Loan modifications are really tough to get. Either a borrower makes too much money and the lender won't do anything for you or they don'[t make enough money and you get the exact same result. One reason a loan modification can be so tough is because the lender is trying to get as much money from the borrower as possible. The lenders position is that they are entitled to every penny they can get. So essentially they will collect everything possible out of the borrower.
Many loan modification customers end up paying more than their home is worth. For example, the borrower bought the home for $200K and they took out a $200K morrgage and today their home is worth $150,000. This homeowner can afford to pay down a $150,000 mortgage. However they can't afford to pay down a $200K mortgage.
As a result, the lender forces a borrower to pay down on a $200K mortgage, not even what the house is worth any longer. This is why it is so essential that when you apply for your loan mod, you present a Broker Price Opinion (BPO) along with your loan modification package. The BPO is a Real Estate Agent or Real Estate Broker's opinion of the value of your house. That way when the lender is evaluting your application, the BP will be part of the process.
I provide BPO's to clients all the time and it has helped my clients out tremendously. If you have or are considering a loan modification on your home, please call me for my Free Loan Mod Kit and also ask me to provide you with a BPO.
For more information on the process, please visit my Loan Mod Blog at WWW.SherryKLoanModHelp.com
You can also visit my website at WWW.MyForeclosureRepair.com
Sherry 'K' Kotvis, MS
951-315-3201
Serving Menifee, Sun City, Temecula, Murrieta, Lake Elsinore, Canyon Lake, Perris, Nuevo, Homeland, Romoland and Surrounding Areas.
Comments (0)Subscribe to CommentsComment