HOW TO KNOW IF YOU QUALIFY FOR A LOAN MODIFICATION - DONT BE STRESSED OVER A FEW NUMBERS!!

I HAVE RECEIVED CALLS FROM PEOPLE WANTING TO KNOW MORE ABOUT LOAN MODIFICATIONS. NOT SURE IF THEY QUALIFY.

1: OWNER OCCUPIED.

2: FINANCIAL HARDSHIP - HARD TIME PAYING ALL BILLS

3: IS THERE A VIOLATION IN YOUR LOAN?? IS YOUR LOAN 3 YEARS OLD OR LESS?

4: HAVE YOU LOST YOUR JOB OR HAS YOU INCOME DECLINED

5: ARE YOU PAYING MORE THAN 40% OF YOUR GROSS INOME TO YOUR MORTGAGE?

6: IS YOUR MORTGAGE INTEREST RATE OVER 7.5%

7: DO YOU HAVE A NEGATIVE AMORTIZATION LOAN

IF YOU ANSWERED YES TO A FEW OF THESE QUESTIONS YOU MAY BE ABLE TO QUALIFY FOR A LOAN MODIFICATION. THE MAKING HOME AFFORDABLE PLAN HAS BEEN IMPLIMENTED TO BRING STANDIZATION TO LOAN MODIFICATIONS.

DONT BE A VICTIM!!! THERE ARE TWO BUSINESS THAT CAN CHARGE UPFRONT FEES FOR A LOAN MODIFICATION:

1: ATTORNEY

2: ADVANCED FEE AGREEMENT THRU THE DEPARTMENT OF REAL ESTATE.

PLEASE PLEASE ASK QUESTIONS: HAVE YOU FOUND A REALTOR WHO SAID THEY WOULD DO YOUR LOAN MODIFICATION FOR FREE??!!! BECAREFULL. MAKE SURE AND ASK THEM HOW MUCH TIME AND PERSISTANCE THEY WILL PUT INTO SAVING YOUR HOME AND IF THEY KNOW ANY OF THE LAWS RELATED TO DOING SO. SOME REALTORS HAVE WENT TO SEMINARS TO USE MODIFICATION AS A TACTIC OF GETTING SHORT SALE LISTINGS!! SO, IF YOU WANT TO KEEP YOUR HOME YOU HAVE THE RIGHT TO KNOW THE FULL INTENTIONS OF WHO EVER IS WORKING FOR YOU.

RECENTLY I HAD A CLIENT WHO WENT TO A REAL ESTATE COMPANY WHO DID LOAN MODIFICAITONS. THEY DIDNT DO ANY WORK, NO FOLLOW UP CALLS, THEN TOLD THE CLIENT SHE WAS DECLINED AND THEY NEEDED TO SHORT SALE HER HOME. WHEN I MADE THE CALLS I FOUND OUT THERE WAS NO ONE WOKING ON THIS MODIFICATION. I WAS ABLE TO STOP THE FORECLOSURE PROCEEDINGS AND WILL LIKELY SAVE THIS CLIENTS HOME AND THOUSANDS OF DOLLARS OFF HER MONTHLY MORTGAGE!!! YOU HAVE THE RIGHT TO KNOW THEIR INTENTIONS, HOW OFTEN THEY CALL THE LENDER, THEIR EXPERIENCE, WHAT THEY TYPICALLY GET DONE. ETC.

ALSO, MAKE SURE AND FIND OUT ABOUT POTENTIAL LIABILITY AND WHAT MAY HAPPEN WITH A DEFICIENCY BALANCE AND TAXES. AS AN ATTORNEY WE CAN GIVE YOU ADVICE ON THOSE ISSUES.

I STARTED AS A REALTOR, HOWEVER, MY FULL INTENTION HAS ALWAYS BEEN TO HELP MY CLIENT KEEP THIER HOME.

JOANNA JENSEN

THE BAYARD LAW FIRM

PLEASANTON, CA

925 699 5041

LOAN MODIFICATIONS, DEBT SETTLEMENT, PURCHASES, SALES, SHORT SALE