Mortgage Modification in St Louis

What are my options: What are my options: Sale? Sale?

Short Sale? Short Sale? Modify my Loan?Modify my Loan?

What are my options: What are my options: Sale? Sale?

Short Sale? Short Sale? Modify my Loan?Modify my Loan?

Should I do a Loan Should I do a Loan ModificationModification??

Should I do a Loan Should I do a Loan ModificationModification??

GreatViewFinancial.com (636) 489-1439

How can you help ME?How can you help ME?

http://greatviewfinancial.com/

A Loan Modification is a permanent A Loan Modification is a permanent change in one or more of the terms change in one or more of the terms of your mortgage loan, allowing the of your mortgage loan, allowing the

loan to be reinstated, and loan to be reinstated, and resulting in a new, modified resulting in a new, modified payment which you can afford.payment which you can afford.

A Loan Modification is a permanent A Loan Modification is a permanent change in one or more of the terms change in one or more of the terms of your mortgage loan, allowing the of your mortgage loan, allowing the

loan to be reinstated, and loan to be reinstated, and resulting in a new, modified resulting in a new, modified payment which you can afford.payment which you can afford.

What is a LoanWhat is a Loan ModificationModification??What is a LoanWhat is a Loan ModificationModification??



Commonly Asked Questions?Commonly Asked Questions?Commonly Asked Questions?Commonly Asked Questions?


If I am in foreclosure can I still get a loan modification?If I am in foreclosure can I still get a loan modification?

Do I have to be behind in payments to get a loan modification?Do I have to be behind in payments to get a loan modification?

YES, if you can clearly show a sensible plan to the lender. You can still get a modification of terms.

No, lenders prefer you contact them before you miss a payment however, modifications happen for borrowers in both situations.




Don’t I need to have equity to get my lender to re-finance me?Don’t I need to have equity to get my lender to re-finance me?

Don’t I need to have good credit for the lender to work something out? Don’t I need to have good credit for the lender to work something out? I’ve been late…my credit is already damaged – is there hope for me?I’ve been late…my credit is already damaged – is there hope for me?

A Loan Modification is different than a traditional re-finance. Equity is not necessary

Loan Modifications are primarily for people just like you…You may just be starting to feel the hardship of an adjusted rate. You may have had a hardship in the past which is now remedied. Lenders are willing to work with you when you can show you have a plan and can afford the new terms of the loan.




I have a first and a second mortgage on my home? Can I get a I have a first and a second mortgage on my home? Can I get a loan modification?loan modification?

What happens to late charges if my loan gets Modified?What happens to late charges if my loan gets Modified?

The answer is yes, you may combine both the first and the second mortgage or the lender may waive the second.

The answer is that accrued late charges should be waived by the lender at the time of the Loan Modification.




Can a Loan Modification include an escrow advance for Homeowner's Can a Loan Modification include an escrow advance for Homeowner's Association fees?Association fees?

Loan modifications must also escrow funds for those items which, if not paid, would create liens on the property positioned ahead of an FHA-insured mortgage.

Can I get a Loan Modification option if I am unemployed, but my Can I get a Loan Modification option if I am unemployed, but my spouse is employed, but the spouse’s name is not on the mortgage?spouse is employed, but the spouse’s name is not on the mortgage?

The answer is based upon this scenario, if surplus income is sufficient to meet the new modified mortgage payment, but insufficient to pay back the arrearage, your Lender will have to determine if the asset is eligible for a Loan Modification since the spouse is not on the original mortgage.

What Documentation is What Documentation is Required?Required?

What Documentation is What Documentation is Required?Required?


We will help you fill out the approximately 10 simple forms to apply for We will help you fill out the approximately 10 simple forms to apply for your Loan Modification.your Loan Modification.

Most of what you are filling out is simple facts regarding your circumstances, including the hardship which is causing you to ask for the Modification.

Lenders look at the over all Lenders look at the over all situation, your ability to pay the situation, your ability to pay the

new amount, etc.new amount, etc.


What are my options If I don’t qualify for a What are my options If I don’t qualify for a loan modification?loan modification?

What are my options If I don’t qualify for a What are my options If I don’t qualify for a loan modification?loan modification?


• Refinance into a new loan.Refinance into a new loan.

• We can handle a short sale for you.We can handle a short sale for you.

• Assumption: A qualified buyer may be allowed to take over your mortgage.Assumption: A qualified buyer may be allowed to take over your mortgage.

• Rent your home to someone and cover your payments.Rent your home to someone and cover your payments.

• Find a room-mate to share the house payment with you.Find a room-mate to share the house payment with you.

Are there any other options I should Are there any other options I should know about?know about?

Are there any other options I should Are there any other options I should know about?know about?


Deed-in-lieu of foreclosure: Deed-in-lieu of foreclosure:

As a last resort, you "give back" your property and the debt is forgiven. As a last resort, you "give back" your property and the debt is forgiven. This will not save your house, but it is less damaging to your credit This will not save your house, but it is less damaging to your credit rating. rating.

This option might sound like the easiest way out, but it has limitations: This option might sound like the easiest way out, but it has limitations:

• You usually have to try to sell the home for its fair market value for at You usually have to try to sell the home for its fair market value for at least 90 days before the lender will consider this option least 90 days before the lender will consider this option • This option may not be available if you have other liens, such as This option may not be available if you have other liens, such as other creditor judgments, second mortgages, and IRS or state tax liens other creditor judgments, second mortgages, and IRS or state tax liens • This option DOES damage your credit just as if it were a foreclosure. This option DOES damage your credit just as if it were a foreclosure. It will effect your credit for 4 to 7 years.It will effect your credit for 4 to 7 years.

What to Do Next:What to Do Next:What to Do Next:What to Do Next:


Contact ~ Don Johnson Today Contact ~ Don Johnson Today to go over your situation with to go over your situation with NO obligationNO obligation

(636) 489-1439(636) 489-1439

[email protected]@greatviewfinancial.com

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Mortgage Modification in St Louis