Loan Modifications
UPSIDE DOWN HOUSE! I dont get paid until I sucessfully modify your loan!!!! This is a no-brainer!
What are my options?
1. Reinstatement – Pay the Mortgage Company all of the back payments to bring your mortgage current. This option is rarely attainable. The Mortgage Company will add late fees and Attorney fees on top of your back payments making this amount much more than people are able to come up with. Process takes up to 21 days.
2. Workout – We can negotiate with your Mortgage Company to bring your loan back in good standing. There are many options available to us to get a work out approved. Some examples are as follows: (Time frames vary)
a. Forbearance – We will be able to arrange a payment plan based on your financial situation. This is mostly used in the instance of a tragedy or temporary loss of employment. Process takes 30-45 days.
b. Loan Modification – We may be able to adjust the terms of the loan to meet your financial situation, for instance many banks will lower your rate to get your payments down. Typically if you are 1-12 months delinquent you will need 1 payment to be considered for the loan modification, the remainder amount due is usually added to your loan with a new lower rate. Principle reductions are also possible but very scarce. In most cases if you can show your income I can get your loan modified. The process take 30-180 days…..but the banks are getting quicker with these and I anticipate this timeframe to come way down to the 3-4 week range.
c. Partial Claim – You may qualify to have the repayment amount applied to the end of the current loan and resume normal payments. Process take 15-30 days.
3. Refinance – We have established partnerships with very reputable lenders who can give loans on mortgages that are in foreclosure if even when there is no equity. We also offer FHA, Fannie, and Freddie loans with your good credit. Process takes 15-45 days
4. Sell Your Home – A SHORT SALE SAVES YOUR CREDIT. The deficiency amount is forgiven, gone, bye bye, forever. You may simply sell your home before the Foreclosure Sale Date. Sometimes the home owner is unable to sell the home outright at the desired sale price and this is not an option. We may be able to negotiate a Short Sale on your behalf with your Mortgage Company. In this instance the Mortgage Company may take less than what you owe on the loan to avoid a lengthy and costly foreclosure process, this gets you out of the home without owing the deficiency amount( difference between what youowe and what you sell the house for. Banks typically take between 60-70% of what the home is worth. Process takes 30-45 days from the time an offer is secured …… A great negotiator is the most important asset you have and expertise is the bottom line. Philip Kinser(me) is the performing asset you need! Call me direct……………………………… I handle all my clients one-on-one, from start to finish* you may also receive the added benefit of my agent superstars, FREE of course… we ROCK! cell- 714-552-1497
5. Deed-in-lieu of Foreclosure – We can arrange for you to simply give the home back to the Mortgage Company and walk away with a clean slate, most banks are not offering these right now as they wish to steer you into one of the other options available. The process usually takes 45-60 days.
6. Bankruptcy – This is a last resort. This will only save your home temporarily (3-6 months), and you need to be able to make the future payments if you want to keep the home. If you miss one payment during this process the lender will put you right back into foreclosure. This is like putting a band aid on a bullet wound… we will still need to come up with a permanent repayment solution to get your house payments back on track. We can put you in touch with an Attorney to file the necessary BK paperwork if needed (Dennis Winters at Winters Law Firm in Santa Ana, CA is awesome. He is compassionate, confident, and capable in your representation and very fair prices. I believe he will take payments if your situation calls for it. Call Dennis direct Ph. # 714-836-1381) The process takes only a few hours to file and then 3-6 months for discharge.
7. Foreclosure – You may elect to allow the home to be entered into mortgage foreclosure. This is the most damaging to you. The Mortgage Company will take your home and all of your equity. If there is no equity they may come after you to pay the shortage or “deficiency”. This is also the most damaging to your credit and your ability to acquire another home loan. The process is lengthy and some homeowners are able to stay in the home for 18-24 months.
8. Cash For Keys- I’ve seen quite a few of these recently and they seem to becoming quite popular with the banks when facing a foreclosure. In this situation the bank pays you between $1000-3500 to hand over the keys and leave the home. This can work if you simply want to get out quickly with no strings attached. This process takes 30-45 days.
Contact me to assist you in negotiationing your listing, or other “Real Property Solution” Philip Kinser MBA (5-2010)
714-552-1497