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March 19, 2010
Loan Modification Hardship Letter
A loan modification hardship letter is an integral part of working with mortgage lenders to permanently alter terms of a home mortgage loan. Borrowers struggling to make their monthly payment must work with their bank's loss mitigation department to determine if they qualify. Once application approval is obtained, borrowers are required to submit financial records along with a letter of hardship.
It is important to take time writing the loan modification hardship letter. Although lenders base their decision on borrowers' ability to pay future mortgage payments, a well-crafted hardship letter can go a long way in achieving a successful outcome.
Real Estate Investing article on "Loan Modification Hardship Letter"
June 30, 2009
Loss Mitigator
A loss mitigator refers to an individual who specializes in helping homeowners who have become delinquent on their mortgage note. Loss mitigators either work as an employee of the bank; independent representative for the lender; or an agent who represents the homeowner.
The primary roll of a loss mitigator is to develop a plan allowing borrowers to remain in their home. The most common option offered is a loan modification. When mortgage loans are modified, terms are permanently altered. In some cases, borrowers end up paying a higher mortgage payment in order to cure arrearages
Real Estate Investing article on "Loss Mitigator"
June 23, 2009
How to Short Sale
How to short sale real estate is a hot topic. With millions of homeowners facing foreclosure, short selling property has emerged as the latest and greatest real estate technique. The truth is, short sales have existed for decades. It wasn't until the collapse of financial institutions that this option became public knowledge.
A single article isn't sufficient for learning how to short sale property. The process is complex and requires mountains of paperwork and hours of negotiation. Short sales involve convincing your lender to allow you to sell your house for less than you owe on your mortgage note. Since banks are in business to make money, borrowers must be knowledgeable about the process if they want to obtain short sale approval.
Real Estate Investing article on "How to Short Sale"
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