Fairfax VA – A Fairfax VA couple recently asked me a question about short sale deficiencies. Here’s their story: “We have a first mortgage with EMC. We just got an approval letter on a short sale but there was NO language in the letter that says ‘satisfied in full’ or words to that effect. It […]
If you can’t afford your Fairfax VA home payment or are facing foreclosure, you should consider a loan modification. Many Fairfax home owners who have applied for loan modifications are getting approved. However, it will take a lot of work to get approved. If you are at risk of defaulting on your home loan, you […]
A lot of people believe that if you pay up some of your back payments, then you’ll have a better chance of getting a loan modification. But that all depends on who you are talking to. When you first get behind on payments for your Fairfax VA home, you’ll mostly be talking with a collections […]
The re-default rate of loans modified in the first quarter of 2009 was 51.5 percent by the end of the year, according to the Office of the Comptroller of the Currency and the Office of Thrift Supervision. “Borrowers were more likely to re-default when their monthly payments aren’t reduced enough in modifications to make staying […]
Fairfax VA – Foreclosing on a house is a time-consuming process that can take some lenders years to complete. Why? First, there are many people who are unable to make their payments on time. Second, the court system has a lengthy backlog of cases. This gives you as the Fairfax VA home owner plenty of time […]
Fairfax VA – When you catch up on all of your back payments and resume paying your original mortgage payment, that is known as a forbearance. While this is a good option for many people, it doesn’t lower payments as much as a loan modification would. The one advantage to a forbearance is that the process […]
Fairfax VA – I recently heard about a got ripped off by a debt collector who asked the man if he could pay them $500. This man wanted to do the right thing so he ended up agreeing to pay the $500. When the debt collector sent him a form to make the payment through […]
Fairfax Va – I was recently talking with another agent about a short sale he was working on. His seller owed $270,000 and the house was selling as a short sale for $170,000. The lender had two opinions of the house value. They said the house was worth 220k but the agent thinks those are incorrect considering […]
Fairfax VA – I encountered a negotiator from one of the largest lender in the country try to push me around last week. For the last year, I’ve worked to understand all of the rules for different loan owners or insurers, including FHA, VA, Fannie Mae, Freddie Mac, and “sliced and diced.” These are the people that own […]
Fairfax VA – Did you know that you can dispute negative items on your credit? When you do, you can sometimes get negative items to go away in as little as 30 to 60 days. Although this isn’t always the case, if you keep at it, you’ll find that it does sometimes work, and that […]
