Loan modifications have helped tens of thousands of Orlando homeowners to keep their homes in recent years. However, with Loan Modifications, you have to be aware of the fine print and know exactly what you’re getting yourself into.
Sometimes…terms of a loan mod are much worse than the original mortgage. They just try to sugarcoat it to make it look good.
Here’s a recap of today’s episode. Hit the play button to get the full scoop!
5 things you should watch out for when negotiating a loan modification:
1-“Your lender’s in charge of the loan, which means they have the option of dropping all penalties against you. Don’t be bullied….. “
2- “This may sound funny but it happens. Sometimes lenders try to get you to agree that if they lose the original loan docs, you must assist them in reproducing them….”
3- “Don’t agree to step by step rate increases or balloon payments…..”
4- “Don’t agree to payments you can’t afford. The whole purpose for doing a loan mod is….”
5- “Don’t agree to an interest rate that can automatically adjust based on an index over which… “
” An Orlando Short Sale maybe your best option!”
“By doing a short sale you’ll be free of your lender forever, and you can get enough cashback from the sale to get a fresh start.”
“If you’re interested in getting more information about loan modifications or short sales call us or visit our site to set up a free consultation”
“we’ll meet with you to discuss the details of your situation to come up with a plan of action that works best for you.”
“I hope this information was helpful to someone out there. If so, please take a moment to write a review and rate the show on i tunes, it would be greatly appreciated.”
“Please keep those questions coming, just visit the ORC site to submit a question or topic and we’ll do our best to talk about it on the show.”
“Thanks for listening everyone, we’ll see you next time!”
