Yesterday we had the honor of calling up yet another client to advise of his loan modification approval and a more than $200,000 principal reduction on his loan. This put his new mortgage principal at almost fair market value for his home, and a 2 percent interest rate. His monthly mortgage payment was reduced by more than $1500.00. And, we did it in less than 90 days! Happy client. Happy firm.
The good news is that the bank are truly modifying mortgage balance principal and moving the HAMP modifications along in record time. We have found 90 days to be the average time. Yet, for all those that get modified, there are still millions trying.
If you modification is not going through, then you need to see who is processing it. Has a bank negotiator been assigned to your case? Is there a Specialist at the bank assisting you and confirming receipt of all financial documents? If not, then this is the first step that needs to be taken so that you are dealing with one person for 90 days.
Corelogic reports today that nearly 6.4 million homeowners are still underwater in their loans in the United States. This means that they owe more to the mortgage lender than their house is worth. Florida is in second place behind Nevada.
The key to a successful modification is to make sure that it is handled by a professional that knows what they are doing, that you are qualified beforehand and that you follow up weekly. These are the three most important steps to take to ensure that your modification is approved.
Call us today to schedule a free consultation to see if you qualify for HAMP or any other loan modification program that may get you a principal reduction and interest rate reduction.
TRUST | COMMITMENT | RESULTSLaw Offices of Jacqueline A. Salcines, PA 706 S. Dixie Highway Second Floor Coral Gables, Fl 33146 Tel: 305.564.9255 J.Salcines@Salcineslaw.com