Oscar Morante
NW Loss Mitigation
971-222-3734
A:
To move forward, you will to need to complete a full application, with all the required documents, and submit payment. The underwriter will analyze, in depth, your situation. You will have an interview with the underwriter. If at that point you decide to not move forward, you will get a full refund. The underwriter will only take your transaction if there is a very high chance of success, and we can meet your expectations.
The cost of your loan mod is $3500 for the first mortgage. Payment will go to an attorney escrow account and be disbursed based on the agreement guidelines. I have a lower cost service, but it really does not fit your situation because it is for cases were there are no complications beyond the mortgage. Your case takes a lot more effort. Of this payment, in case of no success, there is a $995 refund. If the underwriter takes your transaction, its because we expect good results. The process will take up to 120 days. Hopefully a lot shorter but don't count on it. Later you can do the second mortgage.
Most likely the underwriter will present the car situation as no longer a major liability and in the process of being resolved. It is important to properly present mater in a good light. This would also be a good moment to settle other unsecured debts together with the car. The intention is to improve your debt to income situation as much as possible.
I will available most today until 6:30pm. Friday all day. Most likely I will be available Saturday at my office. It would be good to have your husband totally informed about the situation, your intentions and the options. I know you are in Hillsboro, so if you want I can show you the agreements and other things you may want to see via webinar tool.
Other considerations: Look at my web site www.OscarPdx.com. That is my realtor web site. It has a lot of information about short sales and properties in default. If your second mortgage is the result of a refi, cash out second or for construction, there is a risk that if you lose the property to the first mortgage, you will still owe on the second even after the foreclosure.
I look forward to helping you. Connect with me if you have any questions.
Sincerely,
Oscar
At 03:18 PM 4/30/2009, you wrote:
What do I need to do to get the ball rolling on this ?
A:
Thanks for considering me for your loan modification needs. Below is my idea. Please ponder the risks carefully. You are in a delicate situation because you are in the very early stages of default and are up to date with the car payments. The last thing you want is make things worse. However, something is going to happen anyway.
It would be better to first work on modifying your first mortgage. Then on the second. This mortgage has equity and is most likely the one that will foreclose. In your application, the underwriter will present to the bank that the car is no longer a liability. You can drive the car for a few weeks for free and then let it be repossessed, or do a voluntary repossession. The result will be the same, so might as well drive a free nice car for a couple of months. Either way you will be liable for the loss. That is called a deficiency. That deficiency will need to be settled. A realistic expectation for your first mortgage is to have the monthly reduced by one third. That, plus the reduction in car expense should get you even keeled. The second mortgage will most likely come down a good bit because there is no equity to support it anyway.
Now that you are in default, it is important to not wait too long to start modifying the loan. As soon as you stop paying the mortgage, the loan will start accruing rather than amortizing. You don't want the value of the debt to keep growing. Chances are the bank will want to recapitalize the default amount into the loan.
Let me know how can I further help you.
Sincerely,
Oscar
At 04:47 PM 4/29/2009, you wrote:I think that is a fair estimate, yes. A: I think the property is worth around $300K given the other factor you mention. Would that be a fair estimate? Let me know. Oscar At 04:19 PM 4/29/2009, you wrote: Oscar ~ We built a 2500 Sq foot shop/pole barn 2 years ago.. It has a concrete floor and an office upstairs. Question.. If my tax property value is $250 why in heck did wells fargo tell me the value of my home was 340k 2 yrs ago ? it must have been written in crayon ~ Let me know what else you need .. Thank you, A A: Please give me a good aproximation of the value of the property. What I found, based on tax infor, is 1000sf house, 1/2 acre and assess and a value of $250K. You mention there are other structures. Let me know. Thanks. Oscar Oscar Oscar Morante NW Loss Mitigation, LLC Ph: 971-222-3734 Fx: 503-296-5663 9220 SW Barbur Blvd. Suite 119 - #159 Portland, Or 97219 info@NWLossMit.com http://www.modificationsloan.net/ www.modificationsloan.net www.oscarpdx.com www.BestShortSales.com www.PagueMenosYa.com
Comments(0)