We contribute to other blogs and one national blog that we contribute to is Zillow.com. Recently I wrote a piece titled "Loan Modification - What to expect if you are not currently late" and a reader who identified himself as "CK" left some really, really good advice as a comment, so I thought I would share it here as well: Loan Modification: What to expect if you are not late on your … [Read more...]
Loan Modification: Before You Do Anything, You MUST Do This First.
Over the last year or so, I have personally spoken with more than 1,000 people about whether or not a loan modification was right for them. Many of these people were not currently late on their payments, and were wondering if the loan modification process was "going to hurt" - meaning, was the outcome going to be worth the pain that they were convinced they were going to go through. Is the … [Read more...]
Loan Modification: Are You Getting A Good Deal On Your Loan Modification?
I took a strange phone call today. The caller explained how they had been working with their lender on a loan modification and had finally gotten their lender to propose a loan modification that would cut $60,000 off of their principal balance and reduce their interest rate to 3% for 5 years, then adjust it to 5% and fix it there for the remaining 25 years. His question to me: Am I … [Read more...]
Arizona Loan Modification: Ask These 5 Questions Before Hiring A Loan Modification Firm
I have spoken with quite a few people recently who have asked me the question "how do I know who to hire to help me get my loan modification done?" If you are currently thinking of hiring an Arizona loan modification company or loan modification lawyer to help you with your loan modification, here are five simple questions designed to help you identify the “good” loan modification companies … [Read more...]
Arizona Loan Modification: Refinance or Loan Modification?
Many times each day, I am asked the question of "does it make more sense to refinance my current loan or do a loan modification? My answer? "It depends." If you are currently in a conventional loan and owe more than your house is worth, your refinance options don't exist if you owe more than your house is worth. You are pretty much stuck in the loan program that you are currently in and … [Read more...]
Arizona Loan Modification: Can You Get A Loan Modification If You Are Current On Your Payments?
As I speak with people every day, I am hearing a question being asked more often than I can remember in the past: "Can I get a loan modification if I am current on my payments?" The answer? It depends. I think that it is probably safe to say that most lenders are currently not modifying your loan if you are current on your payments. Now that I have said that, I am sure that there are … [Read more...]
Arizona Loan Modification: Questions and Answers
There are quite a few people who are searching for more information about Loan Modifications - what are they, how do they work, can you do them yourself, etc. I know this because we have a tracking program that tells us how people find our blog. So I thought I would take some time to cover just a few of the questions that people seem to have based on what they searched on and found our … [Read more...]
Streamlined Loan Modification Program Announced
Many times when I speak with someone about the "rules of loan modification", I explain that there really are no rules - that the process varies from lender to lender. With the announcement of a new "Streamlined Loan Modification Program" from the government, I suspect that the rules of loan modification will become more clear for many people. Fannie Mae has been working with FHFA and 27 … [Read more...]
Arizona Loan Modification: Who Do I Call?
"Who do I call to help me with a loan modification if you don't do them?" I get asked this question no less than 5 times each day. Usually, it is followed by a brief explanation of how I would be happy to pass on a few people that I have heard do a good job of helping borrowers stay in their homes by working with their lender... but we in no way endorse nor receive anything from these … [Read more...]