This article was written to give a brief overview of how the Florida Loan Modification process is handled when the home owner is dealing directly with their lender. Before I begin I have to let you know that I am not trying to persuade or scare you from doing a Florida Loan Modification on your own, but instead I am trying to give you real information, so stay with me. Before you attempt a Florida loan modification it is important to know what you will be getting yourself in, as some lenders only give the home owner one shot at this per year.
It will normally begin with several phone calls to the lender or servicer in which the phone call will be answered by an automated system which will provide a list of menu options, and not to mention prolonged hold times for up to 60 minutes depending on call volume and the hold music will sometimes put you to sleep and if you are lucky after waiting 30, 40 minutes your call wont drop and you may have to start all over again. Some home owners describe this as modern day torture.
Once you finally reach a live person and you give them you loan number and other identifying information, don't be surprised if they have to transfer you to another department 3 or 4 times in which you will have to give all you information over and over again to every representative you speak to. To save you time and frustration you will need to speak to the loss mitigation department, this is the only department that can and will handle Florida Loan Modifications, so don't waste your time with customer service, some of the customer service reps have no clue as to what a loan modification even means.
Once you do get a hold of someone that is knowledgeable, you will want to get their full name, direct number and or extension, this way in the future you can get around the long hold times.
To save you frustration and from getting a full head of gray hair, believe me this process have been known to do worst, you can hire a Florida Loan Modification Expert. A Florida Loan Modification Expert is able to devote their complete attention and skills to getting you a beneficial Florida loan modification. There are hundreds of Florida Loan Modification strategies that a Florida Loan Modification professional will use, depending on the home owners individual situation. Most Florida Loan Modification will result in any of the following: reducing the interest rate, converting the adjustable rate to a fixed rate loan, forgiving default payment, or a combination of any of the above. Principal reductions are definitely a possibility but it is very rare, if you consult with a Florida Loan Modification Company and they guarantee principal reductions you should run and not walk away.
Lenders are more willing to grant just an interest rate reduction, because if done properly will keep the home owner paying their monthly payments and they can avoid a short sale or foreclosure, as short sale and foreclosures are very costly options for the lender.
Marlon Baugh is a nationally-known mortgage expert. Since 2003, he has specialized in Florida FHA Mortgage Loans for people with Bankruptcies, Foreclosure or with other credit issues, as well as Florida Loss Mitigation. If you would like a Free Copy or to get instant access to the remainder of this Insider Mortgage Report, please visit http://specializedfinancialsolutions.com/lendersexposed.htm or Call 954-678-5796
Friday, March 13, 2009
Monday, March 2, 2009
A Behind the Scenes Look on Fort Lauderdale Loan Modifications
The Fort Lauderdale Loan Modification process is actually a very multifaceted process. What I mean by that is, the entity that actually makes the decisions on Fort Lauderdale Loan Modifications are not always made by the company that owns the loan. Instead it's actually the investors who own the mortgage back security that you loan is a part of that make the decisions as to whether or not to approve your Fort Lauderdale Loan Modification.
The decisions are based on this factor, what is most "beneficial" - which mean how can they keep more money in their pockets and minimize their losses. This is why the typically result of a Fort Lauderdale Loan Modification is just a rate reduction and they would prefer to keep you paying than going into foreclosure or committing to a short sale.
Even though the borrower's circumstances make an impact on their decision, the lender really doesn't care what a foreclosure will do to the borrower's credit. This is exactly why it is recommended to use a Fort Lauderdale Loan Modification expert to structure your Fort Lauderdale Loan Modification and present a strong case to your lender.
If the home owner is upside down and has negative equity, then this will actually increase their chances for getting their Fort Lauderdale Loan Modification approved, as the amount of equity or lack of is a crucial factor in determining if a Florida Loan Modification is appropriate for the home owner. For a home owner to determine their equity position, they will need to get an idea of what homes are selling for in their neighborhood. They can do this by either contacting a real estate agent or using websites such as zillow.com, where the home owner can input their address and this site will show recent sales and active listings in the surrounding areas.
Adjustable rate mortgages coupled with other life events are almost a guaranteed Florida Loan Modification, especially if the rate adjusted and caused the home owner to default. Adjustable rate mortgage are considered an extreme hardship and becomes a major factor when getting a Florida Loan Modification approved.
If done correctly, a Florida Loan Modification can prove to be a win-win situation for both home owner and lender. Many lenders have turned to a Florida Loan Modification as a means to protect their real estate investments.
It is not uncommon in today's market for the servicer to string along the home owner and tell them every thing is ok, when its not, before the home owner knows it, the sheriff is knocking on their door, serving them with a lis pendens that shows that their lender has filed a lawsuit and has started the Florida Foreclosure process. That is why I want to encourage home owners that are not educated enough to deal with this process to hire a professional Fort Lauderdale Loan Modification Company to assist them during these stressful times to ensure a smooth and quick Fort Lauderdale Loan Modification.
Marlon Baugh is a nationally-known mortgage expert. Since 2003, he has specialized in Florida FHA Mortgage Loans for people with Bankruptcies, Foreclosure or with other credit issues, as well as Florida Loss Mitigation. If you would like a Free Copy or to get instant access to the remainder of this Insider Mortgage Report, please visit http://specializedfinancialsolutions.com/lendersexposed.htm or Call 954-678-5796
The decisions are based on this factor, what is most "beneficial" - which mean how can they keep more money in their pockets and minimize their losses. This is why the typically result of a Fort Lauderdale Loan Modification is just a rate reduction and they would prefer to keep you paying than going into foreclosure or committing to a short sale.
Even though the borrower's circumstances make an impact on their decision, the lender really doesn't care what a foreclosure will do to the borrower's credit. This is exactly why it is recommended to use a Fort Lauderdale Loan Modification expert to structure your Fort Lauderdale Loan Modification and present a strong case to your lender.
If the home owner is upside down and has negative equity, then this will actually increase their chances for getting their Fort Lauderdale Loan Modification approved, as the amount of equity or lack of is a crucial factor in determining if a Florida Loan Modification is appropriate for the home owner. For a home owner to determine their equity position, they will need to get an idea of what homes are selling for in their neighborhood. They can do this by either contacting a real estate agent or using websites such as zillow.com, where the home owner can input their address and this site will show recent sales and active listings in the surrounding areas.
Adjustable rate mortgages coupled with other life events are almost a guaranteed Florida Loan Modification, especially if the rate adjusted and caused the home owner to default. Adjustable rate mortgage are considered an extreme hardship and becomes a major factor when getting a Florida Loan Modification approved.
If done correctly, a Florida Loan Modification can prove to be a win-win situation for both home owner and lender. Many lenders have turned to a Florida Loan Modification as a means to protect their real estate investments.
It is not uncommon in today's market for the servicer to string along the home owner and tell them every thing is ok, when its not, before the home owner knows it, the sheriff is knocking on their door, serving them with a lis pendens that shows that their lender has filed a lawsuit and has started the Florida Foreclosure process. That is why I want to encourage home owners that are not educated enough to deal with this process to hire a professional Fort Lauderdale Loan Modification Company to assist them during these stressful times to ensure a smooth and quick Fort Lauderdale Loan Modification.
Marlon Baugh is a nationally-known mortgage expert. Since 2003, he has specialized in Florida FHA Mortgage Loans for people with Bankruptcies, Foreclosure or with other credit issues, as well as Florida Loss Mitigation. If you would like a Free Copy or to get instant access to the remainder of this Insider Mortgage Report, please visit http://specializedfinancialsolutions.com/lendersexposed.htm or Call 954-678-5796
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