Owner: Loan Modifications Made Simple URL:http://www.loanmodificationsmadesimple.com Join Date: Sat, 19 Jul 2008 15:50:03 -0500 Rating:0 Site Description: Information on modifying the terms of your loan or mortgage so that you can save your home from foreclosure. Site statistics:Click here
Loan modifications and what lenders look for 2008-07-19 14:59:03 Statistics are staggering! It is being said that rates on at least 2 million mortgages will rise by the end of 2008 and about one-fourth of the affected properties may face foreclosure. This information comes from HUD which is the department of housing and urban development. There are things that can be done by the homeowner during the pre-foreclosure state.....well before the ho
Loan Modification Qualifications 2008-07-18 22:31:42 To qualify for a loan modification you typically need to show some sort of significant change in your current living situation. Some examples would be divorce, loss of job or if you are self employed a substantial loss of income due to unforseen circumstances, an adjustable rate mortgage that has come due and increased in rate and payment structure, a serious illness afflicting yourself or a Read more:Qualifications
Short Sales and 1031 Exchanges 2008-07-17 14:03:23 Can a Tax Deferred Exchange Be Structured? I'm often asked if a real estate investor who is going through a short sale can also structure a tax-deferred exchange in conjunction with the short sale in order to defer the payment of the capital gain taxes that will result from the short sale. It's really a great question because most real estate investors do not realize that a short sale or a t Read more:Short
, Sales
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Foreclosure help--loan modification 2008-07-17 12:22:44 Most homeowners are not aware that there are options available to them when they are facing financial hardship and are behind on their mortgage payments. Or in the case that their rate adjusted and although they are not behind, its not very difficult to make your home mortgage payment (s), put food on the table and take care of you childrens needs. Today lenders are willing to work wit Read more:Foreclosure
Welcome to the IMRES Loan Modification Blog 2008-01-25 20:41:54 Welcome to the IMRES Loan Modification Blog, the newest member in the IMRES family of companies. We have added this Loan Modification Blog to help homeowners understand that there are alternatives to foreclosure and short sales. Read more:Welcome
Loan Modification Example 2008-08-04 01:41:36 Here is an example of a loan modification workout. This was a situation where the home was already in foreclosure. The were in default in the amount of about 19,000 dollars. Their rate had adjusted up to 9.5% which made it difficult for then to make the payments. In this example of a loan modification workout we were able to get the rate down to 5.4% fixed which lowered the Read more:Example
Loan modification hardship letter 2008-08-03 13:39:06 When getting help to modify your mortgage note you will be asked for certain documents to be used in presenting your case to the lender. One of those documents, and probably the most important, is the hardship letter. This letter basically tells the lender why it is you need them to adjust your mortgage. Its important that it covers all the details but that it remains one page or
Real Estate Market Still Declining: Reverse Exchanges May Help Investors 2008-08-02 18:06:50 The real estate market has continued to decline in value over the past year or so. It is now apparent that we have hit the bottom in terms of activity and that investors are starting to buy foreclosure or short sale properties for investment purposes. Real estate buyers are not always ready to dispose of an existing rental property, so they might be able to use the reverse 1031 ex Read more:Estate
, Market
, Reverse
, Investors
, Real Estate
Gross Domestic Product Rose in 2nd Quarter 2008 2008-08-02 18:03:31 The U.S. Government announced this past week that Gross
domestic product or GDP actually rose at a seasonally adjusted 1.9% annual rate in the second quarter of 2008 said the Commerce Department in its initial reading on the calendar period. Businesses drew down inventories sharply, putting a big drag on GDP - yet suggesting smaller cuts in production down the road - and yet the GDP still gr Read more:Domestic
Documentation needed to do loan modification 2008-08-02 10:23:02 The documents needed to successfully complete a loan modification are as follows: Hardship letter.......this is the key to achieving the loan modification or workout. The hardship letter documents your current life issues. It needs to be short and to the point but including all facts including dates, dollar amounts etc.; A completed Income & Expense worksheet is also very important Read more:Documentation
Loan Modifications for "almost" everyone! 2008-08-01 17:19:11 NO appraisal......NO title.......NO escrow.......no kidding! Have your loan recast with the possibility of a lower interest rate and/or principle reduction without all the extra fees and point costs of a refinance. With the current state of the real estate market, lenders are more than willing than ever to work with you if you are behind on mortgage payments or are expe Read more:everyone
Modify before walking away from home 2008-08-01 00:25:46 Alot of home owners today are getting frustrated with mounting bills and decrease in income and are just walking away from their homes without checking into the options available to them or considering the possible consequences. Realize that a foreclosure stays on your credit alittle over 7 years or so and has a detrimental effect on your credit score. There are alternatives available Read more:Modify
Loan Modifications and short sales 2008-07-30 22:12:58 An average foreclosure is said to cost the bank about 60,000 or about 20-25 percent of the loan balance. Those costs are expected to be even higher when home prices are depreciated. This is why lenders are so eager to work with you on loan modifications and short sales rather than letting the property go to foreclosure. From the media attention to this matter and the stats they a
Loan Modification vs short sale vs foreclosure 2008-07-30 00:20:55 The decision to do a loan modification is a pretty easy one if you are really trying to find a way to stay in your house. If you've had a recent major change in your life, ie divorce, illness, loss of job or reduced income, behind on payments or rate adjustment and in those cases can show undue hardship, then the chances are great that you will be able to modify your mortgage loan.&nbs
Loan Modification and Bankruptcy 2008-08-13 22:55:04 The effects of a bankruptcy on your client’s credit report can be devastating. The average decrease in FICO score from a bankruptcy that your clients can expect is 100 points. Your clients should have their credit pulled immediately after a bankruptcy to verify the accuracy of the items that should be reported on their credit report as included in the bankruptcy. This is crucial to r
Summary of the Housing and Economic Recovery Act of 2008 2008-08-08 23:56:43
A. Summary
- "Federal Housing
Finance Regulatory Reform Act of 2008" This legislation strengthens and modernizes the regulation of the housing government-sponsored enterprises – Fannie Mae and Freddie Mac (the enterprises) and the Federal Home Loan Banks (FHLBs or Banks) – and expands the housing mission of these GSEs. In addition, it creates new program at FHA that will help at least 40 Read more:Economic
, Recovery
Loan modification process timing 2008-08-08 12:21:27 Most people are under the impression that you need to wait until you've missed a payment or two on your mortgage before you can modify your loan and have the rate lowered and/or mortgage loan amount recast. This is not the case. As long as you can show hardship (job loss, illness, divorce, decrease in income if self employed, adjusting mortgage rate, etc etc) or change of almost any ki
Incme allowed for Loan Modifications 2008-08-05 23:16:25 The second most important form the lender uses to review each case for a loan modification or workout is the asset and liability form. The lenders are typically very particular about making sure that the income is not more than a few thousand above or below the threshold they feel is appropriate in each situation. If the cash flow is too high the lender will feel that there is no
Loan Modifications Made Simple 2008-08-04 22:48:36 It has been said that 99% of all “A” type lenders and roughly 70% of sub-prime lenders will negotiate a loan modification where most of the arrearages and pre-foreclosure fees are either wiped out or rolled into the new recast loan amount. Payments can remain approximately the same or in alot of cases (especially where the rate is drastically lowered) will be quite a bit less. Read more:Simple
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