ForeclosureWorkouts.info

Loan Solutions

Loan Modification-

           Did you ever wonder why most loan modifications have not worked? Better yet – why even modified loans have a high failure rate?

Your situation falls into one of two categories: either you cannot afford to pay the monthly installment or your property is worth less than what you owe on it. In any case you need to reduce your payments or the outstanding balance of the mortgage. This is a loan modification and you must be re-qualified with your current lender.

Most loan modifications have not worked because they were done by real estate agents or brokers who had very little or no training in accounting or finance. Our accounting analysis will greatly enhance your chances of getting your loan modified or we will let you know: do not waste your time.

Short Sales-

Almost every real estate agent is pedaling ‘short Sales’ of your property. It is enticing to remove your liability but it is much more hyped than actually done. Usually it takes a longer time to get your short sales approved. Why? It is because most agents do not know what goes into a lenders’ calculations. Read the chapter on short sales in the book “everything you ever wanted to know about foreclosure but were afraid to ask”.  It takes a composite approach of accounting, finance, and real estate valuation to convince a lender why it is better to take a loss than to foreclose.  Watch the video on my blog “………………” It is an eye opener.

Note Purchases:

Purchasing a promissory note from your lender makes sense when the lender realizes that it is in his best interest to sell the note at a discount. This is especially true in the case of loan pooling syndications and document deficiencies. This approach is well suited especially when your mortgage amount exceeds the home value in the current market. However, the lender will not sell you the note directly as it is tantamount to rewarding bad behavior.

Law Suits-

Many legal firms are selling individual or class actions lawsuits to prevent impending foreclosure. The upfront charges run $3,000-10,000 depending upon your case. The Attorney General of all 50 states have filed cases against all major lenders claiming deficiencies in many respects. Whether you get a temporary reprieve of time or a permanent reduction depends upon your own case. There are also non-legal considerations before you jump onto lawsuits. A more practical approach is balancing your various requirements and your resources. You need a non-interested third party’s advice to guide you in this treacherous path of the financial storm.

Mortgage Assignments-

          This is a special program that relieves the home owner from paying the mortgage quickly and effortlessly. It is a quick solution compared to the short sales.  Our attorneys have deeply researched the subject for all 50 states and their federal laws and regulations. It is accomplished with the full knowledge of the lender. When you want to move on with your life quickly and do not want a foreclosure mark on your credit report this one is a better option. Know your rights and options before you leap.

Trust Arrangements:

This bandage approach will give you time. It will not cure your problems permanently. Whether this is suitable for you or not depends upon your unique situation. There are advantages and disadvantages that you need to understand before taking this route. We will explain to you after comprehending your overall situation.

Summary-