offered a loan workout that features a lower principal balance. Lenders are expected to begin offering this option to borrowers more frequently to help stem the tide of foreclosures and keep borrowers in their homes.

In addition, a borrower who is not currently delinquent may apply for this loan modification program by demonstrating an inability to make payments due to a trigger event, such as an interest rate reset or loss of job or income. Homeowners will have to prepare and submit a loan modification application that provides evidence of financial hardship and the inability to meet the current loan payments. Financial statements must also show that the borrower will be able to pay and maintain the new lower modified mortgage payment. It is very important to prepare your financial statement correctly and make the necessary adjustments to your budget before your lender review it for approval. If you are confused about your debt ratio, target payment, disposable income or the other qualifications, then you can use the Loan Mod Quick App software that will do all the calculations for you. You can save hours of time and make sure your figures are accurate the first time.

Although not all homeowners will qualify for this loan modification program featuring principal reduction, for those who do meet the requirements an affordable, lower monthly payment based on a lower loan balance will provide the relief needed to stay in their homes and avoid foreclosure.

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