Posts Tagged ‘loan modification’

(Check out the Visual Show of Josh’s new house HERE!)

WHAT’S EVEN BETTER THAT IF YOU ARE CURRENT AND HAVE NO LATE PAYMENTS, FHA WILL LOAN YOU MONEY THE DAY YOU CLOSE ESCROW ON YOUR SHORT SALE FOR A NEW HOME!

• The misconception is due in large part to many servicers over the last couple of years telling borrowers if they wanted to do a loan modification or short sale, to have their file looked at, they had to be delinquent.  NOT TRUE ANYMORE for most servicers/investors. 
• Depending on someone’s financial situation; they may not even have to contribute to the banks loss.  Some cases yes.
• Josh’s FICO score was barely impacted at all by his short sale and before he closed, the underwriter for his new loan received his approval letter and approved him for the new loan because the approval letter he had was with “FULL FOREGIVENESS LANGUAGE” of his unpaid debt.
• Josh closed 2 weeks ago and had let the previous homeowners rent for a couple of weeks, so he actually walked in the door to a check waiting for him.

Josh’s story is one of true success.  He retained his great credit; got out from under a home that was UPSIDE DOWN; took advantage of today’s great prices and rates (4.5% interest fixed for 30yrs).  So he ended up with a larger home with a pool closer into town for LESS than what his old mortgage payment was. 

IF YOU KNOW SOMEONE INTERESTED IN DOING THE SAME THING- PLEASE SHARE THIS SUCCESS STORY WITH THEM AND ASK THEM TO CLICK HERE TO GET STARTED WITH THE PROCESS.  INTEGRITY ALL STAR REALTY WILL HAPPILY HELP THEM TOO!!!

Of course if you are late on your mortgage payment, you can still do a Short Sale and buy a home again; but it’s a minimum of 2-3 yr waiting period at this time and lending guidelines are constantly changing.  (If staying current is an option still, call us right away at 480-243-4242 or click the link above to get started in case FHA changes their guidelines down the road.)

Looks like I am going to have to eat my words from the blog I wrote back in April; & I am very happy to do so! http://integrityallstars.com/hafa-hafa-hafa-what-the-heck-is-hafa/

Reason being, the Government just recently announced that both Fannie Mae and Freddie Mac will be participating in this program which was the main reason I and so many other professionals in my industry felt it was off target when it started back in April- looks like the government was listening however it may be too soon to see since it doesn’t start officially until August 1.  See https://www.efanniemae.com/sf/servicing/hafa/index.jsp for more information straight from their website.

Give me a call at 480-243-4242 if you want to find out if you will qualify for this Government program.

If you are upside down on your home and not sure what to do because you would really rather stay in your home and not do a short sale or let you home go into foreclosure- please watch the attached video!

Our advice to our clients is to apply directly with their lender(s) for a loan modification and not turn to a company to do it for you; remember if it sounds too good to be true, it usually is.

Several of our clients have come to us days before their home’s Trustee Sale (after spending thousands of dollars that they didn’t have to apply for a loan modification) hoping for a miracle to avoid foreclosure- we’ve had a few miracles; but we’d much rather see you keep your money in your pocket.

Don’t hesitate to call us for more advice if you don’t know how to get out from under your house payment; especially if you already have a Trustee Sale (aka Foreclosure) date set. 480-243-4242