Questions and Answers with and experienced Loan Modification Attorney.
Feel Free to submit you questions below.
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Short Sale Software, Short Sale Strategies, Experienced Attorney on Your Team
Questions and Answers with and experienced Loan Modification Attorney.
Feel Free to submit you questions below.
No related posts.
I have two questions regarding modifications: How likely is our mortgager B of A, to give a loan modification if we have equity in the house?
What if you own a rental property with some equity, do they look at that?
My wife and I have struggled with our payments on a jumbo loan of $4500.00 mo. and have exhausted our savings to make up for our businesses slowing down. I appreciate any feedback you could offer.
1. Experience states that it is unlikely you will get a loan mod if you have equity.
But, you never know. Perhaps you will call when they need a example or two for publicity article or a politicians speech.
2. If you have equity in a rental property I might not want to make sure I have some asset protection plans in place before I hand the banks a road map to my assets.
a. do you have a non recourse senior loan?
b. same question if you have a junior loan?
if you have two loans and the property is worth less than you own on the first, most people should be very hesitant before they tell a second about their assets. (Especially if the second is a recourse loan.) (note this applies to CA… you state may be different)
You may wish to step ask questions at our next webinar.