We Buy Houses Blog, REO, Stop Foreclosure Home Loan Modifications Blog

I have heard a lot about this loan modification and have been receiving not so clear answers to my question. I presently have a tax lien on my home, 2 months behind in my mortgage, make the same salary as when I bought the home 2 years ago. Do I qualify?

Mostly people prevent themselves. If the modification will not prevent foreclosure it is not happening.

There is the other problem of your income not changing, you obviously planned to default, otherwise you need to provide documentation on why you defaulted, massive medical bills are a common reason.

I am going thru a third party one that my lender set up.
I have submitted all paperwork that was requested. approx 1 month ago….

Right now, most lenders are really behind. I work for a very large lender, and I’m refinancing my home. I applied on April 8, and they told me right then that nobody would call for at least 30 days. My docs have all been submitted, but a couple days ago a fellow associate in the processing center told me there are no processors available, and rather than let loans languish in bloated pipelines, they’re holding them in queue until a processor is available. I will probably close on July 8, and yes, they extended my rate lock at their expense. I understand this is happening in every area of loan processing, including modifications.

I know the last thing you want to hear is be patient, but that’s kind of the answer right now. My new payment will be slightly more than half of my previous payments, and I can’t wait. But I will, I guess.

I have a first and second mortgage that is more than the appraised value of my condo. I tried to refinance and now am asking the mortgage company for a loan modification. What is the criteria needed to receive a loan modification?

Having a both a 1st and a 2nd certainly complicates the situation, especially if the 1st and the 2nd are two different lenders.

I would speak to a law firm that specializes in loan modifications. There are many companies that claim they can help you with a loan modification, but the vast majority of these places are hucksters. If you use an attorney they have to answer to a state bar association if they screw up or mislead you.

You will probably have to show that you are not able to make the two payments on your loans without the modification. Lenders just don’t lower your payment just because the value has gone down. You must be able to prove your hardship. Normally, you have to show that you have lost income or you can’t afford to pay the increased payment due to an interest rate rise on your loan(s).

I been searching for foreclosures online but everybody is asking to subscribe with some fee they added. Is this how it works everywhere or are they just trying to take my money?

Most foreclosures are placed with real estate brokerages for disposition. If you are interested in purchasing a foreclosure, contact a reputable and qualified real estate agent.

I want to impose a "stay"on foreclosure sale . Am running out of time I need 60 days to re finance

You can either file the bankruptcy, or go to the bank today with all of the money owed in arrears, and even that may not be enough to stop the foreclosure. Best option is to do a free consult with an attorney in your local area, and see if there are any alternatives for you, but I don’t think there is any above those mentioned. Good Luck!

I’ve been told a legal resident from another country can only own real estate if it is as a primary residence. Is this true? I want to go into real estate investing.

You can in the US, no limit.

http://1stopforeclosurehelp.net 9 ways to get stop foreclosure help and end your foreclosure. Read though at the and see how others stopped their own foreclosure or got the stop foreclosure help they needed.

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