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From the category archives:

Loan Modification

Phoenix Loan Modifications: How Long Until It’s Done?

September 11, 2009

Like anything else financing related, loan modifications can take a long time. Their time line is similar to a short sale; 4-6 months is what we tell people who inquire. That being said, we just completed one in 32 days from the time we took the contract to the new payment being notarized and approved [...]

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Phoenix Loan Modification Questions: How Does A Loan Modification Affect My Credit?

September 8, 2009

I am worried that a loan modification is going to ruin my credit. Is that true? No, a loan modification will not affect your credit. What may affect your credit score is if you fall behind on your payments. If you complete a loan modification and never go late, your credit will not be affected. [...]

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Phoenix Loan Modification Questions: Loan Modification vs. Refinance

September 7, 2009

How is a loan modification different from a refinance? A refinance requires equity, and an excellent credit score. If you are in the Phoenix Metro Area, you probably do not have any equity. You would be getting a new loan, so all of the general requirements would apply: Income, credit, etc. With a loan modification, [...]

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Phoenix Loan Modification Questions: My Credit Is Bad Can I Still Get A Loan Modification?

September 7, 2009

My credit is in the toilet now, can I still qualify to get a loan modification? Yes. The beautiful thing about the loan modification is that there are no credit requirements. If you were trying to get a loan, your credit would have to be immaculate. Since you are not getting a new loan, your [...]

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Phoenix Loan Modification Questions: Will A Loan Modification Stop Foreclosure?

September 4, 2009

I am currently facing a foreclosure, will a loan modification stop it? Yes and no. If you have a loan modification approved, yes, the foreclosure will not happen. But if you are in the middle of completing a loan modification, it will NOT stop the process. Until you have a completed loan modification, the bank [...]

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Phoenix Loan Modification Questions: What Happens With My Late Payments?

September 3, 2009

I am currently behind with my mortgage payments, what happens with that balance? This is a fairly common question. You owe the bank $7500 in back payments, what happens if you get a loan modification? Basically, the bank will agree to push the past due amount to the balance of the loan. So if you [...]

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Phoenix Loan Modification Questions: Can I Get A Loan Modification If I Am Unemployed?

September 2, 2009

I am currently unemployed, can I still get a loan modification? Yes. A huge problem, especially in the Phoenix Metro Area, is unemployment. This has caused many homeowners fall behind in their payments. The problem is showing income to the bank. If you are receiving unemployment, you can show income. If your spouse is still [...]

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