Free Advice With Loan Modifications - Marshall Carrasco Reno, NV  Short Sale Expert
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Free Advice With Loan Modifications - Marshall Carrasco Reno, NV Short Sale Expert

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Marshall Carrasco Reno's #1 Short Sell Expert www.renohelp.org. Free Advice With Loan Modifications by Marshall Carrasco Reno, NV Short Sale Expert

Marshall Carrasco Reno's #1 Short Sell Expert www.renohelp.org. Free Advice With Loan Modifications by Marshall Carrasco Reno, NV Short Sale Expert

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    Free Advice With Loan Modifications - Marshall Carrasco Reno, NV  Short Sale Expert Free Advice With Loan Modifications - Marshall Carrasco Reno, NV Short Sale Expert Presentation Transcript

    • Free Advice With Loan Modifications Call : 775-525-1205 www.renohelp.org
    • What is a loan modification?A loan modification is the process through which your mortgage lenderagrees to change your loan to make the payments more affordable.This is accomplished by:• Reducing your interest rate.• Changing the terms of your loan (extending the life of the loan, changing an adjustable rate to a fixed rate)• Reducing the principal balance of your loan. Call : 775-525-1205 www.renohelp.org
    • What is a loan modification?• This process will often allow a borrower who can no longer afford their home at their current payment to stay in the property.• A loan modification is for the borrower with a mortgage payment just out of reach. Call : 775-525-1205 www.renohelp.org
    • What is needed to qualify for a loan modification?• A borrower must be under some form of financial hardship.• These may include a verifiable reduction in income or increase in living expenses such as: • Loss of job or reduction in income • Medical expenses • Dependent care expenses • Unexpected increase in living expenses • Divorce or death of spouse • Increase of mortgage payment due to an adjustable rate increase Call : 775-525-1205 www.renohelp.org
    • What is needed to qualify for a loan modification?A signed and dated letter of hardship is required by most lenders. It mustclearly state the reason(s) for the loan modification request. The lenderwill also request proof of these hardships such as bank statements, incometax returns and pay stubs.• Once a lender has reviewed the request a trial modification may be allowed.• The decrease in payment will be based on the borrower’s ability to pay.• Each lender is unique in how a loan modification is calculated. Call : 775-525-1205 www.renohelp.org
    • What is needed to qualify for a loan modification?• Even though this process may seem a bit overwhelming at first, Marshall Realty will assist you through every step of this process.• Submitting documents, answering questions and following through with your lender is our specialty.• Simply put, we become your liaison smoothing the path to a more affordable home mortgage. Call : 775-525-1205 www.renohelp.org
    • Avoiding FraudWhen considering a loan modification, be aware many companies areoffering to assist you in reducing your mortgage payment. Watch for thesewarning signs of fraud.• Fees are charged for the service• Promises a loan modification will be obtained• Guarantees to stop the foreclosure process• Unlicensed individuals• Out of state companies• Attorneys promising civil action on your behalf• Calling “on behalf” of your lender’s soliciting information about your loan Call : 775-525-1205 www.renohelp.org
    • Avoiding Fraud• While there are many credible agencies, the best way to assure you are in good company is to meet with a representative and ask questions.• Marshall Realty is a local company with a fully staffed office.• We invite you to meet us and ask questions, get all of the facts regarding your situation, only then decide your plan of action. Call : 775-525-1205 www.renohelp.org
    • The truth about loan modification• More than 1 in 8 homeowners are upside-down on the mortgage and dont know what to do.• The search for a solution can be filled with misinformation and fraud, and often adds more frustration to this difficult situation.• If you or someone you know is among the many homeowners who owe more money on their home than its worth, know that there are options available. You need the facts. Call : 775-525-1205 www.renohelp.org
    • The truth about loan modification• In todays shifting market the most important safeguard you can take in preventing lost opportunities and avoiding scams is by staying educated.• Your first step as a homeowner in trouble is understanding all of your options, including a mortgage modification.• This is where Marshall Realty can help you.• We specialize in helping homeowners through the loan modification process, and we never charge our clients a fee, ever. Call : 775-525-1205 www.renohelp.org
    • Loss mitigation tools for delinquent mortgagesConventional Mortgage - Repayment PlanAllows you to make a regular full payment plus a portion of the delinquencyeach month over a period of months to cure the delinquency.FHA Mortgage - Repayment PlanAllows you to make a regular full payment plus a portion of the delinquencyeach month over a period of months to cure the delinquency.VA Mortgage - Repayment PlanAllows you to make a regular full payment plus a portion of the delinquencyeach month over a period of months to cure the delinquency. Call : 775-525-1205 www.renohelp.org
    • Loss mitigation tools for delinquent mortgagesConventional Mortgage - Loan ModificationA lender may consider adding the delinquent amount to your principalbalance, which may reinstate your loan. A change in interest rate and/or theloan term may also be considered.FHA Mortgage - Loan ModificationThe delinquency amount is added to your principal balance, which may resultin fully reinstating your loan. A change in interest rate and/or the loan termmay also be considered. Late, foreclosure, attorney fees may be waived.VA Mortgage - Loan ModificationThe delinquency is added to your loan balance in order to bring your loancurrent. The interest rate and terms may be modified. Call : 775-525-1205 www.renohelp.org
    • Loss mitigation tools for delinquent mortgagesConventional Mortgage - ForbearanceSuspended or partial payments for a short period of time followed byrepayment plan, modification, reinstatement, or full pay off. You must proveyour hardship is temporary and will resume ability to pay mortgage.FHA Mortgage - ForbearanceSuspended or partial payments for a short period of time followed byrepayment plan, modification, reinstatement, or full pay off. You must proveyour hardship is temporary and will resume ability to pay mortgage.VA Mortgage - Forbearance/Repayment ScheduleAllows the repayment of part of the delinquency each month along with yourregular mortgage payment. If you are temporarily unable to meet yourmortgage payment, suspended or partial payments may be accepted until youhave the ability to resume the payment schedule. Call : 775-525-1205 www.renohelp.org
    • Loss mitigation tools for delinquent mortgagesConventional Mortgage - Short Sale/Pre foreclosure saleAllows the borrower to sell the house and use the proceeds to satisfy themortgage debt even if the proceeds are less than the amount owed.FHA Mortgage - Partial ClaimYour lender may work with you to obtain a one-time payment from theFHA-Insurance Fund to reinstate your loan. You must be at least 4 monthsdelinquent and able to make full mortgage payments. You will execute apromissory note & subordinate mortgage payable to HUD. This note carries nointerest & is payable at time of home sale or refinance.VA Mortgage - RefundingIf you have the ability to make mortgage payments or will have the ability inthe future, but your lender has decided it cannot extend further forbearanceor a repayment plan, VA may buy a loan from the lender and take over theservice. Call : 775-525-1205 www.renohelp.org
    • Loss mitigation tools for delinquent mortgagesConventional Mortgage - Deed-in-lieu of foreclosureIf you are not eligible or failed at other Loss Mitigation Tools, including a ShortSale, you could voluntarily deed or surrender your property to HUD inexchange for a release from all obligations under the mortgage.FHA Mortgage - Short Sale/Pre foreclosure saleAllows the borrower to sell the house and use the proceeds to satisfy themortgage debt even if the proceeds are less than the amount owed.VA Mortgage – Deed-in-lieu of foreclosureIf there are no liens on the property and VA agrees, you will sign legal documentsto make VA the owner of your property. VA will have to pay your lender a claimfor the difference between the value of your home and the mortgage balance. If adeed is accepted, you may be released from further liability or asked to repay thegovernment for all or part of the claim VA paid. Call : 775-525-1205 www.renohelp.org
    • Loss mitigation tools for delinquent mortgagesConventional MortgageLender participation is voluntary. These programs are subject to lender/serviceapproval. Lenders are not mandated to provide these options. Each lender hasqualifying criteria a borrower must meet before they will consider offeringthese Loss Mitigation Tools. Please contact your lender for a workout packet toapply for delinquency.FHA Mortgage - Short Sale/Pre foreclosure saleIf you are not eligible or failed at other Loss Mitigation Tools, including a ShortSale, you could voluntarily deed or surrender your property to HUD inexchange for a release from all obligations under the mortgage. There must beno liens on the property. Call : 775-525-1205 www.renohelp.org
    • Contact MARSHALL CARRASCO Twitter Facebook LinkedIn Email 9740 S. McCarran Blvd #103, Reno, NV 89523 Call Us : 775-525-1205 www.renohelp.org