We recently negotiated a successfull Â Principal Reduction Alternative Loan Mod. Â On a 4plex Â rental!
Goal was to get piti payment to 31% of gross income. Â SucceddedÂ
Now homeowners are cash flow positive $1,000 per month.Â
I know word on the street is that loan modifications do not happen and definat4ely principal reductions dont happen.Â
The servicer runs a Waterfal analysisl, with the goal of Â getting your payment on the first loan, principal Â taxes insurance , hoa to get to 31% of your gross incme.Â
If your loan is upside down you may qualify for a principal forebearance or forgiveness.
If your working on a loan modification or sort sale you need to know your Net Present value Â as well as the current market value of your loan.Â
For a free evaluation please callÂ
925 699 5041
I have a Permanent Loan Mod approval for a client from Chase with a Principal Reduction Alternative.Â
Additionally I know California is considered one of the Hardest hit states and may have money available for homeowners who are facing a financial hardship.
some lenders are helping with specific programs:
The folloiwng needs to apply:
the home needs to be your primary residence
you can not own a second home
the first loan needs to be $729,950
your income needs to be within specific guideliens
Saxon Mortgage is offering help for potential principal reduction, and ohter programsÂ
We are happy to help obtain this additional income if available when working on a loan mod or short refi.Â
When I call from our Law Firm I am always able to speak to a manager and get return phone calls.Â
Because I know the guidelines I have been able to get approved. Â I have also been able to stop clients foreclosure sales.Â
925 699 5041