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loan modification: Waiting until the last minute = headache and heartache for short sale sellers - 02/16/10 07:45 PM
Some property owners attempt to do loan modifications on their own. We already know this isn't easy. The property owners are already in an unhappy frame of mind, and in their distress and confusion, may not be doing the loan modification correctly. Or maybe they didn't reach the right parties.
By the time they seek professional help, it's too late. The property is scheduled for trustee sale. Although we've heard of some lenders acquiescing to requests for postponement, there are those who won't stop trustee sales. Chase, for example, won't stop trustee sales, with very few exceptions.
More than once, … (10 comments)
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loan modification: Loan Modification Application DENIED! Why don't you do a short sale? - 01/26/10 03:57 AM
Good payment history and credit score of 820 don't mean a thing
Homeowner is current on her payments. Was late just once, and paid the late fee. Her most recent credit score is 820. Being self-employed, her income dropped the last year, while her adjustable rate re-set and increased by nearly $500/month.
She applied for loan modification. Completed her paperwork. She indicated she wants to keep her home, but is asking for relief, and hoping her monthly payments will be adjusted to give her some breathing room.
Application denied!
Loan modification respondent denied her request, said that the homeowner doesn't make enough … (40 comments)
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loan modification: Dear Homeowner: don't be afraid, don't be too proud to ask....we CAN help! - 09/20/09 03:23 AM
Sept. 20, 2009. A new listing came up: a foreclosure that took everyone by surprise.
It was not previously offered for sale as a short sale. It sold less than three years ago...and now it's bank-owned?
What happened to the people who lived there? Did they even know about financial resolutions to their distress? Why didn't they try to sell the house as a short sale to salvage their credit? Why didn't they call their realtor?
WHAT YOU DON'T KNOW CAN HURT YOU
A previous homeowner (who wasn't my client) called me for help. Unfortunately, by the time she did, her house was just … (8 comments)
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loan modification: When is it too late to save a home from foreclosure? What NOT to do if owner wants to keep the house - 05/08/09 03:37 PM
This woman called me, clearly in distress. She's losing her house that she felt she shouldn't have bought in the first place. She saw me on HGTV's "What's my house worth" and was reminded that she wanted to talk to me.
NEGATIVE AMORTIZATION (Mistake #1)
When she was looking to buy a house, using money from her 401K as a downpayment, she fell in love with a house. Three times she was turned down by lenders who told her that with her income, she couldn't qualify for a loan. But a third lender told her that she can: with a negative … (5 comments)
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loan modification: What can a property owner in distress do to keep her property? - 04/18/09 12:48 AM
Several prospective buyers and investors have contacted me about properties they have seen---and thought ---- were foreclosures because of info they found online in sites like RealtyTrac, and recently in ForeclosureRadar (California)
However, it is important to tell prospective buyers and investors that not all properties in distress are for sale. The property owners may have received a Notice of Default, or even a Notice of Trustee Sale. But not all is lost.
This may be a good time to review what a property owner can do to keep her property:
Forbearance. the lender may allow the property owner to pay … (2 comments)
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loan modification: House for sale...but seller is applying for loan modification. Is this material fact? - 03/22/09 03:31 PM
Yesterday, I showed a truly adorable cottage to my client.
The seller is not (yet) underwater on her mortgage, but could be if she receives an offer less than what she owes at which point, it could be a short sale. The property's current market value isn't worth what the seller is asking for. It's already gone through two agents, has had the price adjusted more than once. And it's still over-priced.
I talked with the listing agent to get the full story.
And she told me the seller is applying for a loan modification, and that she should get an … (15 comments)
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loan modification: Property Tax Reassessment. Loan Modification. Or Short Sale? What next? - 02/28/09 02:03 AM
These past two weeks, I have received several requests for help from property owners seeking to get their property taxes adjusted. Perhaps due to an earlier blog Reassessment for property values in Alameda County, CA or my participation in Q & A on another site, some folks are finding me. I must have done at least five or six comps and signed their application forms.
Researching the comps take time, sure....but....
IN TIMES LIKE THESE, WE CAN ALL USE A HUG!
Their stories sound remarkably alike:
A proprietor finds that her business has slowed down. A woman who is renting out half of … (6 comments)
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loan modification: Having a 6-month reserve of funds is not enough any more - 02/12/09 01:07 AM
It used to be that the smart thing to do is to always have a 6-month reserve of funds as a safety net in case one gets sick and/or unemployed. We were always taught to save for a rainy day.
But today, that probably should be amended to be a whole year's reserve, or even longer.
One of my clients was always frugal and lived within her means. Even in the good times, she did all the right things in anticipation of hard times. She completed her master's degree, continued to take classes to hone her skills. She worked hard and was rewarded with a promotion. She … (10 comments)
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loan modification: Short Sale Gunslinger for hire --- good or bad? - 08/12/08 11:35 AM
For the first time, one of my short sale applications was rejected by Downey Savings whose policy is NOT to approve any short sales of any kind. Since we have until November before the house is foreclosed, I am trying to find other means to get this done. Otherwise, my clients are headed for bankruptcy or foreclosure.
I talked to Mortgage Resolution Services to recruit their help. They will charge 1/3 of my commission to do the sale. But they said getting the short sale approved by Downey is not doable. I would have gladly used them if it meant sparing … (0 comments)
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Pacita Dimacali - ePRO, SRES, CDPE, MBA Alain Pinel in Alameda County CA
Oakland,
CA
More about me…
Alain Pinel
Address: 6211 La Salle Ave, Oakland, CA, 94611
Cell Phone: (510) 205-2992
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