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ilinois mortgage adviser advisor greg zaccagni: Loan Modification Explained - 10/19/08 11:55 AM
A loan modification agreement is different from a forbearance agreement which provides short-term relief for borrowers who have temporary financial problems, while a loan modification is a long-term solution for borrowers who will never be able to make the existing loan payments.
Loan modifications are designed for customers that can't afford repayment plans. In a modification, the servicer adjusts the terms of the loan to make it affordable. It may lengthen the amortization schedule or lower the interest rate to cut the monthly payments, or roll the past due amount into the loan and re-amortize the new balance so the borrower … (1 comments)

ilinois mortgage adviser advisor greg zaccagni: IL SB 1167 for small rental property owners - 06/21/08 08:07 PM
What's the likely outcome of IL SB 1167 for small rental property owners?
Many 2 - 4 flat owners tell me it's difficult to break even on these small investment properties.  Stated income loans allowed them to show sufficient income to qualify for a mortgage loan while at the same time they persued separate strategies to reduce taxable income to ease pressure on their break-even point.
If small landlords now have to show sufficient income on their returns (for the prior 2 years) to qualify for a mortgage loan any time they restructure their finances, won't this cause them to raise … (6 comments)

 

Illinois Financial Advisor Greg Zaccagni

Wheaton, IL

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Farmers Insurance

Address: Dupage, Kane, Cook County etc.., Wheaton, IL, 60189

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