Mother's Day May 12th

HAPPY MOTHER'S DAY

to my Mom
my sisters
my sisters in law
and sisters at work

and to you as well

May 12th Sunday!

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A post shared by Caroline Gerardo (@carolinegerardo) on Mar 3, 2019 at 6:10pm PST

May the Fourth Be With You

May 4th is Star Wars Day
That is what I have to say.

CNBC contributor Alicia Adamczyk identified these five questions many Americans have not asked, or did not know they could ask, that save money.

1. Ask for a raise – Career website Payscale found that only 37% of 160,000 workers surveyed asked for a raise in 2018. Of those who asked, 70% received a raise!  When asking for a raise at work it’s important to demonstrate your value by presenting a particular achievement you’ve had at work, listing any new tasks you’ve taken on since you last got a raise, and all of the value you’ve added to your company.  Many people focus on why they “need” a raise and fail to focus on why they deserve it. 
2. Ask your bank to waive fees – CompareCards, a credit card comparison site, found nearly 90% of people who asked for a late fee to be waived were successful. Accidents happen, you may miss a payment or experience an unexpected overdraft.  However, these accidents can add up.  A couple $25 charges could soon compound.  Please note, negotiating with your bank or credit card company works best if you are a long-time responsible customer or if this is a first-time occurrence, and try to avoid these instances in the future!
3. Ask the seller to pay closing costs – Most first-time home buyers know they have to save for a down payment, but few may understand how expensive closing costs will be. In a competitive market, with lots of people selling similar homes in the same area, sellers may be willing to offer “seller concessions” if you buy their home.  One such concession could be your closing costs.  Director of economic research at Zillow, Skylar Olsen, explained, “what buyers don’t realize is that there are a lot of things you can put in your offer letter that are non-standard.  Everything is on the table.”  Consult with your Realtor and real estate agent and find out if it’s a good idea for you to ask the seller to pay closing costs.
4. Ask for a lower credit card APR – Chances are your credit has improved since you first got your credit card. CompareCards found that 8 out of 10 people who called their issuer and asked for a lower interest rate on their credit card were successful, but only 20% of survey respondents asked!  Asking for a lower credit card APR works best when you have been a long-time customer with an established responsible repayment history. 
5. Ask if you really owe that medical bill – Healthcare costs are some of the most rapidly rising costs in our country today. It’s important to protect yourself by double-checking any and all medical bills to make sure there hasn’t been an error.  DirectPath, a service that helps employees manage their benefits, found that at least half of all medical claims it reviewed for clients had an error.  If you think your medical bill is incorrect, call your insurance company and your doctor.  If that doesn’t help, you can always contact a third-party service to look into the potential error.

Whatever your financial goals are in 2019, a few simple savings techniques could help you achieve them.  Be diligent about your credit report and medical bills, consider negotiating with your bank or credit card company, and ask for a raise when it’s warranted. 

How To Cancel Mortgage Insurance

Yuma AZ

The Homeowners Protection Act of 1998 (HPA)¹ covers single-family primary residences closed after July 1999. 

HPA provides for borrower-requested cancellation and lender required cancellation.

A borrower provides the lender a written request for mortgage insurance cancellation. Upon receiving the request, the lender must cancel the mortgage insurance policy either: On the date the mortgage loan balance is first scheduled to reach 80% of original value, based on the initial amortization schedule, regardless of the outstanding balance of the loan OR On the date the mortgage loan balance actually reaches 80% of the original value For a purchase transaction, original property value is the lesser of the property sales price and appraised value. For a refinance transaction, original value is the appraised value. only if: No subordinate liens AND The borrower has a good payment history AND The borrower satisfies the lender's requirement that the property value has not declined

Lender-required cancellation under HPA 

Lenders automatically cancel the mortgage insurance policy either: On the date the mortgage loan balance is first scheduled to reach 78% of original value, based solely on the initial amortization schedule, regardless of the outstanding balance of the loan AND If the borrower is current on the payments required by the terms of the mortgage

Excepting "high risk." loans

current value Individual investors establish the criteria for cancelling mortgage insurance based on a property's current value.  the loan be seasoned at least 2 years AND  the borrowers have an acceptable payment history AND  the loan to value  based on a current appraisal be 75% or lower if less than 5 years have elapsed since the loan originally closed OR the loan to value based on a current appraisal be 80% or lower if more than 5 years have elapsed since the loan originally closed

Borrowers must request mortgage insurance cancellation in writing and provide a current value estimate acceptable to their lender. If you need help with cancellation, please contact me CG NMLS 324982   I have some tools for appraisal which might or may not be acceptable to your service company. Remember the lender and servicer are required by law to inform you of your progress annually

Allow me to recap

You must ask in writing 

You can't have 30 and 60 days mortgage late payments in past 24 months

No second trust deed, including solar

You pay for an appraisal, or BPO or whatever form the Servicor asks you to provide.

Hopefully Your loan was not sold to one of the worst rated service companies:

Ocwen Loan Servicing, Carrington Mortgage Services, Cenlar, LoanCare  or Mr. Cooper, SPS

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