Central New Jersey Real Estate and Community News » Foreclosure Solutions http://blog.centralnewjerseyhomes.com in the Realtor-Buzz Network Thu, 22 Jul 2010 20:24:18 +0000 http://realty-buzz.com/?v=2.9.2 en hourly 1 How to Expedite the Loan Modification Process http://blog.centralnewjerseyhomes.com/2009/10/31/how-to-expedite-the-loan-modification-process/ http://blog.centralnewjerseyhomes.com/2009/10/31/how-to-expedite-the-loan-modification-process/#comments Sat, 31 Oct 2009 17:41:32 +0000 Jbend http://bendall.realty-buzz.com/?p=507

How to Expedite the Loan Modification Process

As a Member of the Top 5 in Real Estate Network®, I am frequently asked these days for my advice on loan modification…specifically, how quickly new loan terms can be arranged. Waiting to find out if your application for loan modification has been accepted can be a nerve-wracking and frustrating experience—especially if you’re still receiving late payment notices and creditor calls. Here are some important insights into the loan modification process from consumer advocate and author Ralph R. Roberts.

1. The loan modification process typically takes 30 to 90 days, depending mostly on your lender. The loan modification timeline, however, is not set in stone. The more complex your situation, the longer the process takes. Borrowers with a lot of collateral issues can see their loans take longer than what has become the typical 30- to 90-day timeframe.

2. A professional can often reduce the amount of time required by processing your paperwork efficiently, presenting your application exactly the way the lender wants it, and knowing from past experience what the lender is able and typically willing to agree to. Find out how long the process is likely to take and mark the dates on your calendar.

3. Refer all matters to the professional who is representing your loan modification. Anything you say to the lender could confuse things or compromise your representative’s ability to negotiate the best deal on your behalf.

4. Log all phone calls and correspondence between you and your lender or representative. Keep track of important dates. Consistent follow up is paramount to a successful modification.

5. Explore other options. If the lender denies your request for a loan modification or presents an offer that you cannot accept, you will need a plan B. Consult a real estate agent about listing your home for sale. Talk to a mortgage broker or loan officer about refinancing. Speak with a bankruptcy attorney to find out whether filing bankruptcy would be a better choice.

6. You might continue to receive delinquency notices or late payment phone calls. Push to have all default and foreclosure actions put on hold while your workout attempts are underway.

The loan modification process can be long and trying, but doing your part to keep the process on track by remaining informed can increase your chances of a positive outcome and reduce stress. For more advice on loan modification, please e-mail me—I can point you in the right direction. Please also forward this important information to your social network; it just might help someone you know.

]]> http://blog.centralnewjerseyhomes.com/2009/10/31/how-to-expedite-the-loan-modification-process/feed/ 0 Short Sales are Becoming Increasingly Common http://blog.centralnewjerseyhomes.com/2008/04/22/short-sales-are-becoming-increasingly-common/ http://blog.centralnewjerseyhomes.com/2008/04/22/short-sales-are-becoming-increasingly-common/#comments Tue, 22 Apr 2008 14:32:54 +0000 Jbend http://bendall.realty-buzz.com/2008/04/22/short-sales-are-becoming-increasingly-common/
Short sales are becoming increasingly common in today’s Real Estate market due to falling selling prices in combination with a large number of homes that were financed using a low money down or a no money down mortgage. So what is a short sale? A short sale is when a home is priced below what the sellers owe on their mortgage. The lender agrees to accept less than what is owed on the property and typically negotiating is done directly with the bank. The banks are willing to take less than what they are owed because often the sellers are financial distress and have not been making their payments regularly.
 
The term “short” in short sales is in no relation to the length of time it can take to close a short sale. Since the banks are involved in the negotiation process and are weighing in on the decision making the entire process is slowed down considerably.   A buyer interested in purchasing a short sale needs to go into the process with a lot of patience, knowing it is likely to take a long time. With a bit of patience a buyer can benefit from the reduced sale price that a short sale offers.
]]> http://blog.centralnewjerseyhomes.com/2008/04/22/short-sales-are-becoming-increasingly-common/feed/ 0 What to do About Out of Control Mortgage Payments http://blog.centralnewjerseyhomes.com/2008/04/19/what-to-do-about-out-of-control-mortgage-payments/ http://blog.centralnewjerseyhomes.com/2008/04/19/what-to-do-about-out-of-control-mortgage-payments/#comments Sat, 19 Apr 2008 18:01:31 +0000 Jbend http://bendall.realty-buzz.com/2008/04/19/what-to-do-about-out-of-control-mortgage-payments/
As the news of record foreclosures rates continues to bombard us what can someone do to avoid becoming one of those statistics? Thousands of homeowners are struggling to make growing payments on adjustable rate mortgages. One possible solution is loan modification. Loan modification allows borrowers to renegotiate the terms of their current mortgage rather than refinancing. In many cases it is difficult, if not impossible, for owners who are having trouble making their payments to refinance due to declining home prices in many markets. Banks are reluctant to loan homeowners more than their home is worth, which is often what they own. 
 
Loan modification is one of the tools that the U.S. government is using to help combat the mortgage crisis. There are agencies in place to act as a middleman between borrowers and loan companies, which can be very helpful in the complicated process. Critics of the process complain that wait time for help is too long and paperwork is too complicated and cumbersome. Sorting through bureaucratic red tape can cost homeowners precious time as their payments climb higher and higher. Similar obstacles can be encountered when homeowners try to do a loan modification themselves, by dealing directly through their mortgage provider. Even taking the obstacles and difficulties into account loan modification when completed successfully can be the answer to avoiding foreclosure. 
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