Tag Archive: Marketing and Advertising


Modification of Loan

Foreclosure is always a race against time. Although a home loan modification can slow the process, you have fewer options the longer you wait. Not all lenders have the staff or experience to handle mortgage loan modifications. Even with a capable attorney, the process can drag on for months.

But you don’t have to sit and wait. There are some things you can do to speed up the process. Once your home loan modification is under way, these steps can help you get more positive results.

1. Put everything on paper. It’s not uncommon for lenders, especially smaller ones, to lose track of your application. To prevent delays, make sure all your efforts are documented and kept on file. This includes all the calls you make and receive, both from your lender and loan modification attorney. Keep receipts of all your transactions, and make copies so you don’t have to let go of the originals.

2. Do your own financial statements. Part of every home loan modification is a financial worksheet, which will be your main basis for qualification. Most lenders have their own forms, but it won’t hurt to make your own as well. If your lender insists on using their worksheet, at least you’ll have all the information ready.

3. Be as detailed as possible. Too much information is better than too little, and it limits the chances that they’ll call you for more information. A typical worksheet for a mortgage loan modification will include the following:

-Your contact information (address, home phone and work phone, fax and email)

-Information about your property, including the estimated value

-Your current income

-Any additional income, such as welfare, child support, etc.

-Your estimated total value, including other assets such as real estate, investments, savings and checking accounts, IRAs, 401(k), stocks and bonds

-Liabilities, such as existing loans, monthly bills, medical expenses, and tax liens

4. Keep all your bills. The financial worksheet will require you to dig up old bills and hold on to the ones that keep coming. This will help you keep the information as accurate as possible. You may also need to present these bills (or copies of them) along with your hardship letter, which explains why you need a mortgage loan modification. Even if they don’t ask for it, it’s best to include them anyway. That way, there’s no reason for your lender to doubt your statement. The more proof you have, the better your chances of getting that home loan modification.

Be sure to submit as much truthful and verifiable information to your loan modification attorney so they are able to compile the best case to submit you your lender.

(ArticlesBase SC #724387)

Read more: http://www.articlesbase.com/real-estate-articles/how-to-speed-up-the-loan-modification-process–724387.html#ixzz14oSHzCGe
Under Creative Commons License: Attribution

 

The National Association of Realtors released the Pending Home Sales Index for August today.

NAR’s Pending Home Sales Index measures the number of home purchase contracts that were signed in the monthly reporting period.  Once “pending” sales contracts are closed, they are considered an Existing Home Sale. Because the Pending Home Sales index tells us how many contracts were signed, it is considered a forward indicator of Existing Home Sales.  A signed contract is not counted as an  Existing Home Sale until the transaction actually closes. 

The data reflects contracts and not closings, which normally occur with a lag time of one or two months. However, many closings have been delayed recently from a rush of buyers into the system and slow processing of short sales, in addition to the heavy volume and a more thorough loan underwriting process.

The Pending Home Sales Index, a forward-looking indicator, rose 4.3 percent to 82.3 based on contracts signed in August from a downwardly revised 78.9 in July, but is 20.1 percent below August 2009 when it was 103.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said the latest data is consistent with a gradual improvement in home sales in upcoming months. “Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market,” he said. “However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence.”

CONSUMER CONFIDENCE HIT A 7-MONTH LOW IN SEPTEMBER….this implies we shouldn’t be expecting another rise in Pending Home Sales when that data is released on November 5. It also means we should be expecting an uptick in Existing Home Sales. Get ’em to the table loan originators!

The PHSI in the Northeast declined 2.9 percent to 60.6 in August and remains 28.8 percent below August 2009. In the Midwest the index rose 2.1 percent in August to 68.0 but is 26.5 percent below a year ago. Pending home sales in the South increased 6.7 percent to an index of 90.8 but are 13.1 percent below August 2009. In the West the index rose 6.4 percent to 101.1 but remains 19.6 percent below a year ago.

Although Yun expects a continuing steady rise in home sales from favorable affordability conditions and some job creation, he cautioned any sudden rise in mortgage rates could slow the recovery. “Current low consumer price inflation has helped keep mortgage interest rates very attractive this year. However, recent rising trends in producer prices at the intermediate and early stages of production, along with very high commodity prices, are raising concerns about future inflation and future mortgage interest rates,” he said. “Higher inflation would mean higher mortgage interest rates. In the meantime, housing affordability is hovering near record highs.”