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Foreclosure Area Clear
Loan Mod Information - Steer Clear Of Foreclosure
tHi! I am Matt Fetick, Philadelphia's leading Short sale agent. Are you paying way to much for your Philadelphia mortgage? Have you been getting a lot of letters, information, and advertising about doing a loan modification? Loan mods might be a good way to reduce your monthly payments on your mortgage. Here is how it works. Every now and then banks will permit you to adjust the origianl terms of your loan. For example, if you are presently paying a 7% interest rate, they may permit you to negotiate a lesser monthly interest rate so that you can lessen your payments. The lenders may also modify the terms of your home loan, altering it from interest only to principal and interest or the other way around. The banks do this to help you evade foreclosure.
Frequently we see that loan modifications are for a set period of time. The unlucky part of loan mods is that we often see that the people who need a loan mod do not meet the requirements. If you have applied for a loan mod and were unsuccessful, a Philadelphia short sale may be the correct choice for you.
A Philadelphia Short sale permits you to sell your residence for less than what is presently owed on your loan. If you would like further details on Philadelphia short sales or loan mods, we can help.
Matt Fetick is Pennsylvania and Delaware's premier short sale specialist. His familiarity in short sales has assisted homeowners across the region circumvent foreclosure. If you are considering a short sale in the Philadelphia or Wilmington, DE region, please contact Matt today. Philadelphia Sold By Short Sale can answer your questions. We are Philadelphia and Wilmington Foreclosure Avoidance and Short Sale Specialists.
Get more help from Philadelphia short sale Realtor, Matt Fetick, at Sold By Short Sale presented by the Premier Short Sale Realtor in Philadelphia and Wilmington
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Frequently Asked Questions...
A first look at bank foreclosure homes, your thoughts please?
I am not looking to buy cheap, just better priced, and near where I work in Miami Beach, Florida. A friend suggested getting a list of bank foreclosures from an agent, comparing them with other listed homes in the same area, and said that at least I could be sure the title to each would be "clear".
I have enough capital and credit to buy a couple of units, one to rent out.
What other advantages is this market likely to offer me?
Answer:
Purchasing REO directly from a bank is one of the most popular ways to buy a foreclosed property. And there's plenty of competition so you may find it more difficult to get a property below FMV at this end of the foreclosure chain of events, though not impossible in some counties. The advantages over other foreclosures are that the bank will clear the title and there will be no previous homeowner or tenants to be evicted.
Another advantage a bank owner has is financing flexibility. It's really worthwhile the buyer negotiates around the four factors; price, downpayment, rate of interest on any mortgage offered, and closing costs. Don't be shy in giving your reasons why the bank should lower the price.
And I agree wih one of your expert answers, for the type of property you have indicated, HUD homes could be of great interest to you.
You can find both at the source I have quoted.
