The Mortgage Guru

Loss mitigation programs were established by the federal government and the mortgage industry in order to stop home foreclosures. They help foreclosure victims in default on their mortgages to find alternatives to home foreclosure. Every homeowner’s situation is unique and each lender has their own policies regarding the use of these programs to stop foreclosure. Our extensive experience and solid working relationships with mortgage lenders allows us help you avoid thecommon pitfalls that many homeowners encounter while trying to work things out directly with their lender. After performing a thorough assessment of your personal finances and analyzing your lender’s loss mitigation policies our professional loss mitigators will negotiate with your lender to get you the best possible solution to your home foreclosure problem through a variety of loss mitigation options:

 2. VA LOAN MODIFICATION/REFUNDING

(Available for VA loans only) (Need at least 30 days to process)                                                                                                                                       

A refunding is when the VA buys your loan from the lender. Refunding may give VA the flexibility to consider options to help you save your home that your current lender either could not or would not consider. When the VA refunds a loan under 38 U.S.C. 36.4318, the delinquency is added to the principal balance and the loan is re-amortized. Your new loan will be non-transferable without prior approval from the Secretary. If your interest rate was lowered and an assumption is approved, the interest rate will be adjusted back to the previous rate. Call Us Now if you want to talk with a loss mitigation specialist about participating in this program.

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Loss mitigation programs were established by the federal government and the mortgage industry in order to stop home foreclosures. They help foreclosure victims in default on their mortgages to find alternatives to home foreclosure. Every homeowner’s situation is unique and each lender has their own policies regarding the use of these programs to stop foreclosure. Our extensive experience and solid working relationships with mortgage lenders allows us help you avoid the common pitfalls that many homeowners encounter while trying to work things out directly with their lender. After performing a thorough assessment of your personal finances and analyzing your lender’s loss mitigation policies our professional loss mitigators will negotiate with your lender to get you the best possible solution to your home foreclosure problem through a variety of loss mitigation options:

LOAN MODIFICATION:

(Available on a very limited number of VA loans with lender and/or investor approval) (Called Recast for FHA)

If you have incurred a long term financial hardship, our office can assist you in supplying the appropriate information to lender to take the appropriate measures to modify the term(s) of your mortgage. This could lower the interest rate and/or extend the term of the loan resulting in lower payments. There are costs and fees associated with a modification that you will be responsible for. All property taxes must be current or you must be participating in an approved payment plan with your taxing authority to be eligible for a modification. Any additional liens or mortgagees must agree to be subordinate to the first mortgage. All requests are subject to your lender’s approval. Call Us Now if you want to talk with a loss mitigation specialist about participating in this program. 

For more information regarding the aforementioned program contact Matthew Garnes directly by phone at 702.526.3133, toll-free at 866.427.6375 or by e-mail at mgarnes@garnesmortgage.com 

Tags: Uncategorized, mortgage loan modification by Matt Garnes
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We realize there are good borrowers out there whose income qualify them for a home but are unable to obtain traditional financing due to past credit issues. Home prices are at the lowest they have been in many years. We do not want you to be left out of this tremendous buyers market. For our clients that are in this situation, we offer alternative options that will get you into a home and into the market now.  We have the ability to get you into a home on a lease option or ‘rent to own’ arrangement.  There are many advantages to getting into a home on a lease option or rent to own:

*Small Amount of Up-Front Cash Required
The amount of up-front cash required to acquire a home or other property
on a lease-option is usually small, often just a few thousand dollars
which will go towards your purchase price.
*Equity Share
If you decide to purchase the property at the conclusion of the 12 month
period, in some cases, you will receive a percentage of equity built in the property during that time period.
*Try Out the Property Before Buying
Another special lease-option or rent to own benefit for the tenant is the ability to try out the property before buying. If it is undesirable, the tenant hasn’t tied up a large amount of cash in a home that might be difficult to resell.
*Control Property With Very Little Cash
The ability to control a property and profit from its market value appreciation with very little cash is called leverage. Lease-option buyers have this unique advantage.

We have many properties to choose from. Call or e-mail today for more information regarding lease option or rent to own homes and we will be glad to assist you!

Matthew Garnes - 702.526.3133 - 866.427.6375 - mgarnes@garnesmortgage.com

Tags: Rent to Own by Matt Garnes
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