Loan Modifications

3 Crucial Steps To Get Your Chase Loan Modification Approved24 Aug

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Applying for a loan modification can be frustrating especially if you do not have a clear picture of what to do. So if you are about to seek a Chase loan modification, read the following steps required by the lender and be guided. But remember, simply following these steps are not enough. You must satisfy their eligibility requirements.

Who Will Facilitate Your Chase Loan Modification Application?

You can apply for your loan to be modified yourself, but you may also seek the help of a loan modification company or through a representative of the Federal House Administration. If you opt to have a company process your application for you, you have to prepare to pay their fees. But if you decide to handle your loan modification yourself, the following steps recommended by Chase are essential to help you get underway.

Steps When Applying For Chase Loan Modification

1. Get in touch with the lender through their Loan Modification Department at 866-550-5705. Before you dial these numbers, make sure that you have kept your home loan number handy. Jot down any questions that you want to ask for a smooth phone conversation and so that you do not forget them. This phone conversation could take long and expect the representative to ask about your financial difficulty and may ask you reasons for why you are having a hard time paying for your monthly mortgage dues.

2. Gather the required documents:

Hardship letter explaining your financial circumstances that led to your difficulty in making your monthly mortgage dues.

Signed and accomplished statement summarizing your monthly budget

If you are employed:

2 latest pay stubs

If you are self-employed:

Bank statements of the last 4 months

Latest tax papers

3. Accomplish application form and send application package to Chase. Once you have done the previous actions, expect to receive a Chase loan modification application package. Accomplish the application form, attach the required documents as stated in the package and send them to Chase.

What Does Your Lender Look For In Your Chase Loan Modification Application

Needless to say, Chase would like to see all the documents they require to be in your application. They will study these documents to find out the kind of financial hardship that you are in and if it is permanent. That is why, if they will spot an expense on a luxurious car in the monthly budget you submitted, expect to get a “No”. Also pay particular attention when writing your hardship letter. Cite a job loss, an illness, a divorce, or other circumstances that have made a big unfavorable impact on your finances, making you unable to pay your monthly mortgage dues. Including the rate you would want to be paying in your letter would also be helpful. Work this out based on the planned monthly budget you submitted.

When you have sent the application package, expect to wait for as long as eight weeks before you would hear advice of whether or not your request has been approved.

Preparing a Chase loan modification request is simplified if you know what to do and what are required; and a complete application increases your chances of getting approved.

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Loan Modifications

Loan Modification Scams Dressed Up As Loan Modification Services24 Aug

Loan Modification Services

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Circumspection In Choosing From Among Loan Modification Services

Generally, there are two types of loan modification companies: the legit and the scam. There are also two general types of consumers: the canny and the gullible. How you choose the firm that will help you re-work your loan will mainly tell what type of consumer you are. Get to know how these scams are pulled off by con artists to avoid being double-crossed by loan modification services that are actually scams.

Cracking Scams Cloaked As Loan Modification Services

Pseudo-Foreclosure Consultants. Be wary when dealing with some people who call themselves as foreclosure consultants but are actually charlatans, purveying ostensible services and programs to help financially distressed homeowners avoid foreclosure, but are in reality no more than tricks to bilk you of your limited funds. These snake oil salesmen usually lurk in the Internet waiting for their unsuspecting prey to voluntarily come to them. Homeowners seeking loan modification services are often easy targets. They operate simply by exacting substantial amount from their victims to cover for their services. However, after the agreement has been signed and the payment pocketed, the agency virtually does nothing, or worse suddenly disappears. As a result, you lose your home. Naturally, these swindlers have no plans of reimbursing you if your house gets auctioned. Complaints about these schemes swarm the State Attorney General’s office.

Unaffordable Modification Program. Another way con artists maneuver their tricks is by collecting money from the homeowner upon signing up, then registering the homeowner to a loan modification plan that he cannot afford, even if there is a big possibility that they can negotiate with the lender for a better agreement. These scheming companies make easy money by declaring that their job is done once they have gotten and presented the easiest modification available to the homeowner. Sadly, signing up for an unaffordable plan will not get you anywhere except even farther from your home.

Expensive Loan Modification Seminars Which Can Cost You Your Home. One more variation of the fraud is by plainly exacting exorbitant fees for loan modification seminars where homeowners are required to attend. These seminars are said to help in bargaining for more beneficial loan terms. If you do not attend such events, the scheming company will not do anything to help you save your home, and will even hold you responsible for losing your property.

Loan Audits. Some shady companies will also charge your for loan audits that are conducted by someone who is not even a qualified lawyer. Oftentimes, these audits are done and paid for in vain since the petitions that the homeowners are prompted to obtain are hindered by the expiration of the ruling of limitations for that certain case. You end up paying thousands of dollars just to be informed of what is ineffective in salvaging your home.

Alas, a lot of financially saddled homeowners are beguiled into signing up for these scams due to a lack of knowledge. They are thick on the ground, that is why, the different states are having a hard time in taking legal action and closing down these organizations. Hence, get to know a company offering loan modification services first, before signing up so that you do not add up to the statistics of victims.

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Loan Modifications

Top 4 Reasons Why Your Citimortgage Loan Modification Request May Be Denied18 Aug

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Know Your Chances Of Getting A Citimortgage Loan Modification

With the economic slump, paying for mortgage has become a struggle to many homeowners. That is why, a lot of them negotiate with their lenders to restructure their loan. Some get approved, while others are denied. Lenders reject proposals to rework terms due to a number of reasons. If you are considering seeking a Citimortgage loan modification, study these reasons so that you can gauge you chances of getting an approval.

Causes Behind Citimortgage Loan Modification Thumbs Down

Up-To-Date Payments. Paying regularly your monthly mortgage dues gives your lender the impression that you are not experiencing financial hardship. If you are not behind on your payments, chances are, your proposal for a loan adjustment may just get rejected. But do not get it wrong. It may be a bad idea to deliberately default on your payments just to be able to qualify for a Citimortgage loan modification. Doing so will mar your credit standing and risk your house to foreclosure. Refinancing may be a better option for you. With your good credit score, you may be able to avail of lower interest rate from a new loan.

Home Valued Is Greater Than Loan Amount. For your lender, this means that should they foreclose on your house, they can still resell it at a relatively good price. That is why, even if you submit enough documented proof that you lost your job or incurred losses in your business for some time, Citimortgage may decline your proposal.

Incomplete Requirements. A lot of Citimortgage loan modification requests go down the rejection bin because a certain financial document is missing, or you forgot to sign a particular document. So make sure that all the paperwork is there and all dotted lines are inked. Remember to prepare your pay stubs of the last two months, W2/tax return or year-end business statement (if you have a business) of the previous years, and personal bank statements for the last six months.

Unconvincing Hardship Letter. Your hardship letter should contain enough drama to melt hearts. Although lenders may appear unsympathetic, remember that they are human too. Concisely explain in your letter your why you could no longer afford your mortgage dues. State what financial jam led you to default. Also, if your house is in an area where foreclosures are rampant and values of houses are tailing off, highlight that in your letter.

To better your chances of obtaining a Citimortgage loan modification, understand where Citimortgage is coming from. Although they may want to help their mortgagors, the lender’s interest is foremost in their decision of whether or not to approve a request for loan readjustment.

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Loan Modifications

Warning: Do Not Ignore These Loan Modification Red Flags12 Aug

Loan Modification Scams

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Tough times call for tough measures. With the bleak economy and the wave of foreclosures, scoundrels will take advantage of people who are desperate or who lack the knowledge on how to handle their situation. Many of these rip-offs make money through loan modification scams. So if you are facing foreclosure, beware of people who offer too good to be true promises. It is a red flag of dishonesty.

You may have seen them on TV, the papers or radio and from the Internet through ads that promise you that they can absolutely rework your loan to make it more affordable. Some may have even discovered some means to get in touch with you and you are considering to take their offer. Before you sign up for anything or pay any upfront fees, consider these eight indicators of loan modification scams.

Loan Modification Scams Demand for Upfront Fees

From this alone, they are already breaking the law since foreclosure consultants and loan modification companies are prohibited from collecting any payments prior to delivery of their services.

Loan Modification Scams Will Ask You to Transfer Ownership of the House to their Firm

Common sense ought to make you think twice or even a hundred times about this request. Why should you agree to transfer the title of the property to them? It is akin to handing over your handbag to a robber without the robber pointing a gun at you. Do not be beguiled by their assurance that you will be able to repurchase or lease it.

Loan Modification Scams Will Advice You to Disregard Letters From Your Lenders

If there is one thing that you should be doing, it is to read the correspondence from lenders, get in touch with them, explain your hardship and try to negotiate for better terms.

Loan Modification Scams Will Ask You to Make Mortgage Payments to Their Company Instead of to Your Lender

Beware, you may find yourself in deeper trouble upon finding out that the payments you have sent to the so-called loan modification company did not make its way to your lenders. So if you are sending payments to your loan modification service provider, make sure that they disburse the payments to your lenders.

Loan Modification Scams Will Pressure You To Ink Documents Even If You Have Not Read Them Yet

When they use this ploy, they make you think that by signing these official documents, it is for your benefit. Unwittingly, you are, in fact, transferring ownership of your property to them. Do not fall victim to this flagrant act.

Loan Modification Scams Will Advice You Not To Take Counsel From An Attorney or Government-Approved Counselors

This is definitely a glaring red flag. What is wrong with consulting a lawyer or other counselors? When they do this, it is obvious that something is fishy. Consulting a lawyer or a government-approved counselor is what you may just need.

Loan Modification Scams Assure You of a Sure-Fire Loan Modification

If you have not yet discussed your situation with them, there is no way for them to determine whether or not you can get a loan modification, they cannot so much as tell whether or not a loan modification is right for you.

Loan modification scams are there for your money and nothing else, so before signing up for a loan modification service provider that you are not so familiar with, consider doing your research first about the company or better yet to learn about the process and try doing the tasks yourself in obtaining a loan modification.

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Loan Modifications

5 Magic Questions To Identify A Competent Loan Modification Lawyer05 Nov

Loan Modification Attorney

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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.

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Loan Modifications

How To Get Approved for Wells Fargo Loan Modification19 Oct

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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.

Loan Modifications

4 Instant Benefits of Loan Modification Software05 Oct

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.

Loan Modifications

Steps To Take When Your Loan Modification Foreclosure Fix Request Is Declined03 Mar

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Loan Modification Foreclosure Prevention

Losing a home to foreclosure is a painful experience not just emotionally but financially, as well. Even before the dreaded lender’s action, most likely, the homeowner have already been hurting financially. However, a foreclosure can whack the final nail on the coffin of the homeowner’s finances since it also shakes up his credit score. For this reason, many are seeking a loan modification foreclosure fix. But what if the lender rejects your proposal? Should you throw in the towel and pack up?

What To Do After A Loan Modification Foreclosure Fix Rejection

Stop moping about and get on your feet as there are still other measures you can do to save your home before you finally raise the white flag.

Get In Touch With Your Lender. Just like a broken-hearted lover dumped by his sweetheart, call your mortgage provider and ask where you went wrong, why your request was not granted. Perhaps you missed signing or submitting a requirement or a supporting document. Remember that in order for your loan modification proposal to be considered, you must have submitted all requirements and followed all rules of the lender. Ask if there is something that you can resubmit or correct for your request to be reconsidered. This may save you from seeking the next mortgage assistance alternative.

Take The Refinance Route. If the lender tells you that there is nothing you can do for your loan modification proposal to be considered, ask them if you are qualified for refinancing. If you take this route, you get a new loan under new terms to pay off your mortgage loan. Just make sure that the new loan collects a lower monthly mortgage payment that you can afford. This alternative is especially beneficial if your mortgage loan had an interest-only mortgage and a balloon payment is scheduled. The large payment required may be the reason you cannot afford your mortgage.

Seek Experts’ Advice. Seek the help of a foreclosure expert certified by the DHUD to help you evaluate other alternatives to bail your property out. He can also give you a good grasp of certain state laws that affect you and assist you in formulating a letter of appeal, if this is applicable to your case. You may also find local groups that offer financial aid to allow you to catch up on your payments.

Last Resort. If  you do not have any source of income, a loan modification foreclosure fix may not work for you because no matter how the lender adjusts the monthly payments, you still cannot afford them. To deaden to impact of losing a home, consider proposing to your lender a short sale or deed in lieu to avoid foreclosure. If the lender acquiesces in a short sale, you can sell your house at an amount lower than the balance of your mortgage. You may lose your home but its impact on your credit score is minor than when you are foreclosed on. Another way to preserve your credit rating when you lose your home is by tendering the deed to your property to your lender in exchange of debt forgiveness.

Do not readily give up when your loan modification foreclosure fix request gets disapproved because there are still other options you can consider to bail your finances out.

Loan Modifications

Loan Modification For Dummies03 Mar

Loan Modification For Dummies

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Loan Modification For Dummies and Other For Dummies Books

You may have heard of 15-Minute Workout For Dummies, Adobe AIR For Dummies, Bird Watching For Dummies, Buddhism For Dummies and so many more books belonging to the vast library of For Dummies books serving as instructional guides or references for a hodgepodge of topics such as Chinese cooking, the Blackberry, Dashchunds, Screenwriting and over 1,600 other themes that are available worldwide. Many of them are even in several other languages. These yellow-covered books, the forebear of How-To and DIY sites, provide easy and casual guides for readers who are unfamiliar with the particular topics. Looking for a guide that will help save your house from foreclosure? Try Loan Modification For Dummies.

The Loan Modification For Dummies Book

Authored by Ralph R. Roberts, Lois Maljak and Joe Kraynak, the Loan Modification For Dummies book is an easy-to-understand guide to help people who are behind on their mortgage payments and are at risk of foreclosure. It guides hard-pressed homeowners how to request for a loan adjustment that includes reduced (and affordable) monthly payments and lower interest rates to help them save their homes.

The book will lead you through the step-by-step process of loan modification kicking off from getting in touch with your lender to proposing a loan modification, assessing the initial offer of the bank and submitting a counter-proposal that will reduce your monthly payments. All these are explained in the guide together with pointers on how to catch up on monthly payments which you have missed while still in the negotiating table. The handy guide will teach you how to get your message across to your lender, spot and avoid frauds in the loan modification trade, and choose a legit and competent loan modification expert should you decide to delegate the task to another party.

The Dummies book will also educate you on how to discern your chances of qualifying to rework the terms of your mortgage. Should you find out that your chances are slim, the book shows how to prepare and submit your loan modification proposal to boost your likelihood of getting approved.

It does not stop at helping you get approved for the modification. The book for newbies also discusses how to compute for the monthly payment affordable to you. It also dishes out tips on how to renegotiate your mortgage even if your balance is greater than the value of your home. All these plus many more helpful advice are included in the book.

Buy Loan Modification For Dummies Online

You can buy a copy of Loan Modification For Dummies online via Dummies.com for less than $20.

Loan Modification For Dummies is one of the neutral and helpful resources a hard-pressed homeowner can reference from to help him save his home from foreclosure.

Loan Modifications

Various Loan Modification Jobs03 Mar

Loan Modification Jobs

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The Challenges of Looking For Loan Modification Jobs

The paperwork and negotiation involved in loan modification generates a number of loan modification jobs. Creditors need personnel to handle clients and the loan modification companies representing them, and people to handle the paperwork. Loan modification companies need people to help them market their services and personnel to help clients rework their loans. When looking for a job in this business, however, make sure that they are legitimate and stay away from frauds, or you may lose more than just a job opportunity. Look for a loan modification job that can make your resume handsome and your wallet fat.

List of Some Loan Modification Jobs

Loan Modification Specialist. The person holding this loan modification job works under the Loss Mitigation Department of banks and creditors. This position entails reviewing all loss mitigation cases and comparing them to guidelines set by investors, insurers and management to figure out which programs borrowers may be eligible for. It is also the responsibility of the specialist to initiate contact with borrowers who are close to or have defaulted on their loan, and tackle modification options, and arrange the suitable settlement documents and approval forms. It is also the specialist’s responsibility to order appraisals and title updates if needed for certain modification alternatives. The job description also includes researching accounts, processing foreclosure holds, making collection calls to borrowers as needed and other related duties as assigned. Other aspects of the job may vary from one employer to another. A background in banking is necessary to land in this position.

Loan Modification Counselor. The bulk of the responsibilities of a loan modification counselor lies in communicating with clients regarding delinquent accounts and other special asset requirements. The counselor is tasked to assist borrowers, vendors, attorneys, branches and other departments on concerns related to load modification. A portion of this job also includes determining title and/or legal issues and referring them to the right department for resolution. It is his responsibility to accurately transmit files to RESAD on schedule, and feed in and update data for reports to management. He is also tasked to respond to customer inquiries on loans assigned to the portfolio. He can also endorse transfer of delinquent accounts to RESAD special credits. The job also covers managing the pre-modification process on the assigned portfolio. This includes reviewing the submitted documents of the borrower for accuracy and completeness. To qualify for this position, a high school diploma or equivalent work experience is required, but a Bachelors degree and appropriate training are preferable. The person fit for this loan modification job is someone with critical thinking skills in reference to commercial real estate, an ability to communicate with customers through phone and written means.

Business Analyst II for Loan Modification Fulfillment. Basically, the task of a business analyst is to analyze and streamline the whole process of loan modification to make the process more efficient. The responsibility includes reviewing, analyzing, and evaluating business processes, systems and user needs. The person manning the position is also tasked to implement initiative development and projects assigned. He has to work with management and staff in developing and implementing all projects and initiatives. He must be effective in persuading business managers for all key changes such as those affecting schedule, requirements and scope. It is the responsibility of the business analyst to identify process improvements, the impact of implementation of the changes and the effect on the financial aspect of the business.

This position requires a Bachelors degree in Business Administration, Finance, Management Information Systems and other related degrees or equivalent work experience, knowledge, and skills. The person for this loan modification job must have strong general working knowledge of process migration methodologies, strong analytical skills, people skills, oral and verbal communication skills, organizational skills, successful experience in implementing strategic project initiatives, and a knowledge of business concepts in application to a big mortgage provider.

The numerous homeowners seeking loan modifications to avoid foreclosure, and mortgage servicing organizations and loan modification providers handling an avalanche of loan modification paperwork have generated quite a number of loan modification jobs to help them in complete the process.

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3 Crucial Steps To Get Your Chase Loan Modification Approved

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Applying for a loan modification can be frustrating especially if you do not have a clear picture of what to do. So if you are about to seek a Chase loan modification, read the following steps required by the lender and be guided. But remember, simply following these steps are not enough. You must satisfy their eligibility requirements.

Who Will Facilitate Your Chase Loan Modification Application?

You can apply for your loan to be modified yourself, but you may also seek the help of a loan modification company or through a representative of the Federal House Administration. If you opt to have a company process your application for you, you have to prepare to pay their fees. But if you decide to handle your loan modification yourself, the following steps recommended by Chase are essential to help you get underway.

Steps When Applying For Chase Loan Modification

1. Get in touch with the lender through their Loan Modification Department at 866-550-5705. Before you dial these numbers, make sure that you have kept your home loan number handy. Jot down any questions that you want to ask for a smooth phone conversation and so that you do not forget them. This phone conversation could take long and expect the representative to ask about your financial difficulty and may ask you reasons for why you are having a hard time paying for your monthly mortgage dues.

2. Gather the required documents:

Hardship letter explaining your financial circumstances that led to your difficulty in making your monthly mortgage dues.

Signed and accomplished statement summarizing your monthly budget

If you are employed:

2 latest pay stubs

If you are self-employed:

Bank statements of the last 4 months

Latest tax papers

3. Accomplish application form and send application package to Chase. Once you have done the previous actions, expect to receive a Chase loan modification application package. Accomplish the application form, attach the required documents as stated in the package and send them to Chase.

What Does Your Lender Look For In Your Chase Loan Modification Application

Needless to say, Chase would like to see all the documents they require to be in your application. They will study these documents to find out the kind of financial hardship that you are in and if it is permanent. That is why, if they will spot an expense on a luxurious car in the monthly budget you submitted, expect to get a “No”. Also pay particular attention when writing your hardship letter. Cite a job loss, an illness, a divorce, or other circumstances that have made a big unfavorable impact on your finances, making you unable to pay your monthly mortgage dues. Including the rate you would want to be paying in your letter would also be helpful. Work this out based on the planned monthly budget you submitted.

When you have sent the application package, expect to wait for as long as eight weeks before you would hear advice of whether or not your request has been approved.

Preparing a Chase loan modification request is simplified if you know what to do and what are required; and a complete application increases your chances of getting approved.

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Loan Modification Scams Dressed Up As Loan Modification Services

Loan Modification Services

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Circumspection In Choosing From Among Loan Modification Services

Generally, there are two types of loan modification companies: the legit and the scam. There are also two general types of consumers: the canny and the gullible. How you choose the firm that will help you re-work your loan will mainly tell what type of consumer you are. Get to know how these scams are pulled off by con artists to avoid being double-crossed by loan modification services that are actually scams.

Cracking Scams Cloaked As Loan Modification Services

Pseudo-Foreclosure Consultants. Be wary when dealing with some people who call themselves as foreclosure consultants but are actually charlatans, purveying ostensible services and programs to help financially distressed homeowners avoid foreclosure, but are in reality no more than tricks to bilk you of your limited funds. These snake oil salesmen usually lurk in the Internet waiting for their unsuspecting prey to voluntarily come to them. Homeowners seeking loan modification services are often easy targets. They operate simply by exacting substantial amount from their victims to cover for their services. However, after the agreement has been signed and the payment pocketed, the agency virtually does nothing, or worse suddenly disappears. As a result, you lose your home. Naturally, these swindlers have no plans of reimbursing you if your house gets auctioned. Complaints about these schemes swarm the State Attorney General’s office.

Unaffordable Modification Program. Another way con artists maneuver their tricks is by collecting money from the homeowner upon signing up, then registering the homeowner to a loan modification plan that he cannot afford, even if there is a big possibility that they can negotiate with the lender for a better agreement. These scheming companies make easy money by declaring that their job is done once they have gotten and presented the easiest modification available to the homeowner. Sadly, signing up for an unaffordable plan will not get you anywhere except even farther from your home.

Expensive Loan Modification Seminars Which Can Cost You Your Home. One more variation of the fraud is by plainly exacting exorbitant fees for loan modification seminars where homeowners are required to attend. These seminars are said to help in bargaining for more beneficial loan terms. If you do not attend such events, the scheming company will not do anything to help you save your home, and will even hold you responsible for losing your property.

Loan Audits. Some shady companies will also charge your for loan audits that are conducted by someone who is not even a qualified lawyer. Oftentimes, these audits are done and paid for in vain since the petitions that the homeowners are prompted to obtain are hindered by the expiration of the ruling of limitations for that certain case. You end up paying thousands of dollars just to be informed of what is ineffective in salvaging your home.

Alas, a lot of financially saddled homeowners are beguiled into signing up for these scams due to a lack of knowledge. They are thick on the ground, that is why, the different states are having a hard time in taking legal action and closing down these organizations. Hence, get to know a company offering loan modification services first, before signing up so that you do not add up to the statistics of victims.

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Top 4 Reasons Why Your Citimortgage Loan Modification Request May Be Denied

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Know Your Chances Of Getting A Citimortgage Loan Modification

With the economic slump, paying for mortgage has become a struggle to many homeowners. That is why, a lot of them negotiate with their lenders to restructure their loan. Some get approved, while others are denied. Lenders reject proposals to rework terms due to a number of reasons. If you are considering seeking a Citimortgage loan modification, study these reasons so that you can gauge you chances of getting an approval.

Causes Behind Citimortgage Loan Modification Thumbs Down

Up-To-Date Payments. Paying regularly your monthly mortgage dues gives your lender the impression that you are not experiencing financial hardship. If you are not behind on your payments, chances are, your proposal for a loan adjustment may just get rejected. But do not get it wrong. It may be a bad idea to deliberately default on your payments just to be able to qualify for a Citimortgage loan modification. Doing so will mar your credit standing and risk your house to foreclosure. Refinancing may be a better option for you. With your good credit score, you may be able to avail of lower interest rate from a new loan.

Home Valued Is Greater Than Loan Amount. For your lender, this means that should they foreclose on your house, they can still resell it at a relatively good price. That is why, even if you submit enough documented proof that you lost your job or incurred losses in your business for some time, Citimortgage may decline your proposal.

Incomplete Requirements. A lot of Citimortgage loan modification requests go down the rejection bin because a certain financial document is missing, or you forgot to sign a particular document. So make sure that all the paperwork is there and all dotted lines are inked. Remember to prepare your pay stubs of the last two months, W2/tax return or year-end business statement (if you have a business) of the previous years, and personal bank statements for the last six months.

Unconvincing Hardship Letter. Your hardship letter should contain enough drama to melt hearts. Although lenders may appear unsympathetic, remember that they are human too. Concisely explain in your letter your why you could no longer afford your mortgage dues. State what financial jam led you to default. Also, if your house is in an area where foreclosures are rampant and values of houses are tailing off, highlight that in your letter.

To better your chances of obtaining a Citimortgage loan modification, understand where Citimortgage is coming from. Although they may want to help their mortgagors, the lender’s interest is foremost in their decision of whether or not to approve a request for loan readjustment.

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Warning: Do Not Ignore These Loan Modification Red Flags

Loan Modification Scams

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Tough times call for tough measures. With the bleak economy and the wave of foreclosures, scoundrels will take advantage of people who are desperate or who lack the knowledge on how to handle their situation. Many of these rip-offs make money through loan modification scams. So if you are facing foreclosure, beware of people who offer too good to be true promises. It is a red flag of dishonesty.

You may have seen them on TV, the papers or radio and from the Internet through ads that promise you that they can absolutely rework your loan to make it more affordable. Some may have even discovered some means to get in touch with you and you are considering to take their offer. Before you sign up for anything or pay any upfront fees, consider these eight indicators of loan modification scams.

Loan Modification Scams Demand for Upfront Fees

From this alone, they are already breaking the law since foreclosure consultants and loan modification companies are prohibited from collecting any payments prior to delivery of their services.

Loan Modification Scams Will Ask You to Transfer Ownership of the House to their Firm

Common sense ought to make you think twice or even a hundred times about this request. Why should you agree to transfer the title of the property to them? It is akin to handing over your handbag to a robber without the robber pointing a gun at you. Do not be beguiled by their assurance that you will be able to repurchase or lease it.

Loan Modification Scams Will Advice You to Disregard Letters From Your Lenders

If there is one thing that you should be doing, it is to read the correspondence from lenders, get in touch with them, explain your hardship and try to negotiate for better terms.

Loan Modification Scams Will Ask You to Make Mortgage Payments to Their Company Instead of to Your Lender

Beware, you may find yourself in deeper trouble upon finding out that the payments you have sent to the so-called loan modification company did not make its way to your lenders. So if you are sending payments to your loan modification service provider, make sure that they disburse the payments to your lenders.

Loan Modification Scams Will Pressure You To Ink Documents Even If You Have Not Read Them Yet

When they use this ploy, they make you think that by signing these official documents, it is for your benefit. Unwittingly, you are, in fact, transferring ownership of your property to them. Do not fall victim to this flagrant act.

Loan Modification Scams Will Advice You Not To Take Counsel From An Attorney or Government-Approved Counselors

This is definitely a glaring red flag. What is wrong with consulting a lawyer or other counselors? When they do this, it is obvious that something is fishy. Consulting a lawyer or a government-approved counselor is what you may just need.

Loan Modification Scams Assure You of a Sure-Fire Loan Modification

If you have not yet discussed your situation with them, there is no way for them to determine whether or not you can get a loan modification, they cannot so much as tell whether or not a loan modification is right for you.

Loan modification scams are there for your money and nothing else, so before signing up for a loan modification service provider that you are not so familiar with, consider doing your research first about the company or better yet to learn about the process and try doing the tasks yourself in obtaining a loan modification.

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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.

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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.

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Must-Know Short Sale Information

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.

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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.

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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.

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3 Crucial Steps To Get Your Chase Loan Modification Approved

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Applying for a loan modification can be frustrating especially if you do not have a clear picture of what to do. So if you are about to seek a Chase loan modification, read the following steps required by the lender and be guided. But remember, simply following these steps are not enough. You must satisfy their eligibility requirements.

Who Will Facilitate Your Chase Loan Modification Application?

You can apply for your loan to be modified yourself, but you may also seek the help of a loan modification company or through a representative of the Federal House Administration. If you opt to have a company process your application for you, you have to prepare to pay their fees. But if you decide to handle your loan modification yourself, the following steps recommended by Chase are essential to help you get underway.

Steps When Applying For Chase Loan Modification

1. Get in touch with the lender through their Loan Modification Department at 866-550-5705. Before you dial these numbers, make sure that you have kept your home loan number handy. Jot down any questions that you want to ask for a smooth phone conversation and so that you do not forget them. This phone conversation could take long and expect the representative to ask about your financial difficulty and may ask you reasons for why you are having a hard time paying for your monthly mortgage dues.

2. Gather the required documents:

Hardship letter explaining your financial circumstances that led to your difficulty in making your monthly mortgage dues.

Signed and accomplished statement summarizing your monthly budget

If you are employed:

2 latest pay stubs

If you are self-employed:

Bank statements of the last 4 months

Latest tax papers

3. Accomplish application form and send application package to Chase. Once you have done the previous actions, expect to receive a Chase loan modification application package. Accomplish the application form, attach the required documents as stated in the package and send them to Chase.

What Does Your Lender Look For In Your Chase Loan Modification Application

Needless to say, Chase would like to see all the documents they require to be in your application. They will study these documents to find out the kind of financial hardship that you are in and if it is permanent. That is why, if they will spot an expense on a luxurious car in the monthly budget you submitted, expect to get a “No”. Also pay particular attention when writing your hardship letter. Cite a job loss, an illness, a divorce, or other circumstances that have made a big unfavorable impact on your finances, making you unable to pay your monthly mortgage dues. Including the rate you would want to be paying in your letter would also be helpful. Work this out based on the planned monthly budget you submitted.

When you have sent the application package, expect to wait for as long as eight weeks before you would hear advice of whether or not your request has been approved.

Preparing a Chase loan modification request is simplified if you know what to do and what are required; and a complete application increases your chances of getting approved.

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Loan Modification Scams Dressed Up As Loan Modification Services

Loan Modification Services

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Circumspection In Choosing From Among Loan Modification Services

Generally, there are two types of loan modification companies: the legit and the scam. There are also two general types of consumers: the canny and the gullible. How you choose the firm that will help you re-work your loan will mainly tell what type of consumer you are. Get to know how these scams are pulled off by con artists to avoid being double-crossed by loan modification services that are actually scams.

Cracking Scams Cloaked As Loan Modification Services

Pseudo-Foreclosure Consultants. Be wary when dealing with some people who call themselves as foreclosure consultants but are actually charlatans, purveying ostensible services and programs to help financially distressed homeowners avoid foreclosure, but are in reality no more than tricks to bilk you of your limited funds. These snake oil salesmen usually lurk in the Internet waiting for their unsuspecting prey to voluntarily come to them. Homeowners seeking loan modification services are often easy targets. They operate simply by exacting substantial amount from their victims to cover for their services. However, after the agreement has been signed and the payment pocketed, the agency virtually does nothing, or worse suddenly disappears. As a result, you lose your home. Naturally, these swindlers have no plans of reimbursing you if your house gets auctioned. Complaints about these schemes swarm the State Attorney General’s office.

Unaffordable Modification Program. Another way con artists maneuver their tricks is by collecting money from the homeowner upon signing up, then registering the homeowner to a loan modification plan that he cannot afford, even if there is a big possibility that they can negotiate with the lender for a better agreement. These scheming companies make easy money by declaring that their job is done once they have gotten and presented the easiest modification available to the homeowner. Sadly, signing up for an unaffordable plan will not get you anywhere except even farther from your home.

Expensive Loan Modification Seminars Which Can Cost You Your Home. One more variation of the fraud is by plainly exacting exorbitant fees for loan modification seminars where homeowners are required to attend. These seminars are said to help in bargaining for more beneficial loan terms. If you do not attend such events, the scheming company will not do anything to help you save your home, and will even hold you responsible for losing your property.

Loan Audits. Some shady companies will also charge your for loan audits that are conducted by someone who is not even a qualified lawyer. Oftentimes, these audits are done and paid for in vain since the petitions that the homeowners are prompted to obtain are hindered by the expiration of the ruling of limitations for that certain case. You end up paying thousands of dollars just to be informed of what is ineffective in salvaging your home.

Alas, a lot of financially saddled homeowners are beguiled into signing up for these scams due to a lack of knowledge. They are thick on the ground, that is why, the different states are having a hard time in taking legal action and closing down these organizations. Hence, get to know a company offering loan modification services first, before signing up so that you do not add up to the statistics of victims.

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Top 4 Reasons Why Your Citimortgage Loan Modification Request May Be Denied

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Know Your Chances Of Getting A Citimortgage Loan Modification

With the economic slump, paying for mortgage has become a struggle to many homeowners. That is why, a lot of them negotiate with their lenders to restructure their loan. Some get approved, while others are denied. Lenders reject proposals to rework terms due to a number of reasons. If you are considering seeking a Citimortgage loan modification, study these reasons so that you can gauge you chances of getting an approval.

Causes Behind Citimortgage Loan Modification Thumbs Down

Up-To-Date Payments. Paying regularly your monthly mortgage dues gives your lender the impression that you are not experiencing financial hardship. If you are not behind on your payments, chances are, your proposal for a loan adjustment may just get rejected. But do not get it wrong. It may be a bad idea to deliberately default on your payments just to be able to qualify for a Citimortgage loan modification. Doing so will mar your credit standing and risk your house to foreclosure. Refinancing may be a better option for you. With your good credit score, you may be able to avail of lower interest rate from a new loan.

Home Valued Is Greater Than Loan Amount. For your lender, this means that should they foreclose on your house, they can still resell it at a relatively good price. That is why, even if you submit enough documented proof that you lost your job or incurred losses in your business for some time, Citimortgage may decline your proposal.

Incomplete Requirements. A lot of Citimortgage loan modification requests go down the rejection bin because a certain financial document is missing, or you forgot to sign a particular document. So make sure that all the paperwork is there and all dotted lines are inked. Remember to prepare your pay stubs of the last two months, W2/tax return or year-end business statement (if you have a business) of the previous years, and personal bank statements for the last six months.

Unconvincing Hardship Letter. Your hardship letter should contain enough drama to melt hearts. Although lenders may appear unsympathetic, remember that they are human too. Concisely explain in your letter your why you could no longer afford your mortgage dues. State what financial jam led you to default. Also, if your house is in an area where foreclosures are rampant and values of houses are tailing off, highlight that in your letter.

To better your chances of obtaining a Citimortgage loan modification, understand where Citimortgage is coming from. Although they may want to help their mortgagors, the lender’s interest is foremost in their decision of whether or not to approve a request for loan readjustment.

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Warning: Do Not Ignore These Loan Modification Red Flags

Loan Modification Scams

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Tough times call for tough measures. With the bleak economy and the wave of foreclosures, scoundrels will take advantage of people who are desperate or who lack the knowledge on how to handle their situation. Many of these rip-offs make money through loan modification scams. So if you are facing foreclosure, beware of people who offer too good to be true promises. It is a red flag of dishonesty.

You may have seen them on TV, the papers or radio and from the Internet through ads that promise you that they can absolutely rework your loan to make it more affordable. Some may have even discovered some means to get in touch with you and you are considering to take their offer. Before you sign up for anything or pay any upfront fees, consider these eight indicators of loan modification scams.

Loan Modification Scams Demand for Upfront Fees

From this alone, they are already breaking the law since foreclosure consultants and loan modification companies are prohibited from collecting any payments prior to delivery of their services.

Loan Modification Scams Will Ask You to Transfer Ownership of the House to their Firm

Common sense ought to make you think twice or even a hundred times about this request. Why should you agree to transfer the title of the property to them? It is akin to handing over your handbag to a robber without the robber pointing a gun at you. Do not be beguiled by their assurance that you will be able to repurchase or lease it.

Loan Modification Scams Will Advice You to Disregard Letters From Your Lenders

If there is one thing that you should be doing, it is to read the correspondence from lenders, get in touch with them, explain your hardship and try to negotiate for better terms.

Loan Modification Scams Will Ask You to Make Mortgage Payments to Their Company Instead of to Your Lender

Beware, you may find yourself in deeper trouble upon finding out that the payments you have sent to the so-called loan modification company did not make its way to your lenders. So if you are sending payments to your loan modification service provider, make sure that they disburse the payments to your lenders.

Loan Modification Scams Will Pressure You To Ink Documents Even If You Have Not Read Them Yet

When they use this ploy, they make you think that by signing these official documents, it is for your benefit. Unwittingly, you are, in fact, transferring ownership of your property to them. Do not fall victim to this flagrant act.

Loan Modification Scams Will Advice You Not To Take Counsel From An Attorney or Government-Approved Counselors

This is definitely a glaring red flag. What is wrong with consulting a lawyer or other counselors? When they do this, it is obvious that something is fishy. Consulting a lawyer or a government-approved counselor is what you may just need.

Loan Modification Scams Assure You of a Sure-Fire Loan Modification

If you have not yet discussed your situation with them, there is no way for them to determine whether or not you can get a loan modification, they cannot so much as tell whether or not a loan modification is right for you.

Loan modification scams are there for your money and nothing else, so before signing up for a loan modification service provider that you are not so familiar with, consider doing your research first about the company or better yet to learn about the process and try doing the tasks yourself in obtaining a loan modification.

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The Snags In Buying A Short Sale

Semi-detached houses in Croydon for 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.

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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.

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Must-Know Short Sale Information

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.

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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.

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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.

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