I’ve done a loan modification in 2008. Is it possible to do another to keep the same interest rate?
Yes. It depends on the lender. My lender said 12 months. My ARM adjusted to its scheduled, increased interest rate in Feb 2008. I called in December of 2008 for a loan modification, they told me to call back in Feb 2009 that my new adjusted rate was considered a loan modification and I had to wait 12 months before re-applying.
Hope this helps
They definitely can work as long as you qualify. The Making Home Affordable government plan is the best place to start. This is where I determined if I was eligible and read about all the things the Obama administration put in place to help homeowners. And no, you shouldn’t have to pay so beware of the scammers out there! Good luck.
Why would you pay someone to do something you can do yourself for free AND take the 3 or 4 grand they will want from you and put it towards your mortgage payments or closing costs to refi? Doesn’t make sense to me! Also, a lot of these places will charge you an up front fee and do squat and you still are out the fee!
Go to these discussion forums and get some ideas on how to modify your loan yourself:
http://www.loansafe.org/forum
Given my CC # over the phone for the last time for access to so-called ‘exclusive members only websites’ which never fail to disappoint. This has to be public information. Where does one go?
When a "Notice of Default/Foreclosure is filed against a property the company or entity that placed the property in foreclosure must file this notice with the county recorders office in which the property is located.
So if you want want a free copy of pre-foreclosures this is the place to start.
You should call before you go there to find out if there is a charge and their hours of operation.
In some instances you might find a title company that might work with you, but they are looking for possible business from the people they work with. Therefore they normally only work with real estate companies, investment firms or other companies that are in the real estate business.
I hope this has been of some use to you, good luck.
"FIGHT ON"
The answer to almost every question is: "Depends"
Look at www.NACA.com and see if they can help you.
I’m a licensed California real estate broker. I know about the licensing, the MLS and the associations I must join to hang my own shingle. What are the steps that I don’t understand?
I was in the same boat as you. You first need to create a corporation. My research indicated that I needed to create an S-Corp for the type of business I was going to do. Also, don’t incorporate in Nevada or Delaware, instead, do it in California. Once your corporation is set up (including your TIN number), you need to get your corporation licensed by the DRE and move your license under the corporation as the officer. Then open a business account at your local bank. Then you decide if you want to do loans, sell real estate or both. Once you decided what you want to do, you then get E&O insurance. If you want to loans, you need to bring aboard lenders. If you want to buy and sell properties, you don’t need to do anything. This whole thing should cost you 3-4k in set-up cost. E-mail me if you need any info or if you’re in my area of southern california, we can work something out.
Regards
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