Monthly Archives: January 2017

How Do I Qualify for a Loan Modification?

dghtdhKnowing whether you would qualify for a mortgage loan modification or not can be tough. However, some guidelines can give you a proper idea on how to ensure your chances of success in this regard.

Sufficient financial hardship

The loss of a job, reduced income due to changing circumstances, a serious illness involving huge medical bills, a divorcing situation for a couple and excessive debt could create serious financial hardships. No matter what the case is, you will have to show an enduring situation. You also need to remember that there are less chances of it to improve significantly in the near future. Moreover, the financial hardship needs to be combined with a situation with no significant cash reserves because a good cash reserve implies your ability to continue with your mortgage pay-outs.

Convincing your inability to meet the existing mortgage pay-outs

Even if you are in a financial stress, you may not qualify for a loan modification if the assessment done by the bank suggests that you have options for meeting your payment commitments. Some lenders would qualify you for loan modification only after you default in repayment. A perception that you are living beyond your known means is a sure red flag. In that situation, it becomes compulsory to take help from a loan modification expert.

Ability to honor a modified pay-out schedule

The whole purpose of loan modification from the perspective of lenders is to ensure that the chances of the loan getting fully paid is higher, despite the financial hardship faced by the borrower. So the lenders will not go for it if there are greater chances of you defaulting even on the modified terms. The lenders will look for your income documents, tax returns and bank statements. They would qualify you for loan modification only if they are satisfied with your ability to meet the revised commitments. A loan modification firm can help you reduce stress and increase the probability of getting loan modification to a great extent.

Primary residence 

For many lenders, they have to be living in their properties under consideration in order to be qualified for a  loan modification.

Where Can I Find an Expert to Work on Loan Modification?

ghdzHome loan modifications are viable solutions in many situations and many homeowners end up choosing to work on their own loan modification application process. This often results in an unsuccessful outcome which leads to the bank going for foreclosing the home loan. On the other hand, some borrowers opt for loan modification services offered by a loan modification company to help the borrowers negotiate a loan modification package with their mortgage lenders.

There are two types of experts who can help you in your loan modification process.

An Attorney for Loan Modification

You can hire an attorney who has proper knowledge on how a mortgage loan modification works and thus can offer expert guidance in this regard. He can help you write letters to the lenders as well. His expertise also includes all the legality involved in articulating and drafting revised loan agreements. However, it is important to consider whether a borrower who is already in distress would be able to afford the service charges.

Mortgage Modification Companies & Specialists

Going to the mortgage loan modification specialists and companies is another option for you to work with the lenders. They work on behalf of the borrowers for helping in negotiation of a loan modification. Though in many situations these modification companies charge upfront fees and do not guarantee the positive outcome of the work, they offer a helping hand in such a critical situation.

If you are going for loan modification, the process requires you to submit a loan modification application package. Loan modification experts, who come with industry knowledge, can help you in putting together all the documents required for such submissions. Submitting a complete and well-organized loan modification application package is crucial to achieve success in your home loan modification process.

In a nutshell, loan modification experts are essential to put you on the right path of loan modification.

Does a Loan Modification Really Stop Foreclosure?

drIs your financial circumstance too awful to enable you pay back your home loan? Is it safe to say that you are going to face foreclosure soon? Rather than getting discouraged, search for approaches like hiring a loan modification specialist to stop the process from happening. In case you already know the date of the deal, contact your bank or home loan moneylender to check whether you meet all the requirements for an advance alteration. An advance change can fundamentally decrease your installment and dispose of any obligations you may have.

As per the rule, your bank is probably going to consider overhauling the underlying credit terms and conditions. The obligation can be rebuilt and the credit time frame can be increased.

What is a Loan Modification?

A loan alteration done by a loan modification company refers to changes made to the underlying credit agreement in order to make it less demanding for you to make your monthly reimbursements and balance your obligation for keeping your home. In order to fit the bill for a loan modification help, you have to demonstrate that you have a financial difficulty or the creditor’s own mistake caused the loan issue.

A loan modification offered by the US government includes:

  1. a) HARP (Home Affordable Refinance Program): it permits you to fund your home through nontraditional means.
  2. b) HAMP (Home Affordable Modification Program): this program declines your home loan installment to 31% of your month to month net salary, thus making your installments reasonable.

Certainties about loan modification services

  • An effective loan modification service slows down or even stops a foreclosure.
  • Permits a property holder to keep home for an extended time.
  • Makes it less demanding for you to reimburse your month to month advance portions.
  • Matches up the terms and states of your home loan advance.

Many banks will support you for a credit modification request if you have hardships like loss of salary, medical expenses, demise of a family member, sickness, diminished pay, detainment, property harm because of vandalism or regular catastrophe, and so on. Getting a loan modification restoration is not ensured. If your application is unsuccessful, you have to discover another method for stopping the dispossession.

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Can I Get My Down Payment Back If Foreclosed On?

Status of foreclosure

fdfhYou are not alone if you are facing disclosure. According to some stats, the number of property dispossession rate will spike after the economic problem ends. The abandonment procedure can scare some mortgage holders; therefore, it is imperative to remember that there are alternatives available, like loan modification so that you can keep your home. But the likelihood of getting your down payment for a home is very slim.

Loan modification

If your fight to stop the foreclosure through getting a loan modification attorney has failed, creditors will start home foreclosure proceedings. The procedure may be legal or not judicial depending upon the state you live in. Every state has its own arrangement of strategies and contemplation. In a legal foreclosure, the procedure involves the state courts. Here, a moneylender documents a claim and afterward endeavors to persuade a judge why the loan specialist should be permitted to take over the property. In a nonjudicial abandonment express, the dispossession happens without the inclusion or supervision of any court. Here, mortgage holders can’t raise securities unless they have a lawyer, who documents the governmental policy regarding minorities in the society in court, asks for an order to stop the abandonment, posts a bond (usually a huge number of dollars), and convinces the judge to urge the dispossession.

If you make a 20% down payment on a house and fund 80% through credit, it means you own 20% of the house. If you pay your installments on time for 3 years, the total value of the house will still above what you owe. And if you lose your income source or aren’t able to continue paying your mortgage for any reason, the next obvious step will be to call your creditor to discuss about your condition. They may not consider your situation in order to get their mortgage payment. In this case, you may lose your home if you do not go for a loan modification.

You can get back your initial 20% down payment; however, it is not 100% guaranteed because the creditors tend to sell houses on minimum rates so that they can sell faster and get back their money. However, if luck is on your side and your home is sold at a very good price, you may have the chance to get back your initial payment even with some extras too

You may visit loanmoddepot.com to get further info on foreclosure.

How to Stop Foreclosure on a Home I Am Renting?

Who faces foreclosure?

gfjgfjTenants and renters who failed after attempting loan modification restoration face foreclosure. The recent economic recession has brought about thousands and even millions of dispossessed homes. A good number of occupants are homeowners who fight to get alternative accommodation with almost no notice. They’re joined by scores of tenants who find that the house they are living in is under foreclosure.

How to stop foreclosure?

One essential fact you must remember is that some states grant you the right to remain in your home sufficiently long enough during the foreclosure process. There are also anti-foreclosure options, like loan modification help for you. As a result, you don’t have to leave immediately. You can stay on, use the state’s law to your benefit and save enough money to by another property or even pay your mortgage. The basic fact is that you don’t have to lose your home.

Many home renters who never availed loan modification services used to lose their rents during the foreclosure process. This was the case until Obama came in to sign the acts, protecting tenants from losing their rent money. Now the occupants of a foreclosed home can remain until the end of the rent and month-to-month renters are qualified for receiving a 90-day notice before moving out.

A special case is cut out for the purchaser who expects to live on the property. This purchaser may end the rent period with the 90-day notice. Essentially, the law declares that any state legislation that is more liberal to the occupants won’t be seized by the law. These insurances apply to Section 8 inhabitants as well.

Inhabitants who live in urban communities with lease control eviction security and avail the service of a loan modification expert are likewise shielded from terminations from the clutches of the new owners or the acquiring banks. These occupants can depend on their mandate’s list of “just causes” or list allowable for termination, since a change of proprietorship without extras does not legitimize a termination. Therefore, the termination is not justified just because a modification happened due to foreclosure.

Can I Stay in My Home If Foreclosed On?

How to face foreclosure?

gsrIf you didn’t do anything to avoid your home foreclosure process for any reason or you didn’t find a way to evade it through loan modification help, the foreclosure proceedings will move according to your creditor’s and the state’s schedule and plan. It is important to know that you don’t need to leave your home just because the foreclosure proceeding is on. In many states, you’ll have the capacity to remain in your home to fight against the proceeding and stick around long enough to make plans, save, and even get your home back. So, can you stay in your home while the home abandonment proceeding is on?

Here is an example of David and Jenny to make it clear for you.

Case: David and Jenny cannot afford to pay the scheduled $3000 payment installments for the first three month mortgage payment and thus they have to release their home. They checked out their state’s dispossession laws to find out how much time they have. They discovered that they can stay for three months without making installments or check the loan modification options available before getting what’s known as a notice of default in their state. This notice can give them extra three months to make things right. In the event that they don’t, they will have an additional 30 days’ notice before the house is sold. They can petition for Chapter 7 liquidation and defer the deal by three more months. Liquidation can likewise give them the chance to leave without owing to the creditor anything. After the abandonment deal, they’ll have the capacity to remain in the house for a few months.

After the evasive techniques, they will have no less than a year of living in the house without making installments. And in case they can save $2,000 a month, they will have $25,000 in the bank when they will set out to look for a new home.

So as you can see, it is possible to stay in your home while the foreclosure proceeding is on. This way, you can have ample time to save and eventually use the money for a new home or even settle your debt.

Foreclosure proceeding is an awful experience. In order to get rid of the stress and other related ailments, visit loanmoddepot.com today!

Where Can I Get a Loan Modification on a Commercial Property?

rgCommercial estate properties involve office structures, modern property, medicinal focuses, lodgings, shopping centers, retail locations, cultivate arrive, multifamily lodging structures, stockrooms, and carports. In many states, a private property containing more than a specific number of units qualifies as a business property for acquiring and duty purposes.

What is loan modification?

It is the rebuilding of the home loan where at least one of the terms of a borrower’s credit is changed to give a reduced installment. With  credit modification, the bank may consent to do the following things in order to reduce your routine commercial mortgage payment.

Decrease the loan cost

Change over from a variable loan cost to a settled financing cost, or extend the term of the loan payment.

In order to be qualified for a commercial loan modification, you should demonstrate that you can’t make your present home loan installment because of money-related difficulties and provide all the necessary documentation to the bank for assessment.

Where to get a loan modification for a commercial property?

A wide range of loan modification programs are accessible, including exclusive (in-house) advance changes and additionally the Home Affordable Modification Program (HAMP), which is a part of the government’s Making Home Affordable activity. HAMP helps the borrowers by adjusting their first lien contracts so that the regularly scheduled installments are lower and more moderate. To know more about HAMP, see The Home Affordable Modification Program (HAMP). (To get some answers concerning other government programs for troubled property holders, see our Government Foreclosure Prevention Programs.)

Discover the cost of the alteration and if you prefer not to hamper your business income, inquire as to whether they will incorporate the expenses in the new advance sum. On the off chance that they won’t go along, you should change your operation as required for the fleeting to take care of the end expenses and charges.

Cannot find enough information on loan modification tips & loan modification costs? Get in touch with us now!

Can I Refinance My Home While in Foreclosure?

dhThe likelihood of losing your home due to foreclosure is genuine and it’s normal to be terrified and befuddled as the procedure moves along. What’s imperative in such a situation is to keep a composed mind. Don’t freeze and check out all the options available, as this is the right thing to do. One of the options is the possibility of refinancing your home during foreclosure. But how is it possible?

You are presently in an exceptional circumstance and banks don’t care for anything except getting their loans back. They simply aren’t set up for refinancing while you are facing foreclosure, regardless of how much sense it makes. So their reaction is to either deny your application on account of the bank that holds the home loan on your home which has fallen behind or to dispossess the home and offer it to the highest bidder.

Refinancing Foreclosure

While you are trying to make use of the refinancing foreclosure option, you need a bank with practical experience in re-negotiating foreclosure. But there are just a couple of them out there. When you ask the major question, they will ask how much you will offer if you need to sell your home in a hurry and how much you owe in the first home loan deal.

Since your credit history and home loan history can’t be considered to qualify you for a foreclosure refinance, dispossession refinancing is basically all about equity. Moneylenders with expertise in foreclosure renegotiating will routinely ask you to arrange for an examination and an extra evaluation audit performed by a real estate broker, usually known as BPO or Broker Price Opinion.

Here’s a general rule: If you have at least 35% equity in your property and it is valued at $300,000 or more, you have already met all the requirements for a foreclosure refinancing. Thus you can spare your home foreclosure procedures.

It is possible to get a foreclosure refinancing if you work with the professionals in this sector. They will help you go through your options to enable you choose the one that seems best for you.

Need more information on a loan modification inspector or a loan modification consultant? Contact us immediately.

Does Deeding My Home to Someone Else Stop Foreclosure?

xgfshHave you missed your home installments and now facing foreclosure? Have you been getting loan collection calls and feeling like it’s the time to surrender? If you think that you have no alternatives, it’s interesting to do nothing and simply acknowledge the inescapable. Whatever the case may be, you have to realize that you do have alternatives before surrendering and one of them is to deed your home. So, the question is, how does it work?

Deed in Lieu of Foreclosure

A deed in lieu of abandonment is another option that has been around for a long time. It is an arranged settlement between the bank and you. You deliberately give up the title to your home and your moneylender consents to stop the abandonment.

Keeping Away from a Deficiency Judgment

In a few states, loan specialists have the privilege to sue the borrowers for insufficiency after abandonment or a deed in lieu of dispossession.

A lack is the contrast between the sum you owe on your home loan and the value your moneylender gets for your home when they offer it at an abandonment deal. As a result, if you owe your home loan moneylender $100,000 on your home and you default and they can just offer the house for $50,000, then the bank can come after you for the rest of the $50,000; despite the fact that they took the house.  With a deed in lieu of abandonment, the insufficiency is the distinction between the aggregate obligation and the honest estimation of the house.

As a major aspect of the deed in lieu of dispossession transactions, you should get your moneylender to consent in order to discharge you from repaying any lack, maybe in return for your consenting to convey the house to your loan specialist in great condition. Make a point to get the inadequacy waiver in composing.

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What Are Some Ways to Delay the Foreclosure Sale?

thHow can foreclosure sales be delayed? Is it conceivable to stop the dispossession procedure? If your email is overwhelmed with those feared notifications, you’re most likely making that inquiry every day. Unfortunately, this is an issue many Americans live with each day; however, very few know about delaying the foreclosure process and eventually terminating the foreclosure. You are about to find out how to delay the foreclosure sale in this article.

It is normal to loose your head when your loan specialist undermines you with dispossession. Many individuals don’t understand how much power they really need to delay the dispossession procedure or even to stop the abandonment. Take a look at a couple of things your home loan bank doesn’t need you to realize which can help you delay or even stop your dispossession.

If you have gotten a Notice of Trustee Sale or if your moneylender has slammed you with dispossession and you want to stop it, below are a few options available for you.

Reestablishment of home loan

What is the quickest and most convenient approach to stop the dispossession procedure? Considering everything, there’s no easy solution. So yes, you have to make those installments! You can stop the dispossession paying the bank all past due home loan penalties and installments, including the credit company abandonment costs or reestablishment sum.

Apply for loan modification

One approach to delay and eventually stop the home abandonment procedure is to utilize the loan modification plan to your benefits. A credit change can modify your loan cost and your installment sum, and extend the time you have to bring your installment in.

Have a short deal underway

There are many benefits of a short transaction. Some moneylenders will postpone the foreclosure procedures if the borrower tells them that they need to try a short deal to stop the foreclosure.

For more information on loan modification help and loan modification testing, get in touch with us.