Key Questions to determine if you’re dealing with a True Short Sale Expert
If you are in the unfortunate majority of home sellers who are upside down on your home and needing to move, it can be a stressful situation. Add to this the complexity of choosing someone to help you. You have supposed short sale attorneys, loan modifications, forensic auditors and more knocking on your door to assist you. On top of that you need to sell your home and of course that means you need a Realtor. [click for more short sale info...]
Anyone that has been worried about their mortgage at one time or another these days has likely thought about a loan modification. With all the “specialists” and “help” out there it’s tough to know who to trust.
The definition of a loan modification as per HUD is:
A Loan Modification is a permanent change in one or more of the terms of a mortgagor’s loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.
There’s some key questions that you might want to ask your supposed helper.
Who does the actual loan modification work? – Since the work is and can be done by the homeowner, why & who is doing this work? – If the person who is “helping” isn’t the one doing the work, you might want to get details on their “staff.” Other questions off this line – is this person an owner of the company, an employee or are they an “independent contract” who is in a MLM company?
How many successful Loan Modifications have they done – the individual person, not the company as a whole? Do they have references?
I received this e-mail recently regarding some loan modification completions that we had recently done.
“After the assignment has been completed and submitted, check back with the homeowner in one to two weeks. More often than not, the homeowners you contact will not be able to recover financially. For whatever reason, it doesn”t [...]
If the servicer has not already discussed a short sale or DIL with the borrower, the servicer must proactively notify the borrower in writing of the availability of these options and allow the borrower 14 calendar days from the date of the notification to contact the servicer by verbal or written [...]
Understanding HAFA is going to take some time from Realtors and home owners alike. What this video fails to mention is that only 30% of the loans out there would even be eligible for this program. The shocking part is that what % of that 30% actually qualify by being behind 60 days [...]
The HAFA (Home Affordable Foreclosure Alternative) programs is going to be rolled out on April 5th and there’s a lot of hub-bub about it. Let me ask you, did you remember or notice the HAMP plan? Probably not. Home Affordability Modification Program was a failure. With good intentions, the servicers found out ways to get [...]
You probably know by now that completing a short sale is much, much better then giving up and quitting and letting the bank take the home via foreclosure. You probably also know that although, much better than a foreclosure, the short sale will affect your credit.
What you probably don’t know is that in most cases [...]