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loan modification: Loan Modification 101- Writing an Effective Hardship Letter - 03/22/10 01:23 PM
A hardship letter is an important part of your loan modification request package. The purpose of the hardship letter is two-fold. In it you briefly explain the financial hardship that triggered your mortgage payment difficulty. That’s followed up by an explanation of how you intend to make future mortgage payments once your loan is modified.
The hardship letter plays a key role in determining whether or not your lender approves your loan modification request. Your lender won’t give you a second chance to submit an improved version of this letter. That’s why it’s crucial to write it correctly the first time. … (2 comments)
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loan modification: Buying a Property Listed As Short Sale - 11/24/08 07:10 PM
Investors and savvy real estate buyers know that a short sale listing may denote a great deal waiting to be made. Conversely, it may speak of a lengthy negotiation process that scares off those needing or wanting to make a real estate deal quickly and easily.
A short sale is little more than a homeowner selling their real estate but with the understanding that the property may be sold for less than the outstanding mortgage that is currently recorded against it. Banks will usually agree to this kind of deal if the homeowner can demonstrate that she or he is … (0 comments)
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loan modification: Is The Short Sale Option For You? - 11/20/08 05:32 PM
If you are a homeowner who is facing a possible foreclosure, you are most likely searching for options that will help you avoid this blemish on your credit record and injury to your pride. When the American dream of homeownership goes bad, there is a lot of damage all the way around, but with the acceptance of short sales by more and more lenders, there is a slim chance that you can avoid this problem.
A short sale is essentially an agreement entered into by yourself, the homeowner, and by your lender. In the course of this agreement you agree … (0 comments)
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loan modification: When Is Loan Modification Not The Answer? - 10/23/08 06:42 PM
The term “loan modification” denotes a lending industry provision that allows mortgage lenders to accept applications for revisions to existing home loans from borrowers. These days, it is considered a last minute effort to avoid foreclosure on a property and at the same time allowing the borrower to continue living in the home and also resuming ownership of it, seeking to rework some of the loan’s terms to make the overall loan one that the borrower can live with.
There are times, however, when a loan mod is not the answer for a borrower and he might need to consider … (1 comments)
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loan modification: Lenders mitigate losses with Loan Modifications - 09/19/08 06:49 PM
In a day and age where foreclosure signs are dotting the neighborhoods in the same way that sold signs used to be seen up and down the streets just a few short years ago, lenders are struggling to keep investors interested in them with a mountain of bad debts on the books. What seemed to be a seemingly bottomless pit of potentially unreached consumers that could be wooed with the help of subprime mortgage products is now turning into a nightmare that puts banks in the crosshairs of the FDIC and possible fraud probes.
To this end, banks are searching for … (9 comments)
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loan modification: Stop Foreclosure Now! Loan Modification Makes It Possible - 09/19/08 06:48 PM
If you are a homeowner in danger of losing your residence to foreclosure, listen up: there is hope! An old but rarely used tool the lending industry is using to give defaulting borrowers a last minute reprieve and second chance is gaining in popularity. What used to be only a whispered recommendation in the past is now causing a buzz on the internet. Know as loan modification, borrowers who are in the pre-foreclosure stage with their mortgage may qualify for renegotiation of their mortgage terms with the lender.
This is not a new loan, nor is it a consolidation loan or … (3 comments)
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Shannon Arnold
Orange,
CA
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