Loan  Modification  Presentation
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  • 1. Should I do a Loan Modification? What are my options? Sale? Short Sale? Modify my Loan? How can you help me? Compliments of Lorine Lovett, REALTOR®
  • 2. What is a Loan Modification ?
    • A Loan Modification is a permanent change in one or more of the terms of your mortgage loan, allowing the loan to be reinstated, and resulting in a new, modified payment which you can afford.
    Compliments of Lorine Lovett, REALTOR®
  • 3. Commonly Asked Questions:
    • If I am in foreclosure can I still get a loan modification?
    • YES, if you can clearly show a sensible plan to the lender. You can still get a modification of terms.
    • Do I have to be behind in payments to get a loan modification?
    • No, lenders prefer you contact them before you miss a payment; however, modifications happen for borrowers in both situations.
    Compliments of Lorine Lovett, REALTOR®
  • 4. COMMON QUESTIONS
    • Don’t I need to have equity to get my lender to do a Loan Modification?
    • A Loan Modification is different than a traditional re-finance. Equity is not necessary.
    • Don’t I need to have good credit for the lender to work something out? I’ve been late…my credit is already damaged - is there hope for me?
    • Loan Modifications are primarily for people just like you…you may just be starting to feel the hardship of an adjusted rate. You may have had a hardship in the past which is now remedied. Lenders are willing to work with you when you can show you have a plan and can afford the new terms of the loan.
    Compliments of Lorine Lovett, REALTOR®
  • 5. COMMON QUESTIONS
    • I have a first and a second mortgage on my home? Can I get a loan modification?
    • The answer is yes. You may combine both the first and the second mortgage, or the lender may waive the second.
    • What happens to late charges if my loan gets Modified?
    • The answer is that accrued late charges should be waived by the lender at the time of the Loan Modification.
    Compliments of Lorine Lovett, REALTOR®
  • 6. What Documentation is Required?
    • We will help you fill out the approximately 10 simple forms to apply for your Loan Modification.
    • Most of what you are filling out is simple facts regarding your circumstances, including the hardship which is causing you to ask for the Modification.
    • Can I get a Loan Modification if I am unemployed, but my spouse is employed, but my spouse’s name is not on the mortgage?
    • The answer is based upon this scenario: if surplus income is sufficient to meet the new modified mortgage payment, but insufficient to pay back the arrearage, your Lender will have to determine if the asset is eligible for a Loan Modification since your spouse is not on the original mortgage.
    • Lenders look at the over all situation, your ability to pay the new amount, etc.
    •  
    Compliments of Lorine Lovett, REALTOR®
  • 7. Common questions
    • Can a Loan Modification include an escrow advance for Homeowner's Association fees?
    • Loan modifications must also escrow funds for those items which, if not paid, would create liens on the property positioned ahead of an FHA-insured mortgage.
    Compliments of Lorine Lovett, REALTOR®
  • 8. What are my options If I don’t qualify for a loan modification?
    • Refinance into a new loan (if you have equity in your home).
    • We can handle a short sale for you.
    • Rent your home to someone and cover your payments.
    • Find a room-mate to share the house payment with you.
    Compliments of Lorine Lovett, REALTOR®
  • 9. Are there any other options I should know about?
    • Deed-in-lieu of foreclosure: As a last resort, you "give back" your property and the debt is forgiven. This will not save your house, but it is less damaging to your credit rating. This option might sound like the easiest way out, but it has limitations:
      • You usually have to try to sell the home for its fair market value for at least 90 days before the lender will consider this option
      • This option may not be available if you have other liens, such as other creditor judgments, second mortgages, and IRS or state tax liens
      • This option DOES damage your credit just as if it were a foreclosure. It will effect your credit for 4 to 7 years.
    Compliments of Lorine Lovett, REALTOR®
  • 10. What To Do Next:
    • Call Your Loan Modification Specialist:
    • Ph: (602) 308-1858
    • Email: Lorine Lovett
    • I am here to help!
    Compliments of Lorine Lovett, REALTOR®