Re: Thank You.

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Posted by Jim V on October 06, 2004 at 00:39:27:

In Reply to: Re: Ameriquest False Documents and Foreclosure posted by yawni on October 05, 2004 at 22:58:43:

yawni,

You hit some very valid points. Many people look for the magic cure, and get exposed to people offering "grants" or "mortgage elimination" as the solution to their problem.

The reality is, when a homeowner starts to fall into the distressed category, real numbers need to be looked at. Current market value of the property needs to be determined. Repairs necessary to bring the the property to that market value need to be established.

Only when that is done, is it possible to explore the true options available to a homeowner in distress. In general terms, if a loan is less than 70-75% of the current market value of the property, there are solutions. When the loan balance is above 80% of the current market value of the property, any "solutions" will usually have some degree of risk, either to the homeowner's credit, or their future financial health.

If a property is owner-occupied, and there is a documentable reason for the default in payments, it is also possible for a distressed homeowner to seek relief from their lender, or a service that assists homeowners in seeking relief. It works if there is justification for the lapse in payments.

I think that's probably more than I've posted at any one time for the past several years. If anyone needs clarification, reply to this message. I'll do my best to respond promptly.

Jim V

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: yawni,



: You hit some very valid points.  Many people look for the magic cure, and get exposed to people offering "grants" or "mortgage elimination" as the solution to their problem.



: The reality is, when a homeowner starts to fall into the distressed category, real numbers need to be looked at.  Current market value of the property needs to be determined.  Repairs necessary to bring the the property to that market value need to be established.



: Only when that is done, is it possible to explore the true options available to a homeowner in distress.  In general terms, if a loan is less than 70-75% of the current market value of the property, there are solutions.  When the loan balance is above 80% of the current market value of the property, any "solutions" will usually have some degree of risk, either to the homeowner's credit, or their future financial health.



: If a property is owner-occupied, and there is a documentable reason for the default in payments, it is also possible for a distressed homeowner to seek relief from their lender, or a service that assists homeowners in seeking relief.  It works if there is justification for the lapse in payments.



: I think that's probably more than I've posted at any one time for the past several years.  If anyone needs clarification, reply to this message.  I'll do my best to respond promptly.



: Jim V





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