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Many homeowners trying to get a Wachovia loan modification have faced a brick wall of resistance-but the new Obama plan gives many borrowers a second chance at getting a lower mortgage payment. Learn how to pre-qualify for the Making Home Affordable modification.
Below is a question I got asked recently. I thought this was valuable info, so I am sharing it with you here: "I've been reading everything I can about why lenders would be willing to sell properties at large discounts. Dean, what would be a lender's main concern which would get them to sell mortgage notes at deep discounts? I feel that since we're trying to get into the minds of the LMREP, it would be more advantageous to all, if we could sell our services to their main concerns."
Should a homeowner keep a house that has dropped in market value to a point below the balance of their mortgage? This condition is negative equity. If they can afford their mortgage payment and if they want to increase their net worth, they should definitely stick with their home. If their mortgage is fixed for the next 5 years or more they definitely want to keep their home and stay current on their payments. Don't listen to the talking heads on CNBC and other places that say to walk away from your home.
Every day Bank of America receives hundreds of applications for loan modification but not all of them get approved. Many genuine applications are rejected on a daily basis because of one reason or some other. But when we say genuine application, it means that the case is real. So where is the problem? The problem is lack of knowledge about the loan approval process.
Are you buying to 'flip' a house, buy cheap and offer a 'lowball' offer, buy pre foreclosure or buy at auction? Do you know the difference? It doesn't matter if you want a family home or investment, buying at the right price determines your future worth.