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Published March 18th, 2011

Loan Modification, Home Loan Modification, Mortgage Loan Modification, Mortgage Modification

realestatemarketingthisweek.com – Home Owner Negotiated Loan Modifications may have too many pitfalls — Part 4 – Yes, I think that makes perfect sense, the only analogy that I can come up with is I could probably figure out how to change the oil in my car, but its not my expertise. Im certainly not going to take the time away from what I have expertise in in order to figure out how to do that, Im going to have a professional do that, and it is the same idea with when someone is considering a loan modification. You can probably call up that loss mitigation department of that lending institution versus going through the legal department and try to work through that scenario. But you dont know what you dont know, and if you take that approach and make that attempt it could cost you money, it could cost you a higher interest rate, it could cost you something that you are not even aware of. That’s where your team and the loan modification professionals and this attorney network that you exclusively work with come into play. Again you talk about choosing to not change your own oil, of course you could figure it out, you wouldn’t operate on yourself, if you got yourself into some legal trouble and you were an attorney you wouldn’t represent yourself. Even though you may know what to do and how to do it, you are just not going to do it because you need an unbiased, 3rd party that is truly going to fight for your rights. And who has expertise in this particular area, specifically

Published March 18th, 2011

Car Loan Modification – Top Faq’s

Having useful information allows you to make a well-informed decision about moving forward with a car loan modification.  The top questions and concerns that many borrowers have on their minds are outlined below.

What is a car loan modification?

A car loan modification allows a borrower to adjust the terms of their contractual agreement so that it can better accommodate changing financial circumstances.  Modifying the loan terms can avoid car repossession and negative reporting to credit bureaus.

How can it help me?

When you are able to enter into a car loan modification, you can reduce car payment by having a lower interest rate, a repayment period extension and a roll-back of missed payments into the loan.

Will it cost me anything?

While most lenders will not require any upfront expense, some will compel a borrower to pay a portion of the interest applicable to payments that are being rolled back into the loan.  It is often seen as consideration for modifying the original contract.

Can I use it if I’m already delinquent?

Depending on the lender, a car loan modification may be available for delinquent accounts.  Typically, if you have less than 3 missed payments, a lender will work with you on adding them on to the back-end of the loan.  This means that your final payment would be due 3 months later than the original contractual date if you were to be approved.

Is it available for other types of vehicles?

A modification is also available for other types of vehicles such as an RV, yacht or boat.  This allows the owner to keep their favorite pastime vehicles by acquiring a more affordable monthly payment.

 

Published March 16th, 2011

Loan Modification – Making Home Affordable Loan Mod Guidelines – RealEstateMarketingThisWeek.com

realestatemarketingthisweek.com – Fannie Mae is proposing to give you a 50 year loan modification with an adjustable rate – Part 6 – The next one is that your loan to value on your house has to be at least 90% of the property value. So in other words everyone under 90% gets foreclosed on? Right, if you only owe 80% of what your home is worth, they can foreclose on you, take your house and they dont lose as much money. Back when I was working with Fannie Mae selling repos almost 20 years ago now, they always gave us the figure that they lost 20% of the homes value every time they had to foreclose. So they have plenty of room to sell your house if you only owe 80% on it. So if you owe, lets just throw out some numbers here, lets say your house is worth 0000 and you owe 000 on it, well they are going to lose a little bit but they are going to make it back when they sell your house for 0000. Yes, they would just as soon kick you out and keep their money. Yes, exactly I am not necessarily going to say that Fannie Mae is going to kick you out of your house, however the reason why they have this guideline is very simple, they are not going to lose money on you if they have to foreclose on you when you are under 90%. They certainly are not going to lose very much money. If you have subordinate loans it may be left outstanding and will not be considered in the LTV, so lets just give an example here, your house is worth 0000 and you have a 0000 1st mortgage and you
Video Rating: 4 / 5

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