[SD Realtor]

It is a tough question to answer. It all depends on what the terms of the loan mod are, if there is an actual reduction in your balance or are they backloading it… etc….

So you can either loan mod it, short sell it, or you can simply walk away as well. You can also talk to the bank about a deed in lieu of foreclosure which is basically handing them the keys but doing it in a more structured manner then simply letting it go to foreclosure. I also assume there is only 1 loan on the home.

The rate of recidivism on loan mods is quite high. I am not sure a loan mod will give you the security you are seeking. However if it substantially reduces your monthly payment WITHOUT hurting you on the backend (ie – they backload the deferred interest) then maybe that works for you.

Unfortunately without running the numbers it is hard to say. Many people complain about the short sale process and it is a pain in the butt. However most people who do go through and complete it, feel much better after they are out from under that debt load. At least that is my experience. sdr does alot of short sales and he may have advice on that as well.

[SD Realtor]

It is a tough question to answer. It all depends on what the terms of the loan mod are, if there is an actual reduction in your balance or are they backloading it… etc….

So you can either loan mod it, short sell it, or you can simply walk away as well. You can also talk to the bank about a deed in lieu of foreclosure which is basically handing them the keys but doing it in a more structured manner then simply letting it go to foreclosure. I also assume there is only 1 loan on the home.

The rate of recidivism on loan mods is quite high. I am not sure a loan mod will give you the security you are seeking. However if it substantially reduces your monthly payment WITHOUT hurting you on the backend (ie – they backload the deferred interest) then maybe that works for you.

Unfortunately without running the numbers it is hard to say. Many people complain about the short sale process and it is a pain in the butt. However most people who do go through and complete it, feel much better after they are out from under that debt load. At least that is my experience. sdr does alot of short sales and he may have advice on that as well.

[SD Realtor]

It is a tough question to answer. It all depends on what the terms of the loan mod are, if there is an actual reduction in your balance or are they backloading it… etc….

So you can either loan mod it, short sell it, or you can simply walk away as well. You can also talk to the bank about a deed in lieu of foreclosure which is basically handing them the keys but doing it in a more structured manner then simply letting it go to foreclosure. I also assume there is only 1 loan on the home.

The rate of recidivism on loan mods is quite high. I am not sure a loan mod will give you the security you are seeking. However if it substantially reduces your monthly payment WITHOUT hurting you on the backend (ie – they backload the deferred interest) then maybe that works for you.

Unfortunately without running the numbers it is hard to say. Many people complain about the short sale process and it is a pain in the butt. However most people who do go through and complete it, feel much better after they are out from under that debt load. At least that is my experience. sdr does alot of short sales and he may have advice on that as well.

[SD Realtor]

It is a tough question to answer. It all depends on what the terms of the loan mod are, if there is an actual reduction in your balance or are they backloading it… etc….

So you can either loan mod it, short sell it, or you can simply walk away as well. You can also talk to the bank about a deed in lieu of foreclosure which is basically handing them the keys but doing it in a more structured manner then simply letting it go to foreclosure. I also assume there is only 1 loan on the home.

The rate of recidivism on loan mods is quite high. I am not sure a loan mod will give you the security you are seeking. However if it substantially reduces your monthly payment WITHOUT hurting you on the backend (ie – they backload the deferred interest) then maybe that works for you.

Unfortunately without running the numbers it is hard to say. Many people complain about the short sale process and it is a pain in the butt. However most people who do go through and complete it, feel much better after they are out from under that debt load. At least that is my experience. sdr does alot of short sales and he may have advice on that as well.

[SD Realtor]

UCGAL you have it correct. The servicing company will abide by the terms of the loan, (essentially the loan docs) with regards to how to proceed. So in the foreclosure process, or even the short sale process, the beneficiary is well removed from everything. They pretty much put a rubber stamp on whether to accept or reject an offer, (say during a short sale) or to take another example they will set the asking price when a property does go to auction.

The phenomenah of people essentially living in thier home for free is true. I have clients who I have advised during the short sale process and yes they have not paid thier mortgages.

So yes the servicers are simply abiding by the contract and it is the bene’s that will instruct them to do otherwise in most cases. In some cases like when a servicer is working out a short sale and the trustee sale date is imminent the servicer will indeed have thier legal dept call the trustee and postpone the trustee sale. Now if the investors want, yes they can instruct the servicer to postpone the trustee sale for a longer time.

Now as for who does the servicer “call or contact” to get authorization for a short sale or to set the opening bid for the trustee sale, they call the investors or the entity who represents the investors.

So when the property does “go back” to the bene that is pretty much the end of life with the servicer. What that bene does with the property is up to them.

Note I am using the terms bene and investors as interchangeable pieces.

[SD Realtor]

UCGAL you have it correct. The servicing company will abide by the terms of the loan, (essentially the loan docs) with regards to how to proceed. So in the foreclosure process, or even the short sale process, the beneficiary is well removed from everything. They pretty much put a rubber stamp on whether to accept or reject an offer, (say during a short sale) or to take another example they will set the asking price when a property does go to auction.

The phenomenah of people essentially living in thier home for free is true. I have clients who I have advised during the short sale process and yes they have not paid thier mortgages.

So yes the servicers are simply abiding by the contract and it is the bene’s that will instruct them to do otherwise in most cases. In some cases like when a servicer is working out a short sale and the trustee sale date is imminent the servicer will indeed have thier legal dept call the trustee and postpone the trustee sale. Now if the investors want, yes they can instruct the servicer to postpone the trustee sale for a longer time.

Now as for who does the servicer “call or contact” to get authorization for a short sale or to set the opening bid for the trustee sale, they call the investors or the entity who represents the investors.

So when the property does “go back” to the bene that is pretty much the end of life with the servicer. What that bene does with the property is up to them.

Note I am using the terms bene and investors as interchangeable pieces.

[SD Realtor]

UCGAL you have it correct. The servicing company will abide by the terms of the loan, (essentially the loan docs) with regards to how to proceed. So in the foreclosure process, or even the short sale process, the beneficiary is well removed from everything. They pretty much put a rubber stamp on whether to accept or reject an offer, (say during a short sale) or to take another example they will set the asking price when a property does go to auction.

The phenomenah of people essentially living in thier home for free is true. I have clients who I have advised during the short sale process and yes they have not paid thier mortgages.

So yes the servicers are simply abiding by the contract and it is the bene’s that will instruct them to do otherwise in most cases. In some cases like when a servicer is working out a short sale and the trustee sale date is imminent the servicer will indeed have thier legal dept call the trustee and postpone the trustee sale. Now if the investors want, yes they can instruct the servicer to postpone the trustee sale for a longer time.

Now as for who does the servicer “call or contact” to get authorization for a short sale or to set the opening bid for the trustee sale, they call the investors or the entity who represents the investors.

So when the property does “go back” to the bene that is pretty much the end of life with the servicer. What that bene does with the property is up to them.

Note I am using the terms bene and investors as interchangeable pieces.

[SD Realtor]

UCGAL you have it correct. The servicing company will abide by the terms of the loan, (essentially the loan docs) with regards to how to proceed. So in the foreclosure process, or even the short sale process, the beneficiary is well removed from everything. They pretty much put a rubber stamp on whether to accept or reject an offer, (say during a short sale) or to take another example they will set the asking price when a property does go to auction.

The phenomenah of people essentially living in thier home for free is true. I have clients who I have advised during the short sale process and yes they have not paid thier mortgages.

So yes the servicers are simply abiding by the contract and it is the bene’s that will instruct them to do otherwise in most cases. In some cases like when a servicer is working out a short sale and the trustee sale date is imminent the servicer will indeed have thier legal dept call the trustee and postpone the trustee sale. Now if the investors want, yes they can instruct the servicer to postpone the trustee sale for a longer time.

Now as for who does the servicer “call or contact” to get authorization for a short sale or to set the opening bid for the trustee sale, they call the investors or the entity who represents the investors.

So when the property does “go back” to the bene that is pretty much the end of life with the servicer. What that bene does with the property is up to them.

Note I am using the terms bene and investors as interchangeable pieces.

[SD Realtor]

UCGAL you have it correct. The servicing company will abide by the terms of the loan, (essentially the loan docs) with regards to how to proceed. So in the foreclosure process, or even the short sale process, the beneficiary is well removed from everything. They pretty much put a rubber stamp on whether to accept or reject an offer, (say during a short sale) or to take another example they will set the asking price when a property does go to auction.

The phenomenah of people essentially living in thier home for free is true. I have clients who I have advised during the short sale process and yes they have not paid thier mortgages.

So yes the servicers are simply abiding by the contract and it is the bene’s that will instruct them to do otherwise in most cases. In some cases like when a servicer is working out a short sale and the trustee sale date is imminent the servicer will indeed have thier legal dept call the trustee and postpone the trustee sale. Now if the investors want, yes they can instruct the servicer to postpone the trustee sale for a longer time.

Now as for who does the servicer “call or contact” to get authorization for a short sale or to set the opening bid for the trustee sale, they call the investors or the entity who represents the investors.

So when the property does “go back” to the bene that is pretty much the end of life with the servicer. What that bene does with the property is up to them.

Note I am using the terms bene and investors as interchangeable pieces.

[SD Realtor]

Lets try to make sure we have the basic understanding of servicing the loan verses owning it okay?

Most loans are OWNED by investors. Most entities such as banks service them. Yes some banks do own portfolios as well. However understanding the basics is a good start. So to imply the big banks are holding bank cazillions of homes is an incorrect statement.

[SD Realtor]

Lets try to make sure we have the basic understanding of servicing the loan verses owning it okay?

Most loans are OWNED by investors. Most entities such as banks service them. Yes some banks do own portfolios as well. However understanding the basics is a good start. So to imply the big banks are holding bank cazillions of homes is an incorrect statement.

[SD Realtor]

Lets try to make sure we have the basic understanding of servicing the loan verses owning it okay?

Most loans are OWNED by investors. Most entities such as banks service them. Yes some banks do own portfolios as well. However understanding the basics is a good start. So to imply the big banks are holding bank cazillions of homes is an incorrect statement.

[SD Realtor]

Lets try to make sure we have the basic understanding of servicing the loan verses owning it okay?

Most loans are OWNED by investors. Most entities such as banks service them. Yes some banks do own portfolios as well. However understanding the basics is a good start. So to imply the big banks are holding bank cazillions of homes is an incorrect statement.

[SD Realtor]

Lets try to make sure we have the basic understanding of servicing the loan verses owning it okay?

Most loans are OWNED by investors. Most entities such as banks service them. Yes some banks do own portfolios as well. However understanding the basics is a good start. So to imply the big banks are holding bank cazillions of homes is an incorrect statement.

[SD Realtor]

Actually when a private party makes a purchase they do not have to record it. It is simply thier own choice.

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