Loan Mods Plus 3 Alternatives - 01/26/10 03:03 PM
Loan Mods* may be the best alternative after you examine the other options: REFINANCE A Refinance may be possible if you're current on your payments and have a reasonable credit rating. Refinancing with a late payment or credit blemish is nearly impossible in the current market. FOREBEARANCE A Forebearance is when your lender agrees to a repayment plan on your mortgage. It usually involves a substantial down-payment and increased monthly payments. This is good for the lender, but not so for the homeowner. SELLING If you simply need to sell, there are options that may get your house sold before the … (0 comments)

Loan Mods and the Homeowner - 01/18/10 08:22 PM

Currently, there are approximately 7.5 million homeowners in the United States that are behind on their home loans, which amounts to one in four who are underwater on their mortgage. According to First American CoreLogic, a real estate company based in Santa Ana, CA, almost 10.7 million households had negative equity in their properties. In other words, they owed more than the house was worth!Because most homeowners don't know about loan mods (loan modifications), or have tried unsuccessfully on their own to obtain a loan mod, most of these properties will slip into bank foreclosure and add to the oversupply of an … (0 comments)

 

Larry Potter

Bakersfield, CA

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