foreclosure: Attorney backed Loan mods - 02/02/09 07:02 PM
Loan Modification-Loss Mitigation Services-Attorney Backed
I offer loan modification and loss mitigation services. All services are negotiated by my attorney's office.
Loan Modification, we renegotiate the terms of your current mortgage. We are getting interest rates as low as 3.5%. We can extend the terms to 40 or sometimes even 50 years. Principal loan balance is also lowered in some cases. We take a financial snapshot of you and fix the deficit in your budget.
Loss Mitigation, if a loan modification is not possible for you there are still options available to you. Short sale, deed in … (3 comments)
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foreclosure: My Fico is way down from mortgage late; can I still qualify for a loan mod? - 01/28/09 07:18 PM
My Fico is way down from mortgage late; can I still qualify for a loan mod?
YES!!! Doing a loan mod has nothing to do with your fico score. In fact the fact that you are late frequently or are behind on payments is mandatory. It is true, you can use the fact that you are struggling to pay your mortgage to get you an interest rate as low as 3.5%. No credit check needed. Banks are trying to prevent foreclosures. Now is the time to see if you can take advantage of these programs. Call now to find out … (0 comments)
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foreclosure: If I file for bankruptcy how does that effect my eligibility for a mortgage modification? - 01/28/09 07:03 PM
If I file for bankruptcy how does that effect my eligibility for a mortgage modification?
If a bankruptcy is filed and you include your mortgage in the BK foreclosure is stopped but you are then not eligible for a mortgage modification. Secured loans like mortgages are not eliminated by a BK. After the bankruptcy is finalized or the mortgage is removed from the BK filing a mortgage mod can be done at that time.
If you or anyone you know is in trouble with their mortgage, please give me the opportunity to show them their options.
Orville McCallister
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foreclosure: I can't refinance and my mortgage rate adjusted this month and there is no way I can pay my new payment. - 01/15/09 02:03 PM
At the time having your rate locked for 3-5 years seemed like a good plan. It seemed so far away and you wanted to qualify for that bigger home. Understandable, values were climbing so fast with no end in sight. Why not, your kids could have their own rooms and a bigger yard. The American dream realized. Now we come to 2009 and values in some areas have plummeted and we really are not at the bottom quite yet. What do you do about that payment adjustment now that your 5 year lock is over and your payment went up by … (0 comments)
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foreclosure: Why would my lender be willing to lower my interest rate? - 01/14/09 07:12 PM
Lenders are just that, they are in the business of lending money not owning real estate. The bank does not want your home back. They would rather you keep it and keep paying them a steady stream of money. Even if that stream of money is reduced it is better than it being cut off. Taking back a home through foreclosure is very expensive for the bank. They have to pay attorneys and all kinds of different fees in order to complete the process of taking back a home through foreclosure. I know I would rather have less money than no … (0 comments)
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foreclosure: Do you have past clients in trouble with their mortgage? - 01/14/09 06:49 PM
I used to wish I could help my past clients solve their mortgage woe's. Now I can and I can also help your clients. Nobody wants to see a client lose their home to foreclosure. I know that I get emotionally involved with the well being of my clients by the end of the transaction. I can help them by modifying the terms of their mortgage. I know lots of agents including myself who sold property using a loan that was fixed for 3 or 5 years. Well 3-5 years goes by quick and here we are in 2009 with adjustments … (0 comments)
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foreclosure: No equity,,,No problem - 01/14/09 02:15 PM
Are you stuck in an adjustable rate mortgage? Have you been denied a refi into a fixed rate because you have no equity? Have no fear loan modification is here. All kidding aside I really can fix this type of situation. When you negotiate a loan modification the fact that you are upside down in your loan actually works to your advantage. Banks are even forgiving part of the negative equity or the payments that have been missed or both. I know that this seems to good to be true. If you have any questions about loan modification please don't hesitate … (0 comments)
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foreclosure: I am behind on my mortgage,, how am I ever going to catch up? - 01/14/09 02:07 PM
In today's economy how on earth do I catch up 3 months worth of mortgage payments? There are two options. One is a temporary fix and two is a long term solution.
One, you can do what is called a forbearance. Basically what happens is the payments that you are behind get tacked onto the back of the loan and you start with a fresh slate. There are two problems with this. One is that the payment is the same as it was before you were behind. If that payment was truly manageable aside from an catastrophe you should have … (1 comments)
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foreclosure: If I walk away from my mortgage that's it,,,,right? - 01/13/09 03:14 PM
Actually it's not that clean. Where major issues occur is when there are multiple loans on the property. When the first lien decides to foreclosure it is up to the second and sometimes third lenders whether or not they want to foreclose also. Example: Billy Bob bought a house on an 80/20 loan in 2000. In the following years Billy Bob took two home equity loans out one to pay his credit cards for 25K and one for 75K to build a pool and remodel his home. When the 80% loan forecloses the other lenders decide if they want to join … (0 comments)
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foreclosure: How can I avoid foreclosure with a short sale? - 01/13/09 02:56 PM
It is not an uncommon scenario these days. A family is stuck in a property that they can not afford. They can't refinance or sell because they owe more than the home is worth. What do you do now? The way I approach this situation is to start by trying to negotiate a loan modification with the bank. If I can lower the payment to a level that the family can afford great, if not I can do one of two things. One I can short sale the property and two I can negotiate a Deed In Leiu transaction. Both … (0 comments)
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foreclosure: What is Deed in Leiu? - 01/12/09 06:45 PM
Facing foreclosure? Have you thought about negotiating a Deed in leiu of foreclosure? What is that you ask. It is possible to negotiate with the bank and deed the property back to the bank in trade for forgiveness of the debt. Why would the bank do this? Well I am sure everyone here on the rain has shown a REO listing that got the brunt end of the former owners rage and aggression. Well one of the most important things in this negotiation is the promise to give the home back in good condition. It is a much more civilized way … (0 comments)
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foreclosure: avoiding foreclosure with loan modification - 01/12/09 06:27 PM
Loan Modification? What is that? Well it is pretty simple, what I do for people is I help them renegotiate the terms of their current loan to avoid foreclosure. In a marketplace where foreclosure is on the tip of everyone's tongues there are options. My service is attorney based and can make all the difference in the world as far as people keeping their homes. If you have clients that bought property on an ARM and are now upside down and behind in payments I can help. There are two major players in the process. The consultant (me) and the attorney. … (0 comments)
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