When you struggle to make your house payment, you may wonder if the easiest thing would be to just give your mortgage to someone else.
If your bank has begun foreclosure proceedings against you, you need to know that you have the right to meet with your lender in the presence of a mediator. Mediation is a critical tool for getting fair treatment from your lender.
You may have heard of something called “cash for keys” while going through foreclosure. Sometimes a mortgage lender will offer you money to sign over your home before going through the whole foreclosure process.
When you are having a financial hardship—you may have been laid off, you ran into unexpected expenses, you got sick and racked up medical bills, etc.—you might be able to get relief by requesting a loan modification from your mortgage lender.
If you submit a short sale offer to a mortgage lender that you know is reasonable, it can be discouraging to get a high counter offer back. Don’t give up! Amanda and Mary Beth will tell you what to do in this brief video on value disputes.
We always remind people who want to get their mortgage payments lowered that each lender has their own set of rules and qualifications for loan modification. It’s also true that all lenders seem to have their own terminology. And sometimes the words they use appear to mean one thing, when they actually mean something else.
Congratulations to you if you have received approval on a loan modification!
You may be aware that the FHA has some strict guidelines lenders must follow before approving a short sale. The government’s processes will certainly have an impact on the timeline of your short sale. In this post, we let real estate agents know what to expect from an FHA-backed short sale.
When you sign up for your mortgage, you never think what would happen if you lost your job. But things like this do happen, and it can be nerve-wracking. Don’t add to your stress. Talk to your mortgage lender right away about unemployment forbearance.
You may not feel like you have many options when you’re selling a home short. If you can’t get the full value of the home, you’re dependent on getting the approval of the lender. You don’t seem to have much control.
It’s been great to see so many of our Ark Mortgage Assistance Program (AMAP) clients have recently been approved for loan modifications. Programs like HAMP that help homeowners get their mortgage payments reduced to below 30% of their income are really life-changing.
We recently walked through the three phases of review lenders use to decide whether to approve a short sale offer: processing, valuation and negotiation. Some lenders, like Nationstar and Ocwen, may add an auction to their review. So even if you have found a buyer for the property, the lender can—and often does—put the home up for auction online on Nationstar’s website, Homesearch.com.
