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phone 405 370 0696
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Mortgage Loan Modification, Short Sales
Loan Modification
Mortgage Loan Modification is a process that, in theory, can allow you to re-negotiate the terms of your current mortgage. Many lenders are willing to work with their clients to allow them to stay in their current home, as opposed to a foreclosure. The lenders have enough homes on their books these days, they really don't want yours, too.
Though Mortgage Loan Modification has had a lot of press lately, both good and bad, many homeowners have been able to get into a fixed rate loan from the dreaded Adjustable Rate Mortgages, or been able to talk the lenders into wiping out penalties and late fees in exchange for getting payments caught up on the loan.
If your financial situation has been bad in the past, and has since improved, you may be able to work with your lender to wipe out that stack of late fees and penalties, it's worth a shot, all they can do is say no.
If you're in a part of the country where home values have declined dramatically, you may be able to talk them into a reduction of principal due, or maybe a few months payment-free. If they foreclose on your home, they will have to try to get the difference between what they sell it for, and what you "owe" on it, the odds of actually collecting that are slim, especially after they have added thousands of dollars in fees onto the mortgage.
If you have been foreclosed on, and there are collection efforts being made, you have negotiation power here, too. You have the right to try to negotiate all of those fees and penalties away, as well as a good portion of the principal remaining due. They will usually take pennies on the dollar in a settlement.
It's your money, keep as much of it as you can.
Real Estate Short Sales
A Short Sale is a negotiated agreement between the lender and the property owner, allowing the sale of a property for a price that would be less than the amount normally owed on the property.
For example, if your house has a mortgage balance of about $200,000, and comparable homes recently sold in your area for only $150,000, it is possible to negotiate with your lender to write off the extra $50k. This may be enough to let you sell your house, and avoid a foreclosure.
You will usually need an experienced real estate agent to convince the lender of the lower comparable value off your house, as well as a valid offer to purchase your property for the lower price.
It can be done, and has in many cases. It can let you avoid a foreclosure, and get away from a property that has lost a lot of value, due to no fault of yours.
If you do a short sale, it can be to your advantage to make sure that it is a "no-recourse" agreement. This means that the lender will not pursue you later for the difference between the sale price, and amount due on the loan.
Mortgage Loan Modification is a process that, in theory, can allow you to re-negotiate the terms of your current mortgage. Many lenders are willing to work with their clients to allow them to stay in their current home, as opposed to a foreclosure. The lenders have enough homes on their books these days, they really don't want yours, too.
Though Mortgage Loan Modification has had a lot of press lately, both good and bad, many homeowners have been able to get into a fixed rate loan from the dreaded Adjustable Rate Mortgages, or been able to talk the lenders into wiping out penalties and late fees in exchange for getting payments caught up on the loan.
If your financial situation has been bad in the past, and has since improved, you may be able to work with your lender to wipe out that stack of late fees and penalties, it's worth a shot, all they can do is say no.
If you're in a part of the country where home values have declined dramatically, you may be able to talk them into a reduction of principal due, or maybe a few months payment-free. If they foreclose on your home, they will have to try to get the difference between what they sell it for, and what you "owe" on it, the odds of actually collecting that are slim, especially after they have added thousands of dollars in fees onto the mortgage.
If you have been foreclosed on, and there are collection efforts being made, you have negotiation power here, too. You have the right to try to negotiate all of those fees and penalties away, as well as a good portion of the principal remaining due. They will usually take pennies on the dollar in a settlement.
It's your money, keep as much of it as you can.
Real Estate Short Sales
A Short Sale is a negotiated agreement between the lender and the property owner, allowing the sale of a property for a price that would be less than the amount normally owed on the property.
For example, if your house has a mortgage balance of about $200,000, and comparable homes recently sold in your area for only $150,000, it is possible to negotiate with your lender to write off the extra $50k. This may be enough to let you sell your house, and avoid a foreclosure.
You will usually need an experienced real estate agent to convince the lender of the lower comparable value off your house, as well as a valid offer to purchase your property for the lower price.
It can be done, and has in many cases. It can let you avoid a foreclosure, and get away from a property that has lost a lot of value, due to no fault of yours.
If you do a short sale, it can be to your advantage to make sure that it is a "no-recourse" agreement. This means that the lender will not pursue you later for the difference between the sale price, and amount due on the loan.
