Financing in 33141>Question Details

Needhelp, Home Owner in 33141

I have been denied a loan modification due to liquid assets. Do I have any other options the bank won't let me modify?

Asked by Needhelp, 33141 Fri Nov 19, 2010

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John Walin’s answer
No offense, but it doesn't sound like you need help, but you want out. If you have cash monies and want the bank to lower your debt obligation to match the current appraisal value and give you a lower interest rate when you can afford the current home payments, you seem opportunistic.
0 votes Thank Flag Link Sun Nov 28, 2010
Needhelp,

We have many clients that do not qualify for a loan modification, now they are all glad they didn't. A loan modification is often a band aid that covers up the real underlying problems that erode a persons wealth. How you pay your mortgage, how much down payment, when to refinance are all significant in a persons over all financial plan. In our evaluation of clients we look at the details of where the money is going, where they are unknowingly and unnecessarily transferring wealth. Then we re-capture that money and that is the beginning of turning things around. We do real estate and financial services. Give us a call and we'll do a free assessment. It's what you don't know that has impacted your financial position, your home being a big part of it. Be in the know. Robert 888-513-5371, even the call is free.
0 votes Thank Flag Link Fri Nov 19, 2010
Hi,

Here are your options. You should first contact your mortgage company to see if your loan is serviced by Fannie Mae or Freddie Mac. If so, you may qualify for "HARP" Home Affordable Refinance Program. If the answer is "NO", then the reality is you will end up having to continue with your current payments if you can afford them, or do a "HAFA" or conventional short sale. Contrary to the "live for free for 2 years + and then foreclose and bankruptcy" approach that is out there, I would highly recommend going the amicable way and doing a short sale. It does not affect your credit rating as badly as a foreclosure or a bankruptcy and essentially within 3 years or so you could be buying another home with your credit! I kid you not as I have a customer who recently purchased a home that had a short sale in 2007. If you need any additional help, feel free to contact me @ 786-380-2383

Alex Cabrera, CDPE CSSA
Florida Realty of Miami
786-380-2383
(Certified Distressed Property Expert)
(Certified Short Sale Agent)
0 votes Thank Flag Link Fri Nov 19, 2010
There are different options out there but a lot depends upon who actually owns the note of your home. To be clear, I am not referring to who you pay your mortgage to, rather I am asking who your mortgage company is servicing the loan for. If it is Fannie Mae there are quite a few options to explore.

You may want to check out http://www.knowyouroptions.com.

If you have additional questions please feel free to email me directly.

Thanks,

Jack Shoptaw
Jack.shoptaw@sothebysrealty.com
0 votes Thank Flag Link Fri Nov 19, 2010
hate to be the bearer of bad news, but, I have never seen the lenders be willing to negotiate down, if you show that you can pay or pay off... You might want to try NACA...sometimes they're able to pressure the lender, or if you're willing to ruin your credit, you can try chapter 13 bankruptcy....sometimes that puts you in a different dept.

Been there myself...modification, then short sale, etc... Unless we can get the gov't to let judges cram down settlements, I don't see the lenders being more practical...It would help if these senate hearings put heavy pressure and penalties on these lenders! They are the log jams of our industry!
0 votes Thank Flag Link Fri Nov 19, 2010
If the issue is in regards to reduced equity in the home as a result of reduced property values and you have made your payments on time, you could possibly qualify for a refinance under the Home Affordable Refinance Program (HARP). To qualify, call your current loan servicer first and ask if your loan is serviced by Fannie Mae or Freddie Mac and if you would qualify for a refinance under HARP.
0 votes Thank Flag Link Fri Nov 19, 2010
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