AEllen Lawson will review your monthly income and monthly expenses with you in an initial consultation to determine at the consultation whether you are a good candidate for loan modification. There are a number of factors that go into this equation, including your monthly income, your monthly expenses, the nature of your financial hardship, the number of months you are behind in your mortgage, and the specific loan modification guidelines of the investor who owns your home.
How do I know if I will qualify for a loan modification of my home loan?
AYes, but you must act quickly! You have to provided you provide your lender with all required loan modification documents well in advance of the trustee sale date. If you are facing a trustee sale (aka “foreclosure”), it is important to set up a consultation with Ellen Lawson as soon as possible if you want to avoid a trustee sale from taking place.
If I am facing a foreclosure, will my lender still consider me for loan modification?
AAbsolutely! I would want to set up a consultation with you as soon as possible to review your financial situation and whether you are a good candidate for loan modification. The loan modification forms can be tricky. Sometimes a homeowner doesn’t complete their forms correctly and they give an impression to their lender that they are saving money each month, when they are actually dipping into their savings each month. I will review all documents that were initially submitted to your lender and will advise you if you should resubmit for loan modification or file an appeal. I will help you submit all necessary financial documents to your lender, and will advocate for you throughout the entire process.
If I have already been denied for loan modification, can you help me try again?
AIf your home value has fallen below the balance of your loan, and you cannot afford to keep your home, you are actually doing a big favor for your lender if you sell the home through short sale. By doing a short sale, you are obtaining the best offer that the market will bear.
Why would my lender agree to a short sale?
AIt is strongly recommended, at a minimum, to have a legal consultation with a real estate attorney who has short sale experience, before you list your home. There are many important legal aspects about short sales and tax concerns that you need to fully understand before your list your home. It is also very helpful to have an attorney help advocate for you in your short sale.
If I have a realtor who has short sale experience, do I also need an attorney?
ATypically most investors require that a home be listed at fair market value for a minimum of 90 days before they will consider a Deed in Lieu of Foreclosure. Deed in Lieu guidelines vary from lender to lender so it is best to speak with Ellen Lawson before you make any decisions with your home.
If I am underwater and if I want to keep things simple, can I do a Deed in Lieu of Foreclosure, ie just give the home back to my lender, and avoid listing the home for a short sale?