Loan mod frequently asked questions Anaheim California
Hello folks, a lot of you are concern about what steps, activities, requirements are necessary to do a loan modification, we have heard that a lot of people don't qualify for it, why?
let's keep in mind that all loan matters are and will be always subject to the final investor approval.
Who is your investor?
Your investor is in few words the owner of your note, the owner of your loan. this person or corporation is not necessarily the financial insitution you see in your montlhy mortgage statement, this could be just a servicer.
For example: if your monthly mortgage statement displays the ABC Mortage Inc. this could be only the servicer not the actual investor, if you are doing a modification or negociation a short sale, both types of transactions are subject to your investor approval.
To see more questions and answers about loan modification visit
http://www.nls.gov/offices/hsg/sfh/nsc/faqlm.cfm
Remember, I'm always here to help and assist you in your real estate matters\
Sincerely
Carlos Morales
www.carlmorales.com www.orangecountycashortsale.com
How many loan mods are really succesfully modified in your opinion? From my experience, most people trying to do a loan mod end up losing the property or going to short sale if they still have any time left before a sale date.
Hello, thanks for your comment, well actually that will depend on the type of the modification and if the investor is participating with the home affordable program with Obama.
if the investor is participating with that modification, the borrower chances are greater than with the traditional modification.
best regards
Carl
The servicer does not have to release the identity of the investor so how could a borrower find it. The investor pays servicing fees to the servicer for their privacy and to collect and process payments. So how could a borrower find out who the investor is? From my research i don't know of any way.
Most people that try loan modifications by themselves get lost in the red tape unfortunately. The banks know they can jerk these people around because the borrower doesnt know the proper procedure and chain of events that a loan mod entails. Even if they do get approved some of these new mods are even worse than the original terms!