To Mod or Not to Mod?

November 10, 2009 · Shokoofeh Nowbakht · 5 Comments

To Mod I just found out that a friend of mine tried to modify her loan early this year. She contacted a law firm in Southern California, paid few thousand dollars and nothing has happened yet. She was told to stop making mortgage payments on her first and second loans. after 10 months in default, she has received a NOD or Notice of Default. She is now scared and worried that she’ll loose her house. She is now very confused and doesn’t know if she should continue with the loan modification process. She is also thinking about borrowing some money from family and paying all her unpaid mortgages, late fees as well as her property tax so that she can reinstate her loans and save her house.

What shall it be; Loan Modification? Short Sale? Foreclosure?

June 16, 2009 · Lee Ginsburg · 4 Comments

You are among the millions underwater and over stressed. What shall you do.

Your credit will be most negatively affected with a Foreclosure, then a short sale. As long as you stay current on your loan, loan modification should not affect your credit. Your credit score weather it is right or wrong is used by potential employers before hiring, landlords before renting, insurance companies before granting insurance and etc. Depending on your individual situation maybe credit is not important.

My client’s father nearing retirement age could live in his son’s rental unit and will not be looking for another job said he might pass away before his home in Las Vegas is worth as much as as his loan. He opted for foreclosure. Read more

Refinance, Loan Modification or Short Sale?

December 17, 2008 · Roweena Nastor · 6 Comments

Refinance, Loan Modification or Short Sale?

This is the biggest homeowner question when I attended a Foreclosure Help Clinic this last weekend. There’s no magic answer to this…it’s a case by case basis and really depends who the lender is or are when there’s more than one loan. Each lender is different.

Refinance – when you owe more than today’s fair market value of your property or if your income status has changed for the worst then refinancing may not be an option for you.

Loan Modification – when you want to keep your property because it makes more sense to stay than rent; when your income status has changed for the worst due to illness, job lost or decrease income, death, divorce… Read more