Upside Down Mortgage

Archive for November, 2009

Loan Modification Assets

Question: I am thinking of short selling a home that I paid 300k for it is now only worth 150k. I need to find a lawyer?

I live in Miami Florida area. Also note that this is an investment home - speculation that went bad. The builders and the bank were the ones that really ripped me off in the first place. But I do not want that bank to be able to put a lean on my other main home which does have some positive equity. I want a Lawyer who can tell me what types of accounts or assets that I should protect of pay off prior to doing this Short sale of my other house. Also what is the best case senario on how bad my credit will get ruined. I currently have a 750 score. But this is 150k loss. There is no way that this house will go back up in value that fast. Credit is important but I cannot afford to loose $150 K and I cannot afford to keep making payment to this house anymore. I already work 2 jobs and I cannot make enough money so it is either a Short Sale, Loan Modification or a Walk away foreclosure that I am having to pick from.

Answer: David, this is an investment property. You can short sale it, but you will still owe the rest of the money. The only way to not pay them back is to file bankruptcy, which will not likely be possible since you own other assets that can cover your loss.

This is not your primary residence, you will receive no special treatment.

Loan Modification Software: Video SX3 Default Assets Liabil

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First One Loan Modification Express

Like most other loans, a loan modification from Bank of America can be daunting task taking up a lot of time. Bank of America is the largest banking institution in the US and as such are one of the biggest lenders of mortgages, both prime and sub-prime. As a result of their status, they offer a varying array of modifications. That being said, it can prove difficult to receive modifications of any king from the robust financial institution.

Step 1

If you're looking to attain a loan modification from Bank of America, you should first make a call or visit to their loss mitigation department and advise them that you are going to seek a loan modification. Second, be sure to find out what all of the modification requirements are.

If you choose to call your local B-of-A, the representative you speak with will do their best to represent the company's interests while presenting you with the multiple loan modification programs available. Rest assured, there will be many options offered to you, just understand that you may not met the qualifications for all and may only qualify for one or two.

Loan modifications for mortgages are only given to borrowers who are in the midst of financial hardships and that is a requirement of any lender offering this program. Financial hardship is a tough enough road to be on and while a loan modification can be the answer, Bank of America must feel assured that after receipt of a modification the borrower can afford the monthly payments and new lowered interest rate on their mortgage. To accomplish this, the application has to be accompanied by a financial plan including a budget portraying monthly income and any adjustments for the new loan. Not providing this information results in being denied because there was no proof that the finances will be controlled and budgeted.

When filing out a job application, applicants are extremely careful to not make a mistake as it can result in their application being thrown out. The same should be true of a loan modification application. Homeowners must be diligent in ensuring the application contains no errors as it will be disqualified. Be sure to include your letter of hardship. Make sure it is well written and expressive but concise. Also, remember to write down the information from the loss mitigation department regarding any documentation needed as having it ready will provide greater chances of approval.

The modification programs offered by Bank of America can rearrange a mortgage. A borrower can have their interest rates changed to lower rates, or go for the program that lowers the amount of the principal and even try for one that changes adjustable interest rates to moderate more regulatory rates. True, the options available are not bottomless; however, the options offered are sure to help borrowers get the assistance they need.

A loan modification is the choice for homeowners who can no longer afford their payments because of the interest rate, but if your home's value has dramatically plummeted you won't get help from a loan modification lender. Meet with the lenders loss mitigation dept. to find the right solution for your needs and situation.
About the Author:

For detailed facts and essential tips about how you can be approved for a Bank of America loan modification, visit this simple, easy to understand loan modification guide and resource: http://HomeLoanModifications101.com

Source - Getting a Bank of America Loan Modification

Loan Modification Training

Question: Is a Loan Modification Officer a real job?

Can I make money at it? I found a position that is hiring, and offer training.

Answer: its a sales job, all sales offer training

Loan Modification Training PACKAGE AND SUBMISSION (Part 2)