Mortgage Loan Modifications
We are in very turbulent times, financially speaking. I talk to homeowners everyday who are upside down in their mortgages, their payments have gone up or about to go up and are desperate to find a way to keep their homes. There have been several options presented by the government. The FHA Housing Stimulus Bill or ‘Hope for Homeowners’ seemed like a great idea, but, the bill took affect Oct 1, 2008 and as of today, Oct 13, 2008 our government still has not issued the full underwriting guidelines to lenders. Essentially what this means is nobody is underwriting these loans. Plus, the biggest obstacle with this loan is it is up to the good graces of your current lender to ALLOW you to refinance your home under this new bill. Word is you had better start thinking about hiring someone to do a loan modification for you before you lose your home. The loan modification can be an excellent way to re-negotiate your loan to either keep your payment the same before the rate went/goes adjustable or perhaps even lower your payment by eliminating the 2nd mortgage altogether. Every situation and every modification goes a bit different and there is no way to tell what your results may be until we start negotiating with your lender. I can tell you that we have about a 90% success rate modifying loans for our clients thus allowing the majority of our clients to keep their homes. Your lender does not want to foreclose on your property; it is too time consuming and too expensive for them. You will have a team of attorneys on your side who know the process inside and out; they do this day in and day out and know how to speak to your lender in order to get you your best deal and keep your home which is the our main concern for our clients.
You do have options! If you would like more information regarding the loan modification process call me directly at 702.526.3133 or e-mail at mgarnes@garnesmortgage.com
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