The Network has a documented record of success in matching owners with professionals that utilize all options and strategies. Our mission to do all that can be done to help you accomplish your desired outcome. Stop a sale, defend a foreclosure, find a way to work it out with the bank, short sell or bankruptcy as a last resort. Our team looks at each file as a long term process, and advocates credit repair and rebuilding from day one. You CAN apply for a mortgage with our mortgage partners one day out of foreclosure or short sale. So preemptive work is always in the works if that is the direction you want to go in.
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Your Loan Mod Was Denied…Now What?
Was Your Ratio Correct?
If you believe you were eligible for a loan modification, but didn’t know your DTI (debt to income ratio) or NPV and the optimal way to structure these ratios for your lender, then you were setting yourself up for failure from the get-go. If you’re unsure about how to structure these figures, then it’s best for you to hand your loan modification over to a negotiator who can handle the process for you. An experienced loan modification representative can help you restructure the way your financial situation is presented to give you your best chance at a great loan modification.
A loan modification is different from a refinance. When you take a loan modification, you change the terms of your loan directly through your lender. Most lenders agree to modifications only if you’re at immediate risk of foreclosure. A loan modification can also help you change the terms of your loan if your home loan is underwater. Contact your lender if you think you qualify for a modification.
On the other hand, a refinance replaces your existing mortgage with a new loan. When you refinance, you can change your loan’s term, your interest rate and even your loan type. You can also take cash out of your equity with a cash-out refinance. To get a refinance, you’ll go through an application process that’s similar to the process you went through to buy your home.
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- Age of credit is 15% of your credit score and considers both the age of your oldest account and the average age of all your accounts. Having an “older” credit age is better for your credit score because it shows that you have a lot of experience handling credit.
- We at Distressed Property Solutions Network have been actively involved with short sales for over 10 years now and in this time have assisted countless homeowners in avoiding foreclosure using our Trademarked “Lock Squared” Program.