The Snags In Buying A Short Sale
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The Price For Buying A Short Sale
Several people consider buying a short sale, be it as a primary home or as an investment, to take advantage of the typical rock-bottom pricing. Although you can potentially bring in big savings, a short sale can exact from you, among other things, your time and patience. The home you are eyeing to buy can become the rope in a tug-of-war involving more than two tugging rivals: you (the buyer), the bank (the lender), the seller (the homeowner) and the other buyers. However, if you still would want to try to purchase a home offered on short sale, stock your medicine cabinet with some aspirin as you may suffer some bouts of headache.
Headaches in Buying A Short Sale
Protracted Process. Short sales are notorious for their proneness to drag out. The lenders play a big role in this waiting game. First, banks must acquiesce in suffering a loss on the property before the process can get underway. Second, there must already be an offer from a prospective buyer submitted to the bank for the short sale to be considered in progress. A single offer is often not enough, banks will bide their time to wait for more enticing offers. If you are the first buyer to name your price, sit back, relax, grab some chips dashed with powdered patience as the lender keeps you in suspense for weeks or months before they can reply to your offer.
Thumbs Down To Your Offer. As the lender takes their sweet time sitting on their hands, more offers to buy the short sale are tendered while the property stays active on real estate and MLS listings. Chances are, the lender will be presented with a higher offer and settle on that one. This means that the weeks or months of waiting do not assure you of a positive reply for your initial offer.
Price War. Buying a short sale is not as easy as many think. It even may not be as cheap as most people expect. Yes, many are sold below market price. However, there are properties that actually sell more than their market value because of price wars as a result of banks waiting for more offers. This pushes the price up, sometimes higher than the market price.
As Is Condition. When buying a short sale, you can inspect the property. However, you have to know that the lender may ask you to ink an As-Is Addendum. When you have signed this, it means that you as the buyer, accept the home in its current state and the lender is free from the liabilities for any damages. So better make your inspection thorough to discover potential problems early on and factor it in when making an offer.
Do not be caught short when buying a short sale; know what to expect so that you can prepare for the drawn-out process, the possibility of a negative reply after months of waiting, and the price war, and be on the lookout for possible damages to the property that become your responsibility once you have bought it.
How To Clinch A Countrywide Short Sale
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The Automation of Countrywide Short Sale Under Bank of America
If you would like to negotiate a Countrywide short sale, then you will have to file this request with the Bank of America. This is because BoA acquired Countrywide in 2008. You have to know that filing for a short sale with BoA goes through the online Equator system, that is, if your mortgage is not backed by the Federal Housing Adminsitration or Veterans Affairs. This online system is highly automated with the listing agent punching in the necessary information. A more streamlined and expedited process is hoped to be obtained through this system. So what steps must you undertake to start the short sale ball rolling?
Steps In Doing A Countrywide Short Sale
1. Find a realtor and buyer for your house. Having a buyer is a requisite for you to get your Countrywide short sale underway. You can actually find a buyer yourself but it may also be better if you have it catalogued with a realtor since BoA requires that buyers and other parties be represented by real estate agents. Additionally, the Equator system has been designed for real estate agents acting for the homeowners and could be intricate for an ordinary borrower to be working by himself. When looking for a realtor, put much weight on his experience doing Countrywide short sales. Make sure that this experience includes several successes, otherwise you may just be wasting your limited resources on nothing.
2. Furnish your realtor with your necessary financial details so that he can key them into the online system. Include data that can substantiate your financial hardship as these will be used by the mortgage provider to assess that you indeed cannot afford to continue the payments.
3. Inform BoA regarding offers on the house by having your realtor input them into the system.
4. Expect your mortgage provider to have your home appraised or valued by a Broker’s Price Opinion or BPO.
5. Based on the appraisals, the BoA will decide whether to accept the offer of a buyer or make a counteroffer. Once the parties agree on the final price, the bank will send an endorsement for the short sale and the offer can be received to close the transaction.
Filing a Countrywide short sale now goes through the online Equator system since this mortgage provider is now under the Bank of America. Working with a real estate agent may be what’s best for a homeowner, since the system is designed especially for agents.
Must-Know Short Sale Information
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Short sale has been conceived as a less painful alternative to foreclosure. Financially distressed homeowners facing foreclosure are often advised to look to short sale as a better way to lose a home and to protect credit score. In this post, we look at some short vital sale information particularly on how “protective” a short sale is on the homeowner’s credit and what makes it a better way to lose a home.
Shorts Sale Information: You Need To Find A New Home ASAP After Short Sale
They say that a short sale is the preferable way of giving up a home over foreclosure. But have you considered the fact that if you take this route of giving up your home, you need to immediately find a new place to live in once your home has been short sold? Additionally, you have to bear with the inconvenience of allowing potential buyers to view the property or you even have to put up with agents conducting open houses to attract buyers. Whereas in foreclosure, it is possible (depends on which state you are in) for you to stay in your home (with no rent) for four months to a year before they can compel you to abandon your foreclosed home. By saying this, I do not necessarily mean that you go for a foreclosure.
Shorts Sale Information: Effect on Credit Score
Now let’s go to the next reason why a short sale is preferable over the dreaded F: effect on credit rating. Actually, the difference in the credit ramifications of the two on credit record is not gaping. A short sale will often appear on your record as ‘pre-foreclosure in redemption’, ‘settlement’ or ‘settlement for less than owed’. You also have to realize that if your lender allows a short sale, most likely, your credit record already would have reflected a little blemish since you have to be delinquent on your payments for your application for short sale to be approved. You would not want these logs to be in your credit record, but with a short sale, expect a decline in your credit score by 80 to 100 points. But do not worry because they can possibly be taken off your file in a few years or less. You can also possibly negotiate with your lender and ask not to report the short sale to the credit agencies.
In comparison, your FICO score may go down by a whopping 200 to 280 points with a foreclosure. This unfortunate way of losing your house will also be reflected on your credit record for as long as 7 to 10 years. In this aspect, a short sale is definitely the lesser evil.
Short Sale Information: You May Be Obliged To Pay For Deficiency Balance
There is a way to keep your credit rating intact. This is by paying for the deficiency balance left after short selling, the deficit between the mortgage balance and the selling price. However, if you cannot settle this, your credit record may have to brace for another blow as your lender can file a judgment in an effort to collect the full or a portion of the deficit. This will be logged on your record and may possibly pull down your rating even lower. This record will stay on your credit record for seven years. Having this in your file may give you a hard time getting the credit approval of other creditors.
Before going for a short sale, gather all the short sale information you can get to aid you in weighing your options and help you prepare for what to expect.
The Secret Formula To Writing A Short Sale Hardship Letter
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Like writing a love letter, writing the short sale hardship letter is crucial in wooing your lender to allow you to sell your house as a short sale. Financial statements and pay stubs flatly show how much you make and how much you spend. The hardship letter tells bankers how your financial situation affect you personally. That is why, lenders give this letter weight in their decision in allowing a short sale. If this is so, you may wonder, what must you include in a hardship letter. Here are the things you must consider.
The Recipients of Your Short Sale Hardship Letter
When writing your short sale hardship letter, put yourself in the bankers’ shoes. Although most of you may think that bankers have no emotions, keep in mind that an actual human being will be reading your letter. Show courtesy and appeal to their emotions. Another thing you must remember is that bankers are often swamped with the same letters from other homeowners. Although we encourage you to compellingly and descriptively explain your story, do not write a novel. Your one-page letter should recount reasons, dates and situations explaining your predicament.
What Must You Include in A Short Sale Hardship Letter
Reasons Why You Can No Longer Afford Your Payments. Think about what events have pushed you into this tight spot and led you to default on your payments. Did you go through a divorce, suffer a medical condition, lose a job or did someone die in the family? Be honest and do not make up stories. Specify dates of when the unfortunate event happened and the series of events that led to it including the times when you failed to make payments.
Actions You Took To Handle The Situation. Show your lenders that you made effort in handling the problem. Maybe you sold some things at home or you waited on tables or took an extra job to raise money to pay for mortgage.
Bad Circumstances In Your Neighborhood Affecting The Value Of Your House. Include certain unfortunate events in your specific neighborhood that you may know of, such as a spate of foreclosures in your street, decline in values of properties or increase in taxes in your area.
Permanent Circumstances That Led To Hardship. State in your short sale hardship letter whether or not the difficulties you are facing are permanent. Permanent situations, such as cases of death, divorce or serious illness may bear more weight. Temporary circumstances such as being unemployed can still be improved, hence, short selling your house may not be the best recourse. A loan modification may be recommended.
How a short sale hardship letter is written can make or break your request to short sell your home. Look at it with bankers’ eyes: make it concise but compelling enough to appeal to their emotions.
How To Buy A Short Sale Home
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Buying A Short Sale Home: Is It Worth It?
Want to buy a new home for less? Some home buyers and real estate investors look to buying short sale homes. You can acquire a property for as low as 40 percent of its original worth. These crazy prices make buying a short sale home worth it, that is, if the lender gives the thumbs up.
A short sale can be trying not just to the seller but to you, the buyer, as well. It can turn into a waiting game if the creditor is reluctant in allowing the process and in shouldering the losses. Be prepared to wait for months to complete your purchase. If you are pressed for time though, you can find bargains from foreclosures and some upper-fixers.
How To Get The Lender To Approve A Short Sale Home?
You practically cannot influence the lender to approve a short sale except by offering a considerable bid price. One important reason that the lender will deny a short sale or turn down your offer is if they are not happy with the bids submitted and think that they can make more money by foreclosing on the house. Typically, lenders will request one or more appraisals and may also ask for a Broker’s Price Opinion. A comparative market analysis may be needed to defend the price offer. However, offering too much just to get the lender’s approval could defeat your purpose of buying a short sale: get a great bargain. If you have the wherewithal, find out if the particular lender you are dealing with would put weight to substantial down payments, then offer to pay a considerable amount or even in cash if they are swayed by this.
Although you have no control over the other matters, you should at least know what will make the thumbs of the lender go up so that at least you would have some idea of your chances of buying the short sale home. The mortgage provider must be convinced by the financial difficulty of the seller through the hardship letter. If the lender has funded a number of properties currently in the throes of foreclosure, a short sale may be approved to reduce the number of foreclosures. The lender will also check the Disbursement Estimate to check if the seller has received money.
5 Steps In Buying A Short Sale Home
1. Research before you submit an offer to purchase. To guide you in coming up with an appropriate price, ask questions such as: who is in title; how much is the mortgage balance; has a foreclosure notice been file already. It is also important that you know if there is a second mortgage as this can also affect whether a short sale can proceed. Ask also if you can reserve the right to inspection. Most short sale homes are sold on an as-is basis, which means that you are not protected. Protect yourself by checking out the property.
2. Hire a competent real estate agent with solid experience in short sales. Your agent can help you with the research above and in contacting and coordinating with the lender.
3.Get in touch with the loss mitigation department of the mortgage provider and furnish and Authorization Release Information form signed by the seller. You will know about your chances of buying the property from this department so take note of names and numbers to make your follow up.
4. Submit your offer, the required documentation and a copy of your earnest money deposit. If you qualified for a pre approved loan, also submit a proof of this.
5. Wait. In the first few months after you proffered your bid, expect that even if you made the highest bid, the bank may not consent a short sale. They would buy time waiting for a higher offer. This delaying tactic is what stretches the short sale process to take several months or even over a year.
Buying a short sale home can be profitable to real estate investors and budget-friendly to home buyers; however, the strung-out process can discourage would-be buyers to pursue the purchase.
9 Critical Reasons Why You Must Avoid Short Sale Homes
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Are you one of those people scouting for listings of short sale homes, hoping to buy property at a bargain price, either for personal use or as an investment? Although some people may have been lucky to chance on some great steals, there are a number of reasons why you must avoid short sale homes.
1. Sellers of Short Sale Homes Borrowed More Than They Should Have
During periods when the market was escalating, many lenders were motivated to lend money to the extent of lending borrowers more than the real value of the home. Subjective appraisals did not help to prevent this. There were some banks that allegedly, pushed appraisers to give an appraisal equivalent to the amount that the homeowners want to borrow.
2. Seller Bought Expensively
Many short sale homes, before they got under water, were originally bought at a time that the market was leaping, hence, the homeowners bought them at relatively expensive prices. However, now that the market has taken a nosedive, the homeowners no longer have equity. So when you buy a short sale, it does not really mean that you are enjoying a great discount that really is not there. For example, if the short sale home you are considering to buy was originally acquired some years ago by the homeowner for $300,000, and now it is offered at $200,000. Do not think that you are luckily fetching $100,000 of equity at no cost.
3. Short Sale Homes That Are Ineligible
Beware of homes listed as short sales even if homeowners have not discussed short selling with their lenders yet or have not yet gone through pre-qualifying assessment yet. Some unprofessional real estate agents urge homeowners to contemplate on short selling their house even if the seller is not qualified.
4. A Waiting Game
Processing short sales could take between two weeks to several months before you can close the transaction. Some factors that contribute to the sluggish process include incomplete paperwork submitted by the seller and the logjam of foreclosures faced by the lender. Additionally, lenders also take their sweet time waiting for higher bids if they do not like the current prices being offered. If there are two loans secured to the property, then you will be dealing with two lenders and the process may just protract because you need to satisfy two sets of demands.
5. Not All Short Sale Homes Sell At A Discount
As previously mentioned, lenders often take their time approving a short sale because they are waiting for higher offers. They will budge only when offers are at par with comparative prices in the market. The lender would prefer to foreclose on a house if he thinks that he can get a better price there than in short sale, so he delays approving a short sale request, waiting for a higher offer. In effect, short sale homes are sold at market value or at least close to market value.
6. “As Is” Selling Condition
If you buy short sale homes, typically, you are to buy them at their present condition. Banks will most likely not pay for your home protection plan, roof repairs or roof certifications, proposed repairs reported on a home inspection, pest inspections or work needed to furnish a clear pest report, and deferred maintenance.
7. Changing Conditions of Lenders
Do you have lawyers at your disposal? Watch out for lenders who reserve the right to change the conditions of the short sale at the last minute. There are lenders who do this depending on shifts in the market, enactment of new laws or some new information gathered. Lenders can make this renegotiation at their whim because they have lawyers at their disposal.
8. Steep Closing Costs for Buyers
Most lenders do not pay for any additional costs. In some cases, they even will not pay for transfer taxes and other customary seller closing costs. You will have to pay for any extras you want, such as if you would like to conduct particular inspections.
9. Lender Often Controls The Transaction
The lender of the seller is in control in a short sale. The closing process in a short sale can last for an unknown length of time. This disables you from being able to target a specific date to close escrow.
At first glance, buying short sale homes may be a great way to acquire great deals; but knowing the nitty-gritty of the transaction may turn buyers’ feet cold.
Your Guide In Obtaining An IndyMac Loan Modification
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IndyMac Loan Modification Under HAMP
Are you struggling to pay for your IndyMac mortgage? Why not consider applying for an IndyMac loan modification? In 2009, IndyMac Mortgage Services started reworking home loans subject to the Home Affordable Loan Modification Program or HAMP. The program was instituted to come up with guidelines for lenders, like IndyMac, in reducing the monthly payments of financially pressed homeowners to an amount that is not more than 31 percent of their gross income per month. To have your loan considered for modification, follow these steps:
Steps In Applying For An IndyMac Loan Modification
1. Assess Your Eligibility. Find out if you qualify for a loan modification by going to IndyMac’s website particularly on the page on HAMP. If you are seriously falling behind payments, then you may have already received an offer via email from the lender to rework your loan. If your lender has not contacted you yet, you may get in touch with them and inquire if you qualify for the modification. Make sure that you can prove your financial hardship and convince them.
2. Collect the necessary financial document, such as pay stubs, payment receipts and the latest taxes filed, to serve as proof for your income whether income from your own business, hourly wages, salary, rental income, alimony, Social Security benefits, child support and other earnings that add to your household income. You can officially send IndyMac your tax returns by accomplishing IRS Form 4506-T which they can use to assess your status.
3. Prepare proof that the mortgage modification you are applying for is for your primary home, such as a recent electricity or phone bill.
4. Fill out IndyMac loan modification application. Secure the form from their website through the application links or you may call and ask customer service at 800-781-7399 to send an application form to your address. As you fill out the form, remember that you have to substantiate what you have stated there through the financial documents you need to submit.
5. Accomplish the hardship affidavit. When sending you the application form, IndyMac will also send you this form where you can put in writing what caused your financial difficulties and why you have missed paying for your monthly payments. This could be due to divorce, illness that incurred you high medical bills, a death of a loved one, among others.
6. Send the complete application package including the required documents by fax or mail.
7. If they deem you qualified for HAMP, IndyMac may mail to you an offer for a trial modification. Accept this and start making the reduced payments. The trial period is three months while IndyMac reviews your case further to ensure that your financial status does not change during the duration.
8. Once IndyMac has verified your financial information within the trial period, they will approve your case for a final modification and you will have to decide if their offer of lowered payments is acceptable to you. Make sure that you can afford the new monthly payments, otherwise you may fall behind payments again and it defeats the modification.
If you are delinquent in your IndyMac mortgage payments or about to lose your home to foreclosure, consider applying for an IndyMac loan modification by following the steps detailed above.
5 Magic Questions To Identify A Competent Loan Modification Lawyer
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Why Seek A Loan Modification Attorney
Any consumer can arrange for a loan modification with his lender without the assistance of a loan modification lawyer or company. People who plan to take this do-it-yourself route, however, must brace themselves for several challenges. Negotiating with lenders can be taxing. Making follow-up inquiries can be frustrating since you may be talking to another representative each time you get in touch with the bank. Do not expect your bank to help you rework your mortgage if you do not know what they want. If you do not understand what they are looking for in a loan modification proposal, hiring an experienced professional would be of help for a smoother and faster process and get you the best possible terms.
Choosing Your Loan Modification Attorney
For you to find a competitive loan modification attorney, shop around first. Scout for the ones who have favorable reviews from previous clients, and go for someone who has a proven track record in the niche.
Questions To Ask Your Loan Modification Attorney
These are some questions you need to ask your loan modification attorney when meeting for the first time to help you assess his capability to handle your case.
1. How can you help me?
Finding an ear to listen to your difficult situation can be a relief. However, before give in to this inclination of recounting your woes, it is important that you ask the question above first and let him talk about his company first. Through his answer you can assess if he really knows what he is doing and whether or not he can truly help you. At this point in the conversation, he may mention some actual cases which he has helped in clinching a loan modification. The more information his answer to this question contains, the more it can help you assess if he can be the loan modification lawyer to hire.
2. Who are your previous three clients whom you have helped in getting their loan reworked? Can I get in touch with them?
This is another important question to ask as it will help you verify his effectiveness in assisting a loan modification. The three clients would be a source of information useful not just to help you assess the lawyer’s competence, but hearing them recount their experience with the lawyer will also give you a glimpse of the whole process and how it is to work with the lawyer or his company. You will also get first-hand feedback if it is worth working with the firm.
3. Will you use violations of law in my present loan as a bargaining chip sometime in the process?
There are two routes that a lawyer can lead you to in working out a loan modification. The first one is considered the straightforward way and entails discussing and reworking terms (interest rate, monthly payments schedule) of the loan with the lender so that you can afford it. This discussion is not even considered negotiation since it only involves readjusting the monthly payments and not a reduction in principal. This is easy to do and it would only take just a few minutes and some homeowners do this discussion with their lenders themselves. This approach can be helpful in some cases.
However, if you owe a substantial amount on your home, you may need the challenging approach. Using this method, your loan modification lawyer (or his staff) will be on the prowl for possible violations of law by poring over the documents you inked when you obtained the loan. These violations are common in many mortgages and are useful for lawyers to haggle a lowered principal or possibly a downright revocation. If your lawyer can pull off the latter, you can walk out of your loan scot-free!
4. How much are your fees?
This question will not give you a clue as to whether or not your lawyer can effectively bring off the loan modification. Still, this is a valid question to help you determine if you can afford him. Some lawyers may not ask for an upfront fee, while some would charge as much as $3,000. Loan modification firms would also typically charge another fee when they clinch the modification. Expect to pay between one to two percent of your mortgage amount.
5. What should I expect from my case in working with my lender?
The answer to this question will reveal how experienced the loan modification lawyer is. One answer would be that his firm has not tried working with your particular lender and this gives away inexperience. If their answer is that they have a person exclusively in-charge to work with your particular lender, this is a clue that they adopt the simple route to loan modification. The more challenging route will entail a competent loan modification lawyer.
By asking these five magic questions, you will get answers that will reveal if the loan modification lawyer you are meeting with can successfully clinch an effective modification with your lender for you.
How To Get Approved for Wells Fargo Loan Modification
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Are you having a hard time keeping up with your monthly mortgage dues? Before you lose your house to foreclosure, consider applying for a Wells Fargo Loan Modification. Here are some tips to better your chances of getting the coveted stamp “Approved” on your application.
Is A Wells Fargo Loan Modification Right For You?
Obviously, your loan must come from Wells Fargo to be able to file a loan modification proposal. Just like other lenders, Wells Fargo has several options to help financially pressed homeowners cope with their mortgage payments. Refinancing is suitable for homeowners who are current in their payments but need to have their rates readjusted or lowered to prevent delinquency later on. Repayment plan is ideal for those who are temporarily on a financial tight spot to help them pay back their overdue by incorporating portions of it in the coming monthly payments. This allows them to catch up as soon as their finances are ironed out. A Wells Fargo loan modification is designed to help Wells Fargo mortgagors who are faced with financial difficulty due to circumstances, such as death in the family, divorce or illness that may prolong the hardship. To make monthly payments more affordable, the terms such as interest rate or years allowed for repayment, are adjusted.
How Far Can You Go With Your Wells Fargo Loan Modification Application
These are the things that Wells Fargo consider in order for a loan workout to be considered.
Primary Home. First of all, to qualify for a Wells Fargo loan modification, the house in question must be your primary home, not a secondary or investment property as these are not covered under the federal programs.
Debt Ratio. Your debt ratio must be acceptable to Wells Fargo. This ratio will give Wells Fargo a picture of how much of your monthly income is used to pay your mortgage expenses. Mortgage expenses include interest only payment or principal only payment, monthly property tax, monthly homeowners insurance and other homeowners association dues. The federal loan modification program requires a 31 percent debt ratio in order for your request to be considered.
Financial Hardship. Explain your financial hardship to the bank and show why you can no longer afford your mortgage dues. Is it because of a divorce, an illness, an increased mortgage payment?
Substantiate Financial Hardship With Financial Statements. These financial documents must show that your monthly income (less expenses) is not sufficient to cover for your current mortgage dues. However, with the Wells Fargo loan modification, you can bear the lower mortgage expense.
A Wells Fargo loan modification is appropriate for homeowners who can no longer afford their current Wells Fargo mortgage payments due to financial hardship, but can continue paying monthly under the adjusted terms.
4 Instant Benefits of Loan Modification Software
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Loan Modification Software Expedites The Loan Modification Process
Going through the process of a loan modification can be an uphill struggle for you, the homeowner. With all the information you have to present, financial computations and evaluations to do to determine if you are qualified, and the preparation of the required documents and filling up of forms, it can become baffling. Your request to rework your mortgage may be denied just because of confusion and the lack of understanding of what your lender is looking for. You will need all the help you can get. Thank goodness for programs that make the whole process easier, organized, understandable and faster. You can search for and use a free loan modification software online to help you with many of these tasks.
Loan Modification Software for Lenders, Debt Relief Agencies
Homeowners are not the only ones saddled by the process. Lenders, loan modification companies, mortgage brokers and other people who may in one way or another be involved with the process, such as law firms and call centers also have to deal with the numbers, information and paperwork that you are preparing. For this reason, certain computer programs are also designed for their use. These types of loan modification software help these firms carry out the needed due diligence and pre-qualify clients subject to the available modification programs in a faster and more organized manner. It shortens the time needed for these parties to match the case with the right program, establishing the appropriate modifications, manually accomplishing the loan modification package, organizing files and what not.
Loan Modification Software Benefits for Homeowners
Software devised for homeowners are also available online either for free or for a fee. Let us take a look at the benefits you can enjoy by using it.
1. Automatically Calculates. Put your mathematical powers to rest and let the loan modification software do the work for you. All you need to do is type in the specific financial details and it instantly churns out your income, expenses, bank balances and debt ratio and other important financial figures, and tells you if these figures pass the customary acceptance requirement.
2. Identifies Which Aspects Of Your Finances You Can Adjust To Boost Your Chances For Approval. The calculator rehearses the financial factors that can lead to the approval of the application. These are Debt Ratio, Asset Ratio, Cash Flow, Imminent Risk of Default, Loan to Value Ratio, Principal Reduction and Waterfall Method of Modification. After you have punched in your specific details, the software produces these determinants and tells you whether or not these pass for approval. If you fail, it is easier for you to pinpoint which aspect to improve so that you can better your chances of being accepted.
3. Gives You A Glimpse of Your New Modified Mortgage Payment. The program also displays how much you would be paying with your reworked mortgage, the new interest rate and the loan time frame. This is very useful in giving you an idea of the best loan modification terms you can get given your data. This will guide you as to whether or not you accept the terms offered to you by your lender.
4. Faster, Easier, and Eliminates Confusion and Guesswork. With this automatic system, you are able to easily, clearly and quickly assess where you stand. Many of your questions and confusions may be answered using this software.
The loan modification software simplifies, expedites and eliminates confusion and guesswork in the process of applying for a loan modification.