Ashburn VA - The Stop Foreclosure recently received a question from Grant. Here was his question.
"I have an FHA loan and want to get a loan modification. My bank is playing hardball and won't modify the loan at all. My friend got a loan modification and said it was pretty easy. What can I do to modify my loan?" Grant.
http://stopforeclosureashburn.info/short-sale.html Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here is the answer.I don't know the specific rules for FHA Loan Modifications. But, I do know how to find them. Here is what I have learned about FHA Loan Modifications and FHA Short Sales.
The FHA Program takes the loss on any short sales or loan modifications. Because of that they get to make the decisions on how loan mods and short sales are implemented.
The FHA program is administered by the Federal Department of Housing and Urban Development. Most people call it "HUD." HUD has specific employeeds that administer the FHA Loan Program.
Those employees do not review loan modifications or short sales themselves. Instead, they give specific written instructions to the lenders that handle the loans.
These specific instructions are called Mortgagee Letters. If the lender wants to be reimbursed for any loss by the FHA Insurance, then they must follow the instructions.
They issue updates to their directions regularly with new Mortgagee Letters.
Here is the bottom line. Your lender has to follow those written instructions. The good news is that you and I can access and read thru these letters online.
To find out the specific rules for an FHA Loan Modification, you will have to read thru the following Mortgagee Letters. Mortgagee Letter 2009-35, Mortgagee Letter 2000-05, Mortgagee Letter 2002-17, Mortgagee Letter 2008-21, Mortgagee Letter 2010-11, and Mortgagee Letter 2009-23.
I just found some good information in Mortgagee Letter 2002-17. "At no time shall the loan be considered delinquent solely because the borrower has not paid late fees or other foreclosure costs."
I have seen lenders put a borrower into default status and charge late fees on late fees. One late fee can blossom into thousands of dollars in charges. It looks like FHA doesn't like that practice.
There are probably a total of 40-50 pages that you will need to read thru. But, because you know the rules you will have the upper hand in any negotiations with your lender.
I think that is worth spending a little extra time reading thru everything. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at firstname.lastname@example.org I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 571-420-7838
Thanks for reading this, Kyle Mazaris.
Kyle is a Real Estate Agent at RealEstate.com Realtors. Ashburn Short Sales Realtor:
Kyle Mazaris specializes in loan modification assistance and short sales in Ashburn Virginia. Ashburn Loan Modification Help, Ashburn Short Sales. Ashburn Short Sale Realtor. McLean VA Loan Modification Help, McLean VA Short Sales. McLean VA Short Sale Realtor. Sterling VA Loan Modification Help, Sterling VA Short Sales. Sterling VA Short Sale Realtor. Great Falls VA Loan Modification Help, Great Falls VA Short Sales. Great Falls VA Short Sale Realtor. Reston VA Loan Modification Help, Reston VA Short Sales. Reston VA Short Sale Realtor. Ashburn VA Short Sales. Ashburn Realtor.