Has anyone had a loan modification?

Question by declaar: Has anyone had a loan modification?
What is the process? did you pay money up front? who did you use? right now I’m speaking to someone from Homeowners Relief Center….

Best answer:

Answer by klcc
Looked into it and apparently there must be hardship involved. The Co (prefer not to give name) I was in contact with sent the application and there is 950 fee unrefundable should the modification cannot be done. The thing that concerned me is that the application does not state on what basis the modification would be done, or what defines me as a candidate to get the modification (just want to lower the interest rate) there is a chance to be getting into a lose situation by losing the 950 should the bank holding the loan not accept the modification. In addition to the 950 there are two more fees for about 1500. ea. Want to hear what info you get…

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Help with Foreclosures?

Question by Proud American: Help with Foreclosures?
Anyone know how to get info on foreclosure homes? And the process on how to purchase them? Any advise? Free lists etc

Best answer:

Answer by susan q
look up in the search engine, *foreclosures* at “ur banks name” and something will come up

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How my boyfriend foreclosure can affect me?

Question by batinara: How my boyfriend foreclosure can affect me?
He is going through a foreclosure process. If we get married in a few months, how can this affect me? I am already affected emotionally and have a lot of doubts in my head.

Best answer:

Answer by oj
Yes, once you are married, your credit will essentially be *tied.* In other words, if you want to obtain a credit card or car loan in the next couple years, when they check your credit, it will show your then-husband’s foreclosure. This will affect what you get approval for, and the interest rate you might get.

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Bankrupt vs. Foreclosure?

Question by hart277: Bankrupt vs. Foreclosure?
Does anyone know if its better to go bankrupt then to foreclosure on a property? If they’re taking the property back wouldn’t it show up as a bankruptcy anyway?
I can’t modify through the banks, because I haven’t missed any payments. We’ve had to move out of the property because of mold and mildew concerns. So we have a mortgage and rental payments and work isn’t going as good as it was last year so you take all that into aspect and I can see myself having a hard time to pay for all this stuff and trying to find out what options are available to me.

Best answer:

Answer by golferwhoworks
no it is better to bk7 and foreclose inside the chapter 7.
That way you do not get a balance owed if it sells for less than owed. A foreclosure will show up either way on your credit and you will not be able to purchase with a bank loan for not less than 4 years any way.
I am a mortgage banker in Tn &KY

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Real Estate Short Sale question?

Question by irish girl: Real Estate Short Sale question?
I understand what a short sale is, but how do you get to the point where you owe more than what your house is worth? People have told me that you are not always behind on your mortgages payments when the short sale happens, but how else do you get to that point?

Best answer:

Answer by Expert Realtor
When the value of the home drops due to multiple foreclosures in your immediate area or a negative ammortization loan.

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how to go by loan modification on my rental home?

Question by tom s: how to go by loan modification on my rental home?
i need information how to go,by loan modification on my rental home. i tried many times but my lender won do it

Best answer:

Answer by Bill
Usually lenders do not modify rental property loans. If you still have equity you could try to refinance but you won’t get your balance reduced.

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Foreclosure and loan modification?

Question by Sweet You Rock and Sweet You Roll: Foreclosure and loan modification?
Which takes precedence? if someone receives notification of a foreclosure while a loan modification is being processed should they adhere to the notice to vacate or hang out for the loan modification to be approved or denied…..

Best answer:

Answer by Landlord
The foreclosure will march on, request to modify or not. If the loan is not modified before the foreclosure it will not matter, the house will belong to the bank.

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Short sale question?

Question by nicki: Short sale question?
We placed a contract on a home back in Oct that is subject to short sale. The listing for the home stated the seller will pay all closing cost. We asked for 9% closing because we’re getting a FHA loan. My realtor (who is definitely not working for us) came back and said the bank handling the short sale will only give 6% closing help and the rest falls on us. I don’t understand why the liability for closing falls on us since the sellers signed the contract agreeing to giving 9% I would think they would have to make up the difference or at least negotiate something with us (the buyers) to split the remaining closing. Any advice or suggestions would be very much appreciated.
Additionally we asked for the pricing to be lower and some broken windows to be fixed. The sellers agreed but the bank didn’t and that also fell on us to fix before closing. Less than 2 weeks away with Xmas and New Years intertwined.

Best answer:

Answer by Jerry M
speak with your lawyer and if they refuse to comply with the contract you can back out of it.

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Q&A: Should I foreclose or try for loan modification?

Question by jennifer: Should I foreclose or try for loan modification?
We own a home that is worth about 175,000 and we owe 450,000. (Bay Area, CA). The house is in a high crime area and moved out two years ago and rent a house from a family member. We currently have a renter but rent payment does not come close to covering our mortgage. We have never been late with a payment but have only been paying minimum payment that doesn’t even cover all of the interest. The home is starting to need some major repairs and we can’t afford it. Does anyone have any recommendations for us? Should we walk away or try for a loan modification? I knew someone that got their loan almost cut in half. Any suggestions would help.

Best answer:

Answer by codysdoor
ALWAYS try for a loan mod. You owe the money so do what you can to make good on it. Walking away from the loan is semi-theft.

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house foreclosure?

Question by melissa georgia: house foreclosure?
we bought a house two years ago and because we can no longer make payments it will go into foreclosure my husband has a foreclosure before we married so i put the house in my name now if the forclosure is on both of our crtedits will we ever be able to buy a house again some say no some say yes? what happens?
yes we bought with an adjustable rate mortgage and payments went way to far up so dont answer if youre going to be rude because we already know how stupid that was!!!
also we cant refi or take out loans!!!

Best answer:

Answer by tahari01
I used to be in real estate for many years. Yes, you’ll be able to buy another house in the future. If you absolutely HAVE to go into forclosure, then just stick with working on your credit to repair it. Have you tried talking to your mortgage company? My husband and I almost went into forclosure, but he called and made payment arrangements with them. They were more than happy to do that because they don’t want to go into forclosure no more than you do because they’ll be out a lot more money than you. Think about calling to rectify things w/them before allowing the forclosure to happen.

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