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Loan Modification Information

 

Loan Modification Resources
 

The following are some resources that may prove useful in understanding & consummating the loan modification process:

• Learn Who Owns Your Loan! (Fannie Mae & Freddie Mac own 90% of the mortgages in the USA)
   Loan Lookup – Fannie Mae:  www.FannieMae.com/loanlookup/
   Loan Lookup – Freddie Mac:  ww3.FreddieMac.com/corporate/

• CA Department of Real Estate (DRE) Loan Modification Self-Help Guide at www.FlagPinRealty.com/Articles.htm (2011 July)

• National Association of Realtors (NAR) article on HAFA at www.Realtor.org

• HOPE LoanPort web site to determine whether you qualify for a loan modification via counselors and a Self Assessment web page at www.HopeLoanPortal.org

• Government HAMP web site at www.MakingHomeAffordable.gov - also lists a Toll Free number for a Government Hotline

• The Office of Thrift Supervision (OTS) is now part of the Office of the Comptroller of the Currency (OCC). See the OCC's Help With My Bank web site for answers to frequently asked questions & more at www.HelpWithMyBank.gov. You can also get assistance in filing a complaint on a National Bank at www.HelpWithMyBank.gov/Complaint.

• Fannie Mae educational web site to learn your options at www.KnowYourOptions.com


The following is an excerpt from the above www.KnowYourOptions.com web site that we found while searching the Fannie Mae web site:
  What are the benefits of a Short Sale?
    • Eliminate or reduce your mortgage debt
    • Avoid the negative impact of a Foreclosure
    • Start repairing your credit sooner than if you went through a Foreclosure
    • May be able to get a Fannie Mae mortgage to purchase a home sooner (in as little as 2 years) than if you went through Foreclosure (at least 7 years) - emphasis added


  Note: Bullet 4 above starts with the word MAY and also states IN AS LITTLE AS which means that individual lenders have different waiting periods. We find the typical waiting period to be 2-3 years depending on the lender. However, since Fannie & Freddie own 90% of the mortgages in the USA, you are highly unlikely to get a new mortgage loan for AT LEAST 7 YEARS if you let the bank Foreclose.

Short Selling your home is usually a better long term option than letting it go to Foreclosure. However, there may be Federal and/or State tax consequences associated with a Short Sale so you should always check with the appropriate government tax authority, a CPA and/or a Tax Attorney regarding your particular tax situation.

If you go into shock, pull the blankets over your head, stick your head in the sand or just do nothing, the bank WILL eventually Foreclose if you get behind on your payments. You can stop a Foreclosure but you must be proactive. However, that doesn't mean you won't lose your home. It simply means that you will be able to get your life back together sooner rather than much later.

One more thing. Some home owners are under the mistaken belief that they can get a family member, a friend or an investor to buy their home in a Short Sale and sell it back to them at a later date. (We are not attorneys and do not portend to give legal advice. However, if undisclosed, this is more than likely felony mortgage fraud.) It is true that you can buy a home in as little as 2 years after Short Selling your current residence. However, lenders will not approve your loan if it is to re-purchase the same home that you previously Short Sold. They consider this to be a "Bail Out" and your loan will be disapproved.

Let us know if you need any additional help and Good Luck. However, if you are unsuccessful in getting your lender to approve a Loan Mod, then do not hesitate to call us because Time Is Of The Essence. Your worst alternative is a Foreclosure. We can help you further in that regard but don't take our word for it. Click the About Us link in the left border of this web page to see what others have to say.

 


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