Destin, Pensacola and Panama City Beach Loan Modification help - (850) 797-5675

Destin, Pensacola and Panama City Beach Loan Modification help - (850) 797-5675. Attorney Deal on Mortgage Modification

Destin, Pensacola and Panama City Beach Loan Modification help - (850) 797-5675 video duration 37 Second(s), published by Property Solution Co on 29 08 2019 - 14:31:56.

Destin, Pensacola and Panama City Beach Loan Modification Help https://www.propertysolutionco.com/ - Homeowners who would prefer to get out from http://www.theaudiopedia.com What is MORTGAGE MODIFICATION? What does MORTGAGE MODIFICATION mean? MORTGAGE MODIFICATION .

A viewer reached out to me for advice on how to pay off their mortgage as fast as possible, even though they had just modified their mortgage a few years ago How to negotiate a loan modification when house is in foreclosure in a subject-to deal Alicia Cox is a Licensed Real Estate Broker in California and Texas Attorney James Robert Deal discusses Mortgage Modification www.Mortgage-Modification-Attorney.com/video-attorney-deal-discusses-mortgage-modification.

Destin, Pensacola and Panama City Beach Loan Modification Help

https://www.propertysolutionco.com/ - Homeowners who would prefer to get out from underwater may prefer to do a short sale in-lieu-of a loan modification. A short sale means the bank will accept a reduced payoff and release the loan. If your home is worth dramatically less than the amount owed, it might make more sense to do a short sale and be relieved of the burdened debt. Here are other factors to consider:

• After 3 years of maintaining credit, if prices remain stable, homeowners may qualify to buy another home after a short sale with a mortgage and a payment that is affordable.

• Both a loan modification and a short sale may affect credit. But either solution is generally better than a foreclosure.

• Many loan modifications call for an adjustable rate payment than could increase every year after the initial 5 years of fixed-rate payments have passed.

• Most of the short sale happened after sellers were denied a loan modification.

If you need help with your loan modification, foreclosure or short sale around the around the Destin, Miramar Beach, Santa Rosa Beach, 30A, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen Beach, Blue Mountain Beach, Freeport, Rosemary Beach, Panama City Beach, Fort Walton Beach, Mary Esther, Shalimar, Niceville, Bluewater Bay, Crestview, Navarre, Gulf Breeze, Pensacola, Pace and Milton, Florida areas, we can help.

What is a mortgage modification?

This process can allow borrowers to stay in their property when they can no longer afford their current mortgage payments
Whether you should favor a loan modification over a short sale depends, in part, on the following:
• Your financial situation
• The willingness of the bank
• Your desire to keep your home

It becomes further complicated if the bank refuses to consider the present market value of your home. If you truly want to stay in your home, regardless of its value, then a loan modification might be the better option.

Terms of a Loan Modification

The goal of a loan modification is to reduce a homeowner’s mortgage payment and make that payment affordable. This is accomplished by implementing one or more of the following

• Lowering the interest rate
• Extending the term of the loan
• Adding unpaid interest to the principal balance
• Reducing the principal balance

The Office of the Controller of the Currency (OCC), which regulates national banks, says many loan modifications do not reduce the principal balance owed. Perhaps more disturbing is the news that a large number of loan modifications soon become delinquent again. It’s often just a temporary fix and not a long-term solution.

Temporary Loan Modifications

Be aware that some banks are offering a temporary loan modification. This means a bank will not agree to make a permanent loan modification but may instead offer the following conditions:
• The principal balance remains the same.
• Homeowners are asked to make a new reduced payment.
• The term for the new payment is set for 3 to 6 months.
• The implication is if the homeowner makes the new payments on time during the temporary loan modification term limit, the bank may grant a permanent loan modification.

However, at the end of the term, the bank is also free to say: “Thank you, very much, for giving us some money, but your loan is now in default.” And the bank could proceed to foreclose. The author has heard this story from several Sacramento clients who were forced into a short sale by this maneuver.

If you need help with your loan modification, foreclosure or short sale around the around the Destin, Miramar Beach, Santa Rosa Beach, 30A, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen Beach, Blue Mountain Beach, Freeport, Rosemary Beach, Panama City Beach, Fort Walton Beach, Mary Esther, Shalimar, Niceville, Bluewater Bay, Crestview, Navarre, Gulf Breeze, Pensacola, Pace and Milton, Florida areas, we can help.

Property Solution Co
727 Harbor Blvd Unit A
Destin, Florida 32541
(850) 797-5675
info@propertysolutionco.com

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