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loan modification: like it or not, .... Loan Modification is here to stay - 02/25/09 09:54 AM
There is a lot of news about loan modifications. In fact, due to the decline in home prices of Phoenix AZ real estate, we are a national leader in loan modifications. On Monday, Citigroup says it is imposing a moratorium on most foreclosures as part of a series of initiatives aimed at helping at-risk borrowers. Previously, Bank of America halted foreclosures in California and more then 2,000 homes in greater Phoenix. JPMorgan Chase & Co. won’t put any more homes into foreclosure for the next 90 days while it implements a plan to help borrowers stay in their homes. Yesterday, and (4 comments)
loan modification: Stop Foreclosure! Save Your Phoenix AZ home!! - 02/18/09 09:46 AM
With Phoenix AZ real estate prices dropping, unemployment fears rising many Phoenix AZ homeowners are facing a tough decision. Borrowers are asking themselves, if they should continue to deplete long-term savings and pay their mortgage. A very scary question to ponder. A new option as emerged at the forefront of those facing foreclosure. It is called a loan modification. A loan modification is a permanent change in one or more of the terms of a mortgagors loan which allows the loan to be reinstated and results in payment the mortgagor can afford. Loan modifications typically involve a reduction in the interest (1 comments)
loan modification: there is little value to a short sale - 02/03/09 09:30 AM
If you are a homeowner and want to stay in your home, there is little value to a short sale. (unless you are a buyer) If you are suffering a financial hardship or have a mortgage with a large rate adjustment try a loan modification. A loan modification is an option for borrowers to stop foreclosure, stay in their home by offering a permanent change in one or ore of the terms of a mortgagors loan which allows the loan to be reinstated and results in payment the mortgagor can afford. If you are a Phoenix AZ real estate investor or (1 comments)
loan modification: a Loan Modification Hardship Letter (sample) - 02/02/09 06:42 PM
I have been asked about a "SAMPLE" Loan Modification Hardship Letter : ----------------------------- To whom it may concern: I, John T. Borrower, would like a chance to explain my current situation. When I purchased this Home I planned to raise my kids here and stay close to my roots (my parents live less than 2 miles away) and live in this house for the rest of my life. When I singed the loan papers on the 2 year arm I was assured up and down that the value of my home would increase. I did not. Matter of fact it’s gone (3 comments)
loan modification: Loan Modification Package - Hardship Letter - 02/02/09 01:24 PM
Phoenix AZ real estate and Scottsdale real estate has been declining in value. As a result, lenders have been less willing to loan money to refinance homes. Thus, foreclosures numbers are rising and banks are taking possession of real estate called lender owned real estate (REO). In order to combat growing inventory of bank owned homes, banks have established (with some pressure from our Federal government) loss mitigation programs to keep borrowers in their homes and stop foreclosure. Currently, loan modification is an option for borrowers to stop foreclosure, stay in their home by offering a permanent change in one or (6 comments)
The good: salvage credit (potentially) and possibly avoid bankruptcy, .... Lender avoids a potentially larger loss and does not have to take ownership in their (REO) eal Estate Owned inventory The bad: Banks do not get to collect insurance from the PMI (private mortgage insurance) companies Here's what is required to get a Loan Modification approved by a bank. (a cursory explanation) Call the lender and speak with a loss mitigation specialist provide a written ‘hardship' letter Bank Statements, tax returns, 1099, etc to prove hardship (0 comments)
loan modification: Example : Loan Modification - 12/29/08 05:33 PM
It is called a Loan Modification A procedure whereby a loans payment plan is altered due to the hardship of the borrower. This can include the rate, term and monthly payment amounts. Example: Current Balance: $200,000 Arrears: $20,000 Attorney's Fees and Foreclosure Costs: $7,000 Total: $227,000 In this down market, let's assume your home is worth $210,000 If the bank forecloses on you and your home goes to Sheriff's sale, it will most likely only sell for 65% of it's true value, or $136,500
So, the lender has received $136,500 for your home that you owe $227,000 on. $227,000 (14 comments)
loan modification: Loan Modifications for Phoenix AZ real estate - 12/29/08 01:01 PM
Phoenix real estate sales are sluggish. As a result of re-adjusting mortgages, falling Phoenix real estate prices and higher unemployment the number of foreclosures and short sales are rising. Due to the time it takes a short sale package approved with seller's lender, most of these homes end up going into foreclosure and then become bank owned real estate (REO's). Believe it or not, banks do not want your home to go into foreclosure. It is very costly and they lose a client who was paying interest (and late fees). Unfortunately, banks and lenders are overwhelmed with clients who are in (0 comments)
loan modification: Loan Modifications - Civil vs. Attorney - 12/26/08 06:34 PM
There are 2 types of Loan modification. Civil and Attorney. Both types of loan modifications should: reduce your interest rate to a fixed rate of 5%-5.5%. Loan modification should add interest, penalties, fees, etc.. onto the back-end of the loan. Finally, you should try to amortize your new loan past 30 years or more. Civil based loan modifications offer the same services you could do yourself. However, the process requires detailed paperwork, organization and time. So, for a little bit of money, you can have a company do all of this for you. It is quite an emotional relief as well (2 comments)
loan modification: 2 Types of Loan Modification - 12/26/08 10:53 AM
Recently, I wrote a post explaining to Phoenix AZ real estate owners how they can avoid foreclosure and stop the bank from foreclosing through a Loan Modification: Loan modification is a procedure whereby a loan payment plan is altered due to the hardship of the borrower. Believe it or not, Loan modification, which is a type of "loss mitigation" program. Loss mitigation programs, like loan modification, were established by the federal government in order to help prevent foreclosure. Other loss mitigation programs include: Short Sale Short Re-Finance Forbearance Deed-in-lieu of foreclosure There are 2 types of Loan modification. Civil (4 comments)
loan modification: 7 Tips when deciding on a Phoenix AZ loan modification company - 12/20/08 11:14 AM
Phoenix AZ loan modification companies are currently not required to be licensed and are completely unregulated. Since there is no loan originated, there are no mortgage and banking laws to regulate the loan modification industry. Which means that anyone, and I do mean anyone, can start your own loan modification company today. In fact, after one quick google search, I found more than one entrepreneur offering his "quick 10-step guide'" to starting your own loan modification company. Please don't get me wrong. There are a lot of honest loan modification companies doing good work and successfully keeping people in their homes. (6 comments)
loan modification: Loan Modification - the word of year for 2009 ? - 12/19/08 11:33 AM
Phoenix AZ real estate has led the country in price decline in the last 12 months; Down nearly 31%, according to the S&P|Case Shiller index. One of the unfortunate byproducts of troubling times are the proverbial sharks who smell blood in the water. Each day, in Phoenix AZ, I hear of new foreclosure scams in which unscrupulous parties take advantage of the unknowing, trusting and desperate who are facing being kicked out of their homes. The most common scam promises things like "stop foreclosure now!" or "fix your mortgage now!". However, after an upfront fee (usually equally to one months mortgage), (4 comments)
loan modification: Loan Workouts Bank Don’t want you to Know ! - 12/14/08 10:05 AM
The recently passed American Housing Rescue and Foreclosure Prevention Act provided new laws and regulations aimed at stimulating the real estate market. This legislation also offers tools for many who had previously had only foreclosure and bankruptcy protection to turn towards. These foreclosure prevention tools include (Housing and Urban Development) HUD-approved foreclosure intervention hot-lines tax incentives for buyers of home in areas overrun with foreclosure, and foreclosure specialists offer helpful advice and loan modifications and workouts. There are several options available to those distressed homeowners who act quickly and do not wait until the bank has already filed notice of a (6 comments)
loan modification: Short Re-Finance your Phoenix AZ Home - 12/08/08 09:36 AM
In Arizona, especially the Greater Phoenix area and in towns like Peoria, Glendale and Mesa, short sales are often as prevalent as regular resale listings. In almost every city (with the possible exceptions of Paradise Valley and North Scottsdale) there are short sales and foreclosed homes on every block. Foreclosure can be avoided. However you have to know your options to avoid foreclosure. There is one option that most people are not aware of but has been successful. It is called a ‘Short Re-Fi‘ (short -refinance). Here's how it works. A lein-holder (typically, a bank) will allow a borrower to re-finance (10 comments)
loan modification: Short Sale Nightmare - a Seller speaks! - 11/01/08 11:58 AM
Those of you who read my blog regularly know that I have been calling to Ban all short sales. The amount of short sales in Maricopa County, which includes Phoenix, Scottsdale, Paradise Valley, Tempe, Fountain Hills, Tempe, Mesa, Peoria and Glendale has stricken a healthy AZ multiple listing service (ARMLS) with thousands and thousands of homes for sale that have not yet been approved by banks or lenders. Thus, (for the most part) they are not truly available for sale at those prices. For the most part, they are arbitrary numbers picked by Realtors who want to make a sale with (9 comments)
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.