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Is a Loan Modification for Me?

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A number of considerations should be made when you are either in trouble already with your current mortgage, or anticipate that you might be soon.

One excellent option might be a loan modification, which is designed to reduce the amount of your mortgage payment to no more than 31% of your gross income.

Unfortunately as of this time, it appears that most loan modifications are unsuccessful, with something less than 5% of all applicants successfully completing the loan modification program being reported by some analysts.

However, don’t be deterred! Perhaps you’ll be able to complete  a loan modification and be able to remain in your home. According to some reports, the biggest issue with unsuccessful loan modifications is that homeowners do not adequately complete the necessary application, or do not provide sufficient documentation as required by the lender. Of course, there are also reports that lenders don’t recognize that a homeowner has completely required with all requirements. In any event, it doesn’t appear to be an easy or guaranteed process.

The first step is to determine whether or not your lender will change your existing loan to more favorably meet your financial requirements. This process is formally termed “loan modification.” Under the terms of the federal program, HAMP (Home Affordability Modification Program), essentially lenders are encouraged to offer loan modifications to homeowners that are either already behind in their payments or who face the prospect of soon being so.  

Be sure to contact your lender and ask for their loan modification package. You should receive, at a minimum, a list of exactly what they require, and how to proceed and apply.

The information presented on this Site should not be construed as legal or financial advice. You are advised to seek consultation with a qualified Attorney and Accountant. ©Gabrielle Nemes, 2010

Bank Took This One Back!

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Links

  


Click Here to see the Virtual Tour
 

 

Photo Gallery

Eating Nook & Corner of Kitchen

Gas Fireplace in Family

Kitchen w/newer counters

Dining as seen from corner of Living room

Bonus Room

Master Bedroom

Master Bath

Back Deck
Description
The Bank took this one back and auctioned it for less than accept our much higher offer. Sometimes things just make no sense in the short sale world.

Bank approval was received today and this sale is READY! We have the attention of the bank negotiator too, he’ll move quickly if you do!!

At almost 2000 square feet, this is a BIG house for only $214,000. (Did I mention this price is APPROVED???) This rambler-styled home with fenced yard and great Timber Hills neighborhood, is located in convenient Covington, just minutes away from great shopping–Costco. Home Depot, Kohls–not to mention Highway 18 for easy commuting.

Through the front door is the main living area with the living, dining, kitchen, family, and laundry rooms, plus three bedrooms. In the master suite are an extra-long closet and recently updated 3/4 bath with tile floor & walk-in shower. Sliders just off the dining room lead to the fenced back yard, wonderful large deck with built-in seats, and patio.

Just four steps up and above the garage, is a huge 440 square foot bonus room, which could also be a very generous 4th bedroom as there are two deep walk-in closets.

Storage everywhere–There’s a pull-down attic stairway in the hallway leading to floored additional storage space. And a few steps down from the kitchen are an extra-deep double-door garage with openers, workbenches, shelves and storage.

You’ll need to replace the furnace, but the rest looks largely cosmetic. Should be a fairly easy fixer!

Features
Bedrooms: 4
Bathrooms: 1.75
Parking Spaces: 2
Year Built: 1986
Subdivision: Timber Hills
Lot Size: 8012
Garage Size: 440 sq ft
School District: Kent
Square Footage: 1970
Agent Name: Gabrielle Nemes
Broker: RE/MAX Select R.E.
MLS #: 11919

 

Location
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Bank Rejected our Offer, Then Auctioned

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Sometimes the decisions of banks make absolutely no sense in the short sale world. The bank rejected a solid offer on this house, then auctioned it for significantly less money. Go figure.

With almost 2000 square feet, you’ll love this rambler home with step-up bonus room in Timber Hills! Walk through the front door to the living, dining, kitchen, family, and laundry rooms, plus three bedrooms.  In the master suite are an extra-long closet and recently updated ¾ bath with tile floor & walk-in shower.

Just four steps up and above the garage, is a huge 440 square foot bonus room, which could also be a very generous 4th bedroom with two deep walk-in closets. Don’t miss the pull-down attic stairs in the hallway leading to additional storage space! The home’s lower level is entirely comprised of an extra-deep double-door garage with openers, workbenches, shelves and storage.

Sliders just off the dining room lead to the fenced back yard, wonderful large deck with built-in benches, and patio. With minor repairs & new carpets, this home will be perfect for years of living. Offered as a short-sale property and priced to sell!