Elizabeth Weintraub • Sacramento Short Sale Agent • Land Park

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Need a Loan Modification in Sacramento? Come to the Convention Center on Thursday!

loan modificationYou don't have to be behind in your mortgage payments to attend the free HOPE Now workshop at the Sacramento Convention Center on Thursday. Everybody is welcome to attend. On the verge of default or a notice of default already filed? Doesn't matter. Just come. You can meet with your lender to discuss a loan modification and get an answer right then and there. At least 19 lenders will be present at the workshop, which is sponsored by NeighborhoodWorks America and Gov. Schwarzenegger's 90 Days of Hope task force.

This is an excellent opportunity to meet face-to-face with your lender. No more sitting on hold or being transferred to the wrong department. Just come on down and bring the following paperwork with you:

  • Recent payroll stubs and last year's tax return
  • Financial statement (reflecting assets and liabilities)
  • Monthly budget
  • Copy of your mortgage statement

You might qualify to get your mortgage payment reduced to 38% of your gross monthly income, which may involve lowering the interest rate, extending the term of your loan and / or forgiving a principal portion of your loan, among a combination of other options.

The Sacramento Convention Center is located at 1400 J Street. The free event is held from 3 PM to 9 PM on Thursday, December 4th. Even if you have to get out of work early to attend the HOPE Now workshop, it may be worth it to you to take advantage of this opportunity. Lenders are eager to workout loan modifications right now.

Elizabeth Weintraub Land Park Real Estate Agent in Sacramento

The Short Sale, by Elizabeth Weintraub, coming from Archer Ellison in January 2009.

Photo: Big Stock Photo

sacramento short sale agent

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Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. DRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available through bookstores everywhere and at Amazon.com.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.

The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.

 

8 comments • Elizabeth Weintraub, Short Sale Agent, Land Park, East Sacramento 916-233-6759 • December 03 2008 09:18AM

Let December Be Known as Loan Modification Month

loan modificationsThe hottest buzz word in the industry right now is not short sales nor foreclosures. It's all about loan modifications. Lots of unscrupulous businesses are springing up that offer consumers help with their loan modifications, and they are charging home owners $3,000 and more to do what home owners can do for themselves.

To find your lender's loan modification requirements, click on the photo and you will find my article on About.com, which details major mortgage lender guidelines for loan modifications.

Nobody wants to admit it, but the lenders are making loan modifications seem confusing and difficult. Perhaps it's an effort to discourage applications? If you're considering a loan modification, the first thing you should do is pick up the phone and call your lender to find out if you qualify. If you do not qualify, and can no longer afford to make your monthly mortgage payments, then call a short-sale specialist and put your home on the market as a short sale. Many lenders are placing a 3- to 4-month moratorium on foreclosures, so this will give you extra time to get that home sold.

The criteria for a loan modification is tight. Many banks insist on the following qualifications:

  • Existing loan origination date prior to Dec. 31, 2007
  • Existing subprime loan (fixed or adjustable) or Option ARM
  • Loan-to-value ratio above 75%
  • Owner occupied as primary residence
  • Employed homeowner
  • Existing mortgage payments exceed 31% of gross monthly income.

However, if you qualify for a loan modification, you can assemble the paperwork the lender wants by putting together the following package:

  • 2 years of W2's
  • 2 years of tax returns
  • Financial Statement that lists assets and liabilities
  • Last 2 pay stubs
  • Hardship letter

Don't pay a company to do this for you. Do it yourself.

If you are successful, a loan modification may give you:

  • A lower mortgage balance.
  • An interest rate between 2% and 4%.
  • A loan term of 30 to 40 years.
  • A low monthly mortgage payment.
  • Elimination of negative amortization and / or a waiver of prepayment penalties and fees.

Remember, California short sale sellers, you have until December 31 to sell that home to avoid paying state taxes on debt forgiveness.

Happy Thanksgiving, everybody, and Happy Debt Forgiveness!

Elizabeth Weintraub Land Park Real Estate Agent in Sacramento

Photo: Big Stock Photo

The Short Sale, by Elizabeth Weintraub, coming from Archer Ellison in January 2009.

sacramento short sale agent

---

Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. DRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available through bookstores everywhere and at Amazon.com.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.

The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.

 

41 comments • Elizabeth Weintraub, Short Sale Agent, Land Park, East Sacramento 916-233-6759 • November 28 2008 03:36AM