Loan Modifications - Some Scoop

Some highlights to keep in mind regarding loan modifications:

1. If the homeowner isn't working / does not have current employment, more than likely there's not much for them.

2. Some possible scenarios are:

A lowered interest rate for a temporary time period

Forbearance - a temporary suspension of payments to give the homeowner some breathing room, which may be followed by a repayment plan to catch up on missed payments.

There are mortgage counselers available through the US Dept of Housing and Urban Development - free of charge.

The Making Home Affordable plan, there may be a reduction in principal amount so that the monthly payment will not exceed 31% of the borrower's income, but that reduction is only temporary.  The set aside portion will have to be repaid when the loan is paid off or refinanced or the home is sold.

www.hud.gov - click on "Foreclosure Avoidance Counseling"

Comment balloon 0 commentsRalph Gorgoglione • March 22 2009 01:56PM
Loan Modifications - Some Scoop
share
Some highlights to keep in mind regarding loan modifications: 1. If the homeowner isn't working / does not have current employment, more than likely there's not much for them. 2. Some possible scenarios are: A lowered interest rate… more
Tennis Court Properties in the Los Angeles area
share
If any of you have referral clients looking for tennis court properties, I offer a good combination of knowledge. Not only am I a Top-10 agent, but I am also a USPTA Certified Tennis Professional with a good knowledge of tennis court… more
Lock Bumping - Spread the word to your clients!!!
share
Lock bumping is the term for a very common technique used to open pin tumbler style locks that are installed in over 90% of homes and businesses worldwide. A specially designed key known as a bump key is all it takes to open virtually any lock of it… more
Silent Seconds
share
The County of Los Angeles provides downpayment assistance in participating cities and designated census tracts of unincorporated areas in Los Angeles County. If the home purchase is in participating cities of Los Angeles County, this program… more
FHA Minimum Property Requirements
share
I remember doing my first FHA deal and learning about FHA minimum property requirements in the middle of the deal. Things such as the property cannot be located within falling distance of a utility tower, if the property has a pool it must be… more
Short Sale Nightmare Stories
share
Just want to share a short sale nightmare story. Last year, I had a short sale. Typical waiting period, then my buyer received the approval from the lender on the short sale. The escrow rolled through quickly, all inspections and… more
FHA Energy Efficient Mortgages (EEM)
share
You can actually fold the cost of adding energy-efficient improvement into your client's mortgages with an Energy Efficient Mortgage (EEM). And of course this will lower their utility bills significantly. The cost of the improvements that may… more
Green Features in a home easily and inexpensively
share
Most people think that adding green or sustainable features into a home is costly. There are many ways you can improve the sustainability of your home inexpensively. Passive solar features can be improved with awnings, patio covers and… more
Short Sale Expertise in Los Angeles Market
share
I have extensive experience in short sales. My last short sale (on the listing side) had two loans, and I was able to get it into escrow within 32 days of listing with full acceptance from both lenders!! The key was having the short sale… more
Great buyer incentives
share
There are great buyer incentives now! Our local board has teamed up with the California Association of Relators to offer a $4000 grant to first time buyers. This is a grant that DOES NOT have to be repaid. For info on this grant, CLICK… more