Archive for October, 2011

Successful El Dorado Hills Loan Modification 101

Only a Long Term Solution Can Be Considered A Successful Loan Mod
Loan Modifications Help Many Homeowners

What is your successful El Dorado Hills loan modification going to look like?

Loan modification, the systematic alteration of contractual mortgage loan agreements, has been around in the United States for over 70 years.  During the Great Depression many loan mod programs were sponsored and executed at the state Government level in an effort to reduce levels of loan foreclosures.

El Dorado Hills Area Foreclosure Options Expert, Certified Foreclosure And Short Sale Specialist and Successful El Dorado Hills Short Sale Agent Forth Hoyt Provides Information on Successfully Negotiating a Loan Modification With your Bank and gives access to a free report entitled “Your Guide To A Successful Loan Mod”.

Here is just a part of Section One:

You, Your Family and your Mortgage

Begin With The End In Mind
What is your goal? What’s the target? What exactly do you want/need in order for you to make it? Know your outcome! 

What is your successful loan modification going to look like?

Take a hard, realistic look at your situation and ask yourself  what changes your bank would need to make in order for you to manage your payment. Keep in mind that if you can get the changes you need in the form of an affordable payment, the duration of the payment adjustment must provide you enough time to get back on firm financial footing. Otherwise, you will be right back in a bad situation before you know it. So you must have a goal: what changes do you need and how long do you need them?

Know What You Want! Be Clear About What your

Successful Loan Mod Look Will Look Like!


Win-Win or No Deal
These decisions and clearly defined expectations of your outcome are not easy to make, but they are necessary. By knowing the minimum mortgage modification, the absolute minimum amount of time you will settle for, you can move forward knowing that anything less is a waste of time. When you what you want and need you are on your way towards recovery. Just remember, treat it like a business decision. Be realistic, know what you need, and don’t settle for a solution that is not really a solution.

You are NOT the Villain Here
American families are facing more economic difficulty than at any time in the past 70 years. Not since the Great Depression have there been so many families facing serious many financial obstacles.

A large part of the problem was brought on by the financial market excesses of the first six years of the 21st century (2001 thru 2006). Real estate values reached dizzying levels, leading American Families to feel intoxicated by the “wealth effect.” And, everyone wanted in. As prices went up, the mortgage industry came up with new and creative loan programs that made it possible to buy homes that people really couldn’t afford. Make no mistake, these programs were not designed for the common good, these creative loan products were not driven by the desire to increase homeownership for the benefit of society. No, the loans were originated, packaged, sold, chopped up, repackaged and sold again with one thing in mind — quick and substantial profit.

It’s true, many American families may have made choices that were not as responsible as they should have been.  However if the go-go loans had never been created and the call centers and telemarketers pushing the toxic loans never existed, most of those same American families would have continued to live within their means. But instead, the entire mortgage, real estate and banking and investing industries pushed these programs: from loan officers, appraisers, real estate agents and brokers, mortgage bankers, underwriters, Wall Street entrepreneurs and many others all played their parts.

Much of the mortgage mess we are dealing with now is a direct result of a mortgage industry that during those first several years of this century to completely abdicated their responsibility to verify a borrower’s ability to pay when making a mortgage loan.

Need how to loan mod?Looking for someone to give you the how to loan mod step-by-step? Continue reading or order your Successful Loan Modification How To’s Here: Guide to A Successful Loan Mod

More Questions on your Particular Situation?

Understand your options and learn what you can do next.

Contact us today at Forth Hoyt’s Sacramento Short Sale Center

Or find out here about New Government Foreclosure Prevention Program Eligibility- Which Programs Do You Qualify For?

I am not an attorney, and you should talk to one!! Call for a referral!

Authored by Forth Hoyt | Discussion: No Comments »

Chase Short Sale Outreach Program

Have you received a Short Sale Letter From Chase?

It's Real! Call Chase! Then Call us today! We are Chase Short Sale Experts!

Have you received a Short Sale Letter from Chase? Do Not Throw it out!! Call Them Immediately and then Call Me!916-316-3810

Forth Hoyt; Folsom, El Dorado Hills, and Surrounding Area CDPE Short Sale Specialist, Certified HAFA Specialist and Expert Short Sale Negotiator Reports On The Benefits of CDPE and the Newest Chase Short Sale Outreach Program.

J.P. Morgan Chase has become one of the first in the banking industry to pro-actively encourage homeowners who are delinquent on their loans to do a short sale. Along with Wells Fargo (Wachovia), Citi and EMC, Chase now pays certain borrowers to do a short sale.

But before you read about the Chase Short Sale Outreach Program, have you tried to do a Loan Mod? Get Your Guide to A Successful Loan Mod

They are offering large financial incentives to homeowners facing foreclosure to sell their homes for less than the amount owed, which is a short sale.If you qualify, Chase will send you a letter saying your short sale may be eligible for a cash amount ranging from $10,000 to $45,000 by selling your home for less than the amount owed.

Sounds too good to be true—but it isn’t. I recently negotiated a short sale for a client in Citrus Heights who was paid $20,000 from Chase at the closing table of her short sale.

Of course, it’s not that black and white, and getting one of these letters is this key. This is a very streamlined Short Sale program, and Chase has its own analytical team, who specify which loans qualify. Once the loan has been accepted into the program, the homeowner receives a Short Sale Letter from Chase  with the incentive amount for which they qualify.

 

 

CDPE's are being reffered to many major banks' clients, to assist in their short sales
CDPE’s are being reffered to many major banks’ clients, to assist in their short sale

 

The program is offered only to homeowners with very specific loans. Part of the criteria is the loan has to be a portfolio loan. This is not for an investor or government-backed loan.  Most of these loans also were originally WaMu loans that were option ARMs/negative amortization or interest only loans. JPMorgan Chase inherited $4.1 billion in option ARMs etc., when it acquired Washington Mutual.

These programs are popping up constantly and then quickly evolving-Find out if your bank is giving incentives:

Contact us today at Forth Hoyt’s Sacramento Short Sale Center.

Which Government Programs are you qualified for?

Authored by Forth Hoyt | Discussion: No Comments »





Copyright © 2007 Sacramento Real Estate Talk     Agent Login     Design by Real Estate Tomato     Powered by Tomato Blogs

Disclaimer: The information contained on this website is deemed reliable but not guaranteed in any way. This information is not to be taken as legal advice

Phone Number: 916-248-7777 / DRE: 01319540