Free Advice With Loan Modifications - Marshall Carrasco Reno, NV Short Sale Expert

Free Advice With Loan Modifications

www.renohelp.orgCall : 775-525-1205

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A loan modification is the process through which your mortgage lender agrees to change your loan to make the payments more affordable.

What is a loan modification?

• Reducing your interest rate.• Changing the terms of your loan (extending the life of the loan, changing an adjustable rate to a fixed rate)• Reducing the principal balance of your loan.

This is accomplished by:





• This process will often allow a borrower who can no longer afford their home at their current payment to stay in the property. • A loan modification is for the borrower with a mortgage payment just out of reach.

What is a loan modification?





• A borrower must be under some form of financial hardship. • These may include a verifiable reduction in income or increase in living expenses such as:

What is needed to qualify for a loan modification?

• Loss of job or reduction in income• Medical expenses• Dependent care expenses• Unexpected increase in living expenses• Divorce or death of spouse• Increase of mortgage payment due to an adjustable rate increase





A signed and dated letter of hardship is required by most lenders. It must clearly state the reason(s) for the loan modification request. The lender will also request proof of these hardships such as bank statements, income tax returns and pay stubs.


• Once a lender has reviewed the request a trial modification may be allowed. • The decrease in payment will be based on the borrower’s ability to pay. • Each lender is unique in how a loan modification is calculated.





• Even though this process may seem a bit overwhelming at first, Marshall Realty will assist you through every step of this process. • Submitting documents, answering questions and following through with your lender is our specialty. • Simply put, we become your liaison smoothing the path to a more affordable home mortgage.






• Fees are charged for the service• Promises a loan modification will be obtained• Guarantees to stop the foreclosure process• Unlicensed individuals• Out of state companies• Attorneys promising civil action on your behalf• Calling “on behalf” of your lender’s soliciting information about your loan

When considering a loan modification, be aware many companies areoffering to assist you in reducing your mortgage payment. Watch for these warning signs of fraud.

Avoiding Fraud





• While there are many credible agencies, the best way to assure you are in good company is to meet with a representative and ask questions.• Marshall Realty is a local company with a fully staffed office. • We invite you to meet us and ask questions, get all of the facts regarding your situation, only then decide your plan of action.

Avoiding Fraud





• More than 1 in 8 homeowners are upside-down on the mortgage and don't know what to do. • The search for a solution can be filled with misinformation and fraud, and often adds more frustration to this difficult situation.• If you or someone you know is among the many homeowners who owe more money on their home than it's worth, know that there are options available. You need the facts.

The truth about loan modification





• In today's shifting market the most important safeguard you can take in preventing lost opportunities and avoiding scams is by staying educated. • Your first step as a homeowner in trouble is understanding all of your options, including a mortgage modification. • This is where Marshall Realty can help you. • We specialize in helping homeowners through the loan modification process, and we never charge our clients a fee, ever.

The truth about loan modification





Loss mitigation tools for delinquent mortgages

Allows you to make a regular full payment plus a portion of the delinquency each month over a period of months to cure the delinquency.

Conventional Mortgage - Repayment Plan

VA Mortgage - Repayment Plan



FHA Mortgage - Repayment Plan






The delinquency is added to your loan balance in order to bring your loan current. The interest rate and terms may be modified.

Conventional Mortgage - Loan Modification

VA Mortgage - Loan Modification

The delinquency amount is added to your principal balance, which may result in fully reinstating your loan. A change in interest rate and/or the loan term may also be considered. Late, foreclosure, attorney fees may be waived.

A lender may consider adding the delinquent amount to your principal balance, which may reinstate your loan. A change in interest rate and/or the loan term may also be considered.

FHA Mortgage - Loan Modification






Allows the repayment of part of the delinquency each month along with your regular mortgage payment. If you are temporarily unable to meet your mortgage payment, suspended or partial payments may be accepted until you have the ability to resume the payment schedule.

Conventional Mortgage - Forbearance

VA Mortgage - Forbearance/Repayment Schedule

Suspended or partial payments for a short period of time followed by repayment plan, modification, reinstatement, or full pay off. You must prove your hardship is temporary and will resume ability to pay mortgage.

Suspended or partial payments for a short period of time followed by repayment plan, modification, reinstatement, or full pay off. You must prove your hardship is temporary and will resume ability to pay mortgage.

FHA Mortgage - Forbearance




If you have the ability to make mortgage payments or will have the ability in the future, but your lender has decided it cannot extend further forbearance or a repayment plan, VA may buy a loan from the lender and take over the service.


Conventional Mortgage - Short Sale/Pre foreclosure sale

VA Mortgage - Refunding

Your lender may work with you to obtain a one-time payment from the FHA-Insurance Fund to reinstate your loan. You must be at least 4 months delinquent and able to make full mortgage payments. You will execute a promissory note & subordinate mortgage payable to HUD. This note carries no interest & is payable at time of home sale or refinance.

Allows the borrower to sell the house and use the proceeds to satisfy the mortgage debt even if the proceeds are less than the amount owed.

FHA Mortgage - Partial Claim



If there are no liens on the property and VA agrees, you will sign legal documents to make VA the owner of your property. VA will have to pay your lender a claim for the difference between the value of your home and the mortgage balance. If a deed is accepted, you may be released from further liability or asked to repay the government for all or part of the claim VA paid.

Conventional Mortgage - Deed-in-lieu of foreclosure

VA Mortgage – Deed-in-lieu of foreclosure

Allows the borrower to sell the house and use the proceeds to satisfy the mortgage debt even if the proceeds are less than the amount owed.

If you are not eligible or failed at other Loss Mitigation Tools, including a Short Sale, you could voluntarily deed or surrender your property to HUD in exchange for a release from all obligations under the mortgage.

FHA Mortgage - Short Sale/Pre foreclosure sale



Conventional Mortgage

If you are not eligible or failed at other Loss Mitigation Tools, including a Short Sale, you could voluntarily deed or surrender your property to HUD in exchange for a release from all obligations under the mortgage. There must be no liens on the property.

Lender participation is voluntary. These programs are subject to lender/service approval. Lenders are not mandated to provide these options. Each lender has qualifying criteria a borrower must meet before they will consider offering these Loss Mitigation Tools. Please contact your lender for a workout packet to apply for delinquency.

FHA Mortgage - Short Sale/Pre foreclosure sale


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Free Advice With Loan Modifications - Marshall Carrasco Reno, NV Short Sale Expert

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Transcript of Free Advice With Loan Modifications - Marshall Carrasco Reno, NV Short Sale Expert