If your Realtor or loan Officer still around, call your Lender and then if Loss Mitigation cannot help you modifying your Mortgage they will ask you to place your Property on the Market and Short Sale it. Make sure you get a Realtor that has done Short Sales successfully, you can ask him/her to show you proof of the cases they have helped.
Wednesday, July 6, 2011
Home Mortgage Help
Many people are afraid, embarrassed or lost (not knowing where to go) and usually reach out to the Realtor that sold them the property or the Loan Officer that qualified them and gave them the Loan; some of them have disappeared if so you can call your Lender and ask to be transferred to the "Loss Mitigation Department" who are 100% more polite than the Collections Department; they should be able to help you and give you some kind of orientation.
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HAMP Expands Eligibility to More Military Members
ReplyDeleteFROM DSNEWS.COM
Starting June 1, military homeowners who are permanently displaced by a job-related move may still be able to be considered owner-occupants when applying for the Home Affordable Modification Program (HAMP).
This change means more military members could become eligible for the government’s modification program to assist struggling homeowners by reducing monthly mortgage payments.
The update was jointly announced in an online post Thursday by Tim Massad, Treasury assistant secretary and Holly Petraeus, assistant director for Servicemember Affairs at the Consumer Financial Protection Bureau (CFPB).
According to the announcement, borrowers may now qualify if they are displaced due to an out-of-area job transfer (such as Permanent Change of Station orders), intend to return to the home at some point in the future, and do not own any other single-family real estate.
HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, applauded the initiative in a statement.
“The issue of Permanent Change of Station creates a unique set of circumstances for military homeowners who are required to move to a new location. Recognizing many of these homeowners as owner-occupants allows them to qualify for a HAMP modification and creates a mortgage option that was not available before under the current rules,” said Faith Schwartz, executive director of HOPE NOW.