If history is taken into account, you hopefully realize this is more lip service than solution!
Yet we can hope for the best, Right?
When dealing with second position lien holders, the whole short sale process becomes a nightmare, thanks to the ego’s and unrealistic expectations of these lenders. Simply if you are involved with second lien holder in a short sale you should have certain expectations, just as much if you have Private Mortgage Insurance (PMI) attached to your loan.
Lenders are commonly adding a promissory note to these transactions, but the good news is that with the right help you can negotiate better terms as long as they are realistic, and this is where experience pays off. Simply put, learn to expect it..
The below link speaks more specifically regarding modifications to second position loans….. <<SPOILER ALERT>> cross your fingers, spin around 1000 times without stopping or falling before you have a shot at getting one of these to really go in your favor, unless the second position loan is with the same servicing company or investor for which there may be hope if you fall in the latter category.
Help arrives for second mortgages.
Read the article, and feel free to give Brady Pevehouse a call at (407) 374-3123 to discuss what you might expect regarding your specific scenario. It will not be a joy ride, but I bet you already guessed that! No two scenario’s are the same but there are trends that can be seen.
If you are curious about short sales available in your area, please visit our Orlando Foreclosures or Brevard Foreclosures Page to view details about real estate & short sales by city / community or you can visit the community pages directly. Here are just a few samples of our pages.
Avalon Park Real Estate
Avalon Park Foreclosures
Avalon Park Bank Owned
Baldwin Park Real Estate
Baldwin Park Foreclosures
Baldwin Park Bank Owned
College Park Real Estate
College Park Foreclosures
College Park Bank Owned
Downtown Orlando Real Estate
Downtown Orlando Foreclosures
Downtown Orlando Bank Owned
Dr Phillips Real Estate
Dr Phillips Foreclosures
Dr Phillips Bank Owned
Eastwood Real Estate
Eastwood Foreclosures
Eastwood Bank Owned
Lake Nona Real Estate
Lake Nona Foreclosures
Lake Nona Bank Owned
Waterford Lakes Real Estate
Waterford Lakes Foreclosures
Waterford Lakes Bank Owned
Winter Park Real Estate
Winter Park Foreclosures
Winter Park Bank Owned
About Brady Pevehouse
Since we appear to be in a Help arrives for second mortgages state of mind, The number 1 criteria your lender is searching at is your capability to make the new modified payment now and in the future. You need to supply the lender with proof of your income, along with a complete and accurate financial statement detailing your income and expenses to show them that if granted the modification, you will be able to afford the new, lower payment.
Mark, this all depends on the lender. Any homeowner should look at the entire scenario as well as statistics.
The statistics I have seen state that the majority of homeowners who are granted modifications are back in the same scenario often within a year of the modification being granted.
Lenders often offer the trial modification but do not always offer a permanent modification, even when no fault by the homeowner has occurred. This is compounded when the lender asked for a larger “good faith” start up modification cost, (such as 2 months now and then your modified payment on an on-going basis) when the true intention is to just gain as much cash now to only deny the modification at a later date. Simply put they are just bill collectors.
I am not condoning default, but at the same time it is not always a fair playing field.. Lenders have the upper-hand and no obligation nor penalty for helping / failing to help.