Below are the most frequent questions about loan modifications and their answers. No legal advice is provided. Each case is unique in its way. Please seek professional legal counsel.
Is a Loan Modification For Me?
Usually a loan modification is a good solution for a property owner if the property owner has a steady source of income, can keep paying if the mortgage is reduced and wants to stay at the property.
Do I qualify for a loan modification?
To qualify for loan modification, the property owner must have enough steady income to keep up with the mortgage if the payments are reduced.
Do I necessarily need to be in default to modify my loan?
No. Loan modifications can be negotiated for properties in default and current in payments.
What is a Loan Modification?
A loan modification is a re-structuring of a property owner's mortgage payments such that they are more affordable.
What is forbearance?
Forbearance is a voluntary postponement of the foreclosure process by the creditor. Often the creditor refrains from foreclosing in exchange for the homeowner paying part of the arrears in default. The other part of the arrears are "thrown into the back end" of the loan. Typically there is no change in the monthly payment amount. Creditors typically attempt forbearance before accepting a loan modification. Property owners often confuse forbearance as being the same as loan modification.
How are Loan Modifications Negotiated?
In the states of Oregon and Washington, most successful loan modifications are negotiated through attorneys assisted by expert witnesses and facilitators. In this arrangement, an attorney firm represents a property owner to make the case that the loan should be re-structured such that the property owner can keep up with the mortgage payment. The expert witnesses provide the needed evidence. The facilitator assists the property owner in gathering the needed documents.
Can a property owner negotiate his or her own loan modifications?
Yes! Homeowners can definitely negotiate their own loan modification. However, most property owners don't have the expertise, time and instruments to effectively negotiate an advantageous loan modification.
What are the advantages of an attorney-based loan modification?
What makes a loan modification proposal acceptable to the lenders?
For a loan modification to be acceptable by the creditors, the property owner needs to show two main facts:
What is better: A refi or a loan modification?
Loan modifications and refinances are entirely different animals. One is not better than the other.
What is important is to select the right option based on the existing situation. Both refinances and modifications have advantages and disadvantages.
How much does it cost to modify a loan?
In most situations, loan modifications are less costly than current monthly mortgage payments. We offer a loan modification service fee with payment divided into 4 or 5 installments in order to make it more affordable. For pricing information call me, Oscar Morante, at 971-222-3435 or email me at oscar@bestshortsales.com.
What is the loan modification process? How long does it take?
www.bestshortsales.com www.oscarpdx.com www.rapidforeclosuredata.com wwww.shortsaleprocessing.com
Contact Oscar Morante at 971-222-3435 or Oscar@BestShortSales.com
Making the right choices is mostly a matter of being well informed. That is why I believe in education. The better informed you are, the more I can help you.
Attend my FREE educational events. These web events are designed for you to know more about your real estate concerns. The objective of these webinars is to help you be better able to make the right choices.
Presenters:
§ Me, Oscar Morante, Real Estate Agent specialized in short sales and related issues
§ Guests Expert in Webinar's Subject
o Real estate attorney
o Bankruptcy attorney
o Mortgage banker
Webinar Features:
§ Short presentation about subject
§ Questions and answers segment
§ Names are kept anonymous
§ Up to (1) hour long
§ Web and phone based presentation
Webinar Subjects:
§ Loan Modification for Property Owners
§ Short Sales for Property Owners
§ Buying Properties on a Short Sale
Webinars will re-start the first week of January 2009
www.bestshortsales.com www.rapidforeclosuredata.com www.shortsaleprocessing.com www.oscarpdx.com
Yvette:
Thanks again for considering me for your short sale needs.
If your mother in law does not want to leave, you will need to talk to an attorney versed on landlord - tenant law. If there are no written contracts the process may take long and become expensive. It would be better if your husband negotiates a good will agreement. I would not corner your mother in law because now she is in survival mode. If you are in Oregon or Washington I can help you better.
Look at my web site www.oscarpdx.com. There is a good bit of information there. One of the options you may consider is loan modification. Your husband may be able to lower the payments such that his mother can stay. That would keep the family together.
I am glad I get along great with my in-laws and my wife well with my family. You will have deal with you mother in law for many, many years. Might as well have a great relationship.
Oscar
At 07:04 PM 12/1/2008, you wrote:
Hello
My name is Yvette my husband is in foreclosure right now he has a month before the house will be sold to the county we don't know but mostly it will happen. we don't leave there his mom live there and she is the one who pay the mortgage every month and she did not told my husband on anything until my husband seen some letter in the counter that his house is in foreclosure.
Anyway, to make it short my husband talk to the lender GMAC negotiating to keep his house he owe $350,000 his interest rate is adjusting every month etc.. so he decided to do short sale to slow down the process of the foreclosures, in the main time he gave his mom a verbal notice to find a place to live she said she won't leave until the house is sold.
Does she has the right to stay until the house is sold? my husband wants her out there now.
Please help don't know what to do.
Sincerely
Yvette
Oscar Morante
www.bestshortsales.com
oscar@bestshortsales.com
Ph: 971-222-3734
Fx: 503-296-5663
9220 SW Barbur Blvd.
Suite 119 - #159
Portland, Or 97219
www.bestshortsales.com www.rapidforeclosuredata.com www.oscarpdx.com www.shortsaleprocessing.com
Contact Oscar Morante at 971-222-34335
www.bestshortsales.com www.rapidforeclosuredata.com www.oscarpdx.com www.shortsaleprocessing.com
Do You Still Want to Keep Your Property?
I Can Help You Lower Your Payments
Call me at 971-222-3435
Your house is not just a property. It is your home, your most prized and necessary possession. It is always worthwhile the do as much as possible to preserve this important resource. If you want to keep your property, you should consider loan modification as a possible option.
What is a loan modification?
It is a re-structuring of the current loan such that the property owner can continue making payments because of mortgage payment reduction.
Property owner Benefits
Lender / Servicer Benefits
Win-Win-Win
With loan modifications everybody benefits.
Loan Modification Realistic Expectations
A typical loan modification reduces mortgage payments by 30% to 50%.
Example:
Current loan payment: $2700
Modified loan payment:
Are Loan Modifications Affordable?
Loan modifications are very affordable. Just consider the great savings. Cost varies per specific case. Contact me at 971-222-3435 to talk about it. I will give you an estimate.
Is Loan Modification for Me? Do I Qualify for a Loan Modification?
What is the loan modification process? How long does it take?
Contact Oscar at 971-222-3435. He is most active in the Portland, Oregon area but can help anywhere in Oregon and Washington.
www.oscarpdx.com www.bestshortsales.com www.rapidforeclosuredata.com www.shortsaleprocessing.com
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