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

Our house is going in to foreclosure and we are trying to get a loan modification. My husband found out he is likely to lose his job next month. Will this affect getting a loan modification?

It could but if you have prospects of future employment it may not affect you.

Even though you are just stretching out the length of your current mortgage from 30 to 40 years so that the monthly payments are less, does the bank need to take a walk through of your home beforehand?

They do another appraisal, if that is what you want to know. They usually do not enter the house though.

When applying for a home loan modification, are lenders looking for a deficit or a positive in your financial worksheet, in order to approve a modification???

Well, it really depends on who your investor is, and what guidleines they have. Normally they like to see either a positive or negative $300, and it can be around or under that. If you have a VA loan, then you can only have a positive residual income left over after all of your expenses.
From my experience, credit scores don’t play a factor in loan mods, bc this will actually make your credit score lower, bc if you are still current on your loan, then your investor will need to see you in some kind of default before they can even look at your loan bc they will feel that you have no need for the mod and you can afford your monthly pmts, so normally your would get set up on partial pmts while you wait for your modification to be apporved. This will report back to your credit that you are paying under a modified or partial paying agreement with your lender.

Please don’t refer me to somewhere with a free "trial membership".

Any Realtor can supply a list of foreclosure listings for free.

After properties are foreclosed on, they’re owned by the lender. When the lender decides to sell, it lists the property with a Realtor. The property is put into the multiple listing service, where any other Realtor can find it.

In most areas, Realtors can set up an automatic notification service for you. Every time a new foreclosure comes on the market, you’ll get an automatically generated e-mail with all the information.

Again: Totally free.

my sister has missed her house payment for a few months now because my brother in-law lost his job but she wants to save her house what should she do? or is there a company that can help? she needs to come up on $5,0000 with in 30 days

5k is not very much, a garage sale, maybe sell the boat and she will be all set.

She needs to call the bank, but I doubt she is in foreclosure yet.

In a contract to buy a house owned by broker/agent in PA. I found some major defects and want to get out of the contract. Problem is we are past the time for inspections and stuff. We know the agent/broker had knowledge of prior damage. The problem is he never filled out disclosure forms because he stated he never lived in the property. Some people are telling me that since he is a real estate agent/owner he had to have full disclosure beforehand, Is this true?

Disclosure requirements are the same for real estate agents as for any other person. Disclosure requirements do not include such if a person has never lived in the property being sold. I am guessing that you ‘cheaped out’ and did not have a professional inspection, as is suggested for ANY property you buy. Now you want out because you failed in that regard.

If you expect any success in your pursuit, you will have to prove that the seller involved was aware of the defects you discovered. How will you prove that ?