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short sale: 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)

short sale: Avoiding Foreclosure - 08/31/07 11:27 PM
This is the legal means a mortgage company may use to repossess their collateral, your home should you default on making timely payments. If the property is sold for less than the total amount owed on the mortgage loan, the mortgage company or HUD could seek a deficiency judgment against you. A deficiency judgment could seriously affect your ability to qualify for credit in the future.  Even worse, it's a one way street.  Surplus funds are not returned to former homeowners.  With much to loose & nothing to gain, foreclosure should be avoided at all costs.Do Not Ignore a Breach / … (1 comments)

 

Illinois Financial Advisor Greg Zaccagni

Wheaton, IL

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