New York Real Estate Blog: January 2009

New York State is one of the only states to impose a mortgage tax. It requires that a tax be
paid on any new mortgage that is recorded within the state's boundaries. As a general rule, New York State mortgage tax within the 5 boroughs of New York City range between 1.8% and 2.8% depending on the type of property mortgaged.

New York tax law permits a mortgagor to avoid a second payment of mortgage tax through an assign-
ment of an existing mortgage. This law is typically used in refinance transactions where a homeowner is
taking out a new mortgage. In order to assign the mortgage tax a homeowner must obtain a consolida-
tion, extension and modification of the original mortgage. A consolidation, extension and modification is
achieved by contacting the existing lender and "exchanging" the original note and mortgage for the new
note and mortgage. As long as both the existing lender and the new lender agree to the assignment, the
homeowner can avoid the second payment of mortgage tax. The homeowner is, however, responsible to
pay mortgage tax on any amount above the existing lien on the property or the "new money". This proce-
dure is widely accepted by lenders.

Benefit to the Purchaser

The mortgage tax avoidance through an assignment also applies to purchase transactions. A purchaser
can avoid the payment of New York State mortgage tax by having the seller assign their existing lien to
the new lender. It is not widely practiced and it requires far more comprehensive research, a lot more
work and enough experience in the facilitation of an assignment, but it can and is done. The same "conditions" apply, they're just a little different.

The seller must allow a purchaser to receive this benefit. The seller must authorize their lender to assign the existing lien to the new lender. The existing lender must allow for their loans to be assigned and the new lender must be willing to accept an assigned lien. It is a bit more work, but the benefits for everyone in the transaction are tremendous. The purchaser will pay New York State Mortgage tax on any "new" money that they are mortgaging. "New money" will be the difference between the existing assigned lien and the new mortgage.

 

To find the value of your home with a FREE, over-the-net home HIGHEST Price Analysis, please visit: http://www.newyorkmarketvalue.com/

 

SEARCH over 50,000 homes online for FREE and be the first to know about HOT NEW LISTINGS before other buyers do, please visit http://www.allnylistings.com/

Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. Copyright © 2009 By Vincent Martinez, All Rights Reserved.

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There is a lot of interest in buying bank owned properties these days. A lot of information, some good and some bad, is floating around about the subject.   Often the information offered is for sale, with the promise that you can make a lot of money with little effort once you know "the secret formula".  The fact is that there are no secrets, and to make money does require effort.

REO stands for "Real Estate Owned".  These are properties that have gone through foreclosure and are now owned by the bank or mortgage company.  This is not the same as a property up for foreclosure auction.  When buying a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accumulated during the foreclosure process.  You must also be prepared to pay with cash in hand.  And on top of all that, you'll receive the property 100% "as is".  That could include existing liens and even current occupants that need to be evicted.  A REO, by contrast, is a much "cleaner" and attractive transaction.  The REO property did not find a buyer during foreclosure auction.  The bank now owns it.  The bank will see to the removal of tax liens, evict occupants if needed and generally prepare for the issuance of a title insurance policy to the buyer at closing.  Do be aware that REO's may be exempt from normal disclosure requirements.  In California, for example, banks are exempt from giving a Transfer Disclosure Statement, a document that normally requires sellers to tell you about any defects they are aware of.

It's commonly assumed that any REO must be a bargain and an opportunity for easy money.  This simply isn't true.  You have to be very careful about buying a REO if your intent is to make money off of it.  While it's true that the bank is typically anxious to sell it quickly, they are also strongly motivated to get as much as they can for it.  When considering the value of a REO, you need to look closely at comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale.  The bargains with money making potential exist, and many people do very well buying foreclosures.  But there are also many REO's that are not good buys and not likely to turn a profit. 

Ready to make an offer? Almost all banks are listing their REO's with brokers (about 99.99999% of the time) and we'll work with you in buying a REO property from them.  Typically the REO departments are using a listing agents (like myself) to get their REO properties listed on the local MLS.  Before making your offer, you'll want to contact me and find out as much as you can about the condition of the property and what the process is for putting in offers.  Since banks almost always sell REO properties "as is", you'll want to be sure and include an inspection contingency in your offer that gives you time to check for hidden damage and terminate the offer if you find it.  As with making any offer on real estate, you'll make your offer more attractive if you can include documentation of your ability to pay, such as a pre-approval letter from a lender.  After you've made your offer, you can expect the bank to make a counter offer.  Then it will be up to you to decide whether to accept their counter, or offer a counter to the counter offer.  Realize, you'll be dealing with a process that probably involves multiple people at the bank, and they don't work evenings or weekends.  It's not unusual for the process of offers and counter offers to take days or even weeks.

You can always email me if you have any questions at ProRealtor@verizon.net

 

To find the value of your home with a FREE, over-the-net home HIGHEST Price Analysis, please visit: http://www.newyorkmarketvalue.com/

 

SEARCH over 50,000 homes online for FREE and be the first to know about HOT NEW LISTINGS before other buyers do, please visit http://www.allnylistings.com/

Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. How to buy an REO (Foreclosure) Copyright © 2009 By Vincent Martinez, All Rights Reserved.

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Complete List of The Community Boards of Queens, New York

Many people don't know about Community Boards and the important role they play in improving the quality of life for all of it's residents. Community Boards participate in City Budgets, Land Use planning, Community Advocacy and important issues that could benefit the community. Boards meet once a month and the members address items of concern to the community. Board meetings are open to the public, and a portion of each meeting is reserved for the Board to hear from members of the public (If you have something to say that would benefit the quality of life for the residents in your community THIS IS THE TIME TO SPEAK UP!)

There are a total of 14 Community Districts and Boards in Queens and they serve their neighborhoods as a bridge to the city government. They are as follows:

 

Community Board #1 - provides representation for the neighborhoods of:

• Astoria
• Old Astoria
• Long Island City
• Queensbridge
• Ditmars
• Ravenswood
• Steinway
• Garden Bay
• Woodside

36-01 35th Avenue
Astoria, NY  11106
Phone: (718) (718) 786-3335
Fax: (718) 786-3368

 

Community Board #2 - provides representation for the neighborhoods of:

• Long Island City
• Maspeth
• Woodside
• Sunnyside

43-22 50th Street
Woodside, NY  11377
Phone: (718) 533-8773
Fax: (718) (718) 533-8777

 

Community Board #3 - provides representation for the neighborhoods of:

• Jackson Heights
• East Elmhurst
• North Corona
• La Guardia Airport

82-11 37th Avenue, Suite 606
Jackson Heights, NY 11372
Phone: (718) 458-4703
Fax: (718) 488-5117
 

 

Community Board #4 - provides representation for the neighborhoods of:

• Elmhurst
• Corona
• Roosevelt Avenue
• Lefrak City
• Queens Center Mall
• Flushing Meadows-Corona Park

104-03 Corona Avenue
Corona, NY
Phone: (718) 760-3141
Fax: (718) 760-5971

 

Community Board #5 - provides representation for the neighborhoods of:

• Ridgewood
• Glendale
• Middle Village
• Maspeth
• South Elmhurst
• Liberty Park
  

61-23 Myrtle Avenue
Glendale, NY 11358
Phone: (718) 366-1834
Fax: (718) 417-5799

 

Community Board #6 - provides representation for the neighborhoods of:

• Forest Hills
• Rego Park
  

73-05 Yellowstone Boulevard
Forest Hills, New York 11375
(718) 263-9250 
Fax: (718) 263-2211
 

 

Community Board #7 - provides representation for the neighborhoods of:

• Flushing
• College Point
• Whitestone
• Bay Terrace
• Malba
• Beechhurst
• Bayside
• Queensboro Hill
• Willets Point
  

133-32 41st Road, Suite 3B
Flushing, New York 11355
(718) 359-2800
Fax: (718) 463-3891

 

Community Board #8 - provides representation for the neighborhoods of:

• Briarwood
• Flushing South
• Fresh Meadows
• Hillcrest
• Holliswood
• Jamaica Estates
• Jamaica Hills
• Kew Gardens Hills
• Utopia
• West Cunningham Park

197-15 Hillside Avenue
Hollis, New York 11423
(718) 264-7895
Fax: (718) 264-7910

 

Community Board #9 - provides representation for the neighborhoods of:

• Kew Gardens
• Richmond Hill
• Woodhaven
• Ozone Park

120-55 Queens Boulevard, Room 310-A
Kew Gardens, New York 11424
(718) 286-2686
Fax: (718) 286-2685

 

Community Board #10 - provides representation for the neighborhoods of:

• Ozone Park
• South Ozone Park
• Lindenwood
• Howard Beach
• South Richmond Hill
• Rockwood Park

115-01 Lefferts Boulevard
South Ozone Park, New York 11420
(718) 843-4488
Fax: (718) 738-1184

 

Community Board #11 - provides representation for the neighborhoods of:

• Auburndale
• Bayside
• Douglaston
• Hollis Hills
• Little Neck
• Oakland Gardens
• East Flushing

46-21 Little Neck Parkway
Little Neck, NY  11362
(718) 225-1054
Fax: (718) 225-4514

 

Community Board #12 - provides representation for the neighborhoods of:

• Jamaica
• South Jamaica
• South Ozone Park
• Hollis
• St. Albans
• North Springfield Gardens.
• Addesleigh Park
• Springfield Gardens
  

90-28 161st Street
Jamaica, New York 11432
(718) 658-3308
Fax: (718) 739-6997

 

Community Board #13 - provides representation for the neighborhoods of:

• Bellerose
• Brookville
• Cambria Heights
• Floral Park
• Glen Oaks
• Laurelton
• Queens Village
• Rosedale
• Springfield Gardens
• Bellaire
• New Hyde Park

219-41 Jamaica Avenue
Queens Village, NY 11428
Phone: (718) 464-9700
Fax: (718) 464-7333

 

Community Board #14 - provides representation for the neighborhoods of:

• Arverne
• Bayswater
• Belle Harbor
• Breezy Point
• Broad Channel
• Edgemere
• Far Rockaway
• Hammels
• Neponsit
• Rockaway
• Rockway Beach
• Rockaway Park
• Rockaway Point
• Roxbury
• Seaside
• Sommerville
• Wavercrest
  

1931 Mott Avenue
Far Rockaway, NY 11691
Phone: (718) 471-7300
Fax: (718) 868-2657

Well there you go... I compiled this complete list of Community Boards including their service areas, address and phone numbers. Should you have any questions concerning community oriented matters please make sure you pick up the phone and voice your opinions and request.

I truly hope that this information you have just come across can help to improve the issues that are affecting you and your community.

To find the value of your home with a FREE, over-the-net home eval, please visit: http://www.newyorkmarketvalue.com/

SEARCH over 50,000 homes online for FREE and be the first to know about HOT NEW LISTINGS before other buyers do, please visit http://www.allnylistings.com/

Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. Copyright © 2009 By Vincent Martinez, All Rights Reserved.

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A Loan Modification Can Save Your Home

Take advantage of this unprecedented opportunity to renegotiate your loan with your lender while it lasts.

Speak to a professional advisor to learn your options.

Do any of these situations apply to you:

• Loss of income?
• Loss of home value?
• In an ARM?
• Behind on payments?
• Bad Credit?

If so, then you may be a candidate for a loan modification.

What is Loan Modification? A Loan Modification is a reduction in one or more of the following:

• Interest Rate
• Principal Balance
• Penalties on your current home loan

 

To find the value of your home with a FREE, over-the-net home HIGHEST Price Analysis, please visit: http://www.newyorkmarketvalue.com/

 

SEARCH over 50,000 homes online for FREE and be the first to know about HOT NEW LISTINGS before other buyers do, please visit http://www.allnylistings.com/

Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. A Loan Modification Can Save Your Home Copyright © 2009 By Vincent Martinez, All Rights Reserved.

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The housing market has hit bottom - The recovery has started!

The tide has turned and the start of the next upwards sales cycle has begun! Once you realize people from other countries are now investing in US properties you'll see it too! Sure it may take a little bit for the average American to recognize it, and of course, it may take time for it to get to all US cities - but the tide has turned!

Although things may get worse before they get better the action on rates by the Feds (you have our new president to thank for that)- the decrease in interest rates - the subsidizing to help mortgages to stay in place (loan modification info click here) - with more to come too - and it spells recuperation!

Now it is your time to turn the tide in your own point of view, your own outlook, and get out there before it's too late!

To find the value of your home with a FREE, over-the-net home HIGHEST Price Analysis, please visit: http://www.newyorkmarketvalue.com/

 

SEARCH over 50,000 homes online for FREE and be the first to know about HOT NEW LISTINGS before other buyers do, please visit http://www.allnylistings.com/

Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. The housing market has hit bottom - The recovery has started! Copyright © 2009 By Vincent Martinez, All Rights Reserved.

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Want to have MLS access in Queens, Brooklyn, and LI NY to beat other buyers to your dream home? Check out this site I sponsor http://www.AllNYlistings.com it will take all the guesswork out of finding the right home for you.

 

Search over 50,000 homes online and get FREE DAILY UPDATES of the newest properties to hit the market, all meeting YOUR SEARCH CRITERIA.... http://www.AllNYlistings.com <------ Check it out.

 

You probably haven't heard of this type of mortgage, have you? Well you're not alone. It may come as a total shock to you that 100 year mortgages are already being used!!! Not here in US (yet) however, it is not very uncommon in other parts of the world, mainly Europe and some parts of Asia.

Taking into consideration the startling financial direction the US is presently on I would realistically expect that the government will (in the very near future) provide 100 year loans as yet another answer to save the current housing situation.

 

To find the value of your home with a FREE, over-the-net home HIGHEST Price Analysis, please visit: http://www.newyorkmarketvalue.com/

 

SEARCH over 50,000 homes online for FREE and be the first to know about HOT NEW LISTINGS before other buyers do, please visit http://www.allnylistings.com/

Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. Hundred Year Mortgages... At Zero Percent??? Copyright © 2009 By Vincent Martinez, All Rights Reserved.

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Rates Are At A Record Low - Answer to: What Happens If The Lock In Period Runs Out?

This post is in response to a question I just received. The question is - "What happens if the lock in period runs out? Do I have to start all over and I will I lose my money? Let's start by looking at the process from beginning to end in a few brief steps.

The majority of mortgage lenders will make available lock-in cycles of 30-60 days. A number of lenders will only have brief lock-in periods (in the state of NY you will need 45 days minimum so make sure it is 45 days or more). And others will put forward a longer lock-in time (anticipate higher costs for more time on your lock-in period).

As I briefly stated above the lock-in period must be long enough for the loan authorization course of action and to permit for any other contingencies or unforeseen events that may holdup the closing.

If anything out of the blue occurs to put a stop to the loan from settling before the last day of the lock-in period (whether it's brought about by you or anyone else involved in the process - including your lender), you will suffer the loss of the interest rate and points that were locked. Existing interest rates and points are more often than not charged under these conditions.

Note: This is extremely important!!! Ask your lender prior to you lock-in - what interest rates and points will be your expense if the loan is not closed and the lock-in period runs out.

I hope this answered your question, gave you the peace of mind you need, and help you to move forward with your plans.

 

To find the value of your home with a FREE, over-the-net home HIGHEST Price Analysis, please visit: http://www.newyorkmarketvalue.com/

 

SEARCH over 50,000 homes online for FREE and be the first to know about HOT NEW LISTINGS before other buyers do, please visit http://www.allnylistings.com/

Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. Rates Are At A Record Low - Answer to: What Happens If The Lock In Period Runs Out? Copyright © 2009 By Vincent Martinez, All Rights Reserved.

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Rates Are At A Record Low - The Cost Of The Rate Lock In

It is not uncommon for a mortgage lender to charge an upfront fee for locking-in an interest rate and points. This cost will differ considering the amount of time you'll want the lock-in period to be.

The charge may be asked for when you lock-in the rate (and is on the odd occasion refundable if you abandon your submission, if your credit is denied or if you do not close for any reason whatsoever) or it may be incorporated or built-in your closing costs. The amount will vary among lenders.

 

To find the value of your home with a FREE, over-the-net home HIGHEST Price Analysis, please visit: http://www.newyorkmarketvalue.com/

 

SEARCH over 50,000 homes online for FREE and be the first to know about HOT NEW LISTINGS before other buyers do, please visit http://www.allnylistings.com/

Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. Rates Are At A Record Low - The Cost Of The Rate Lock In Copyright © 2009 By Vincent Martinez, All Rights Reserved.

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Rates Are At A Record Low - Do You Know About Lock In Options?

The following lock-in options are very customary amongst lending institutions. Remember, I am not a mortgage broker and I am not empowered to give loans. Be sure to inquire to the mortgage lenders you are interviewing which lock-in options they recommend and make available.

• Floating interest rates and floating points.
  This gives you the opportunity to lock-in the rate between presenting the application and closing. This option can be a real gamble if interest rates and points go up and may not be best for a homebuyer with a tight budget.
• Lock-in interest rates and points.
  This will give you a clear picture of how much your monthly mortgage investment will be. Neither your interest rate nor points will rise during the lock-in period. This safeguards you against escalating market conditions. (This is the type of loan I always opt in for my own home loans).
• Lock-in interest rates and floating points.
  Your interest rate is locked-in and will not change for the lock-in period, while your points may go up or go down with current market situations. With this alternative, your lender may agree to lock-in the points at the existing market condition between submitting the loan request and closing. 

 

To find the value of your home with a FREE, over-the-net home HIGHEST Price Analysis, please visit: http://www.newyorkmarketvalue.com/

 

SEARCH over 50,000 homes online for FREE and be the first to know about HOT NEW LISTINGS before other buyers do, please visit http://www.allnylistings.com/

Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. Rates Are At A Record Low - Do You Know About Lock In Options? Copyright © 2009 By Vincent Martinez, All Rights Reserved.

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I have to be straight with all of you - I'm not into politics... and even if I were I don't think I would post anything concerning my political views.

One thing I can say about this video is that the message is VERY POWERFUL. Over the past several months Barack (yes we're on first name basis) has proposed a solution that will help homeowners, in danger of losing their properties, stay in their homes. In my opinion this is something that could have been offered long ago to countless families that have already fallen victims to the 'foreclosure outbreak'.

If you're not one of the 15 million people that have already heard it - then check out the video below.

I PRESENT TO YOU THE 'LOAN MODIFICATION' PRESIDENT!!!

 

 

To find the value of your home with a FREE, over-the-net home HIGHEST Price Analysis, please visit: http://www.newyorkmarketvalue.com/

SEARCH over 50,000 homes online for FREE and be the first to know about HOT NEW LISTINGS before other buyers do, please visit http://www.allnylistings.com/

 

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YOUR LOAN MODIFICATION - What leverage do you have for a successful outcome?

The first thing you'll want to do is look thru the 10 most common concerns, and NOT attempt to start negotiating with the bank/lender, until you read these.

Over the past few weeks I've broken every question below into short posts so that you can go straight to the one, two, or three (or all) questions that you might have. This will give you the edge you need when talking to your bank/lender.

1 - What exactly is a loan modification?

2 - Will my bank include late fees in my Loan Modification?

3 - Can anyone qualify for a loan modification?

4 - Will a loan modification stop my foreclosure?

5 - What is a standard Hardship situation?

6 - Can my missed payments be added back into my new loan modification?

7 - Will the bank stipulate an interior examination of the property condition?

8 - Do I have to be presently behind on my payments to qualify for a loan modification?

9 - Should I do a loan modification by myself or is it better I hire a professional to represent me?

10 - What do I do first in order to begin to modify my loan right away?

 

Many believe their mortgage problems are their own fault. The FACT IS a large majority of the time THE LENDER IS AT FAULT and as a result the law is on your side. Let us help you, the consultation is FREE. Call me at 646-294-2561 or email me at ProRealtor@verizon.net 

 

To find the value of your home with a FREE, over-the-net home HIGHEST Price Analysis, please visit: http://www.newyorkmarketvalue.com/

 

SEARCH over 50,000 homes online for FREE and be the first to know about HOT NEW LISTINGS before other buyers do, please visit http://www.allnylistings.com/

Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. YOUR LOAN MODIFICATION - What leverage do you have for a successful outcome? Copyright © 2008 By Vincent Martinez, All Rights Reserved.

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Loan Modification Q&A - Top 10 Questions Answered- Question #10 - What do I do first in order to begin to modify my loan right away?

Previous to making contact with your bank or my loan mod company, do your research and learn as much as you can about the loan modification procedure so you can make knowledgeable decisions.

Make sure to have a valid documented reason for being behind on your mortgage.

Here are a few:

• loss of employment
• loss of (or reduced) income
• recent divorce
• health issues and/or excessive medical bills
• excessive debt
• death of a spouse, family member, or co-income generator
• increase of monthly payment obligations
• loss or failure of business
• property damage
• incarceration
• inability to refinance for any reason

Next, put the package together for the bank's loss mitigation department to review (they will let you know immediately that they reserve the righ to deny your application).

The package consist of:

• your hardship letter (the reason[s] stated above)
• Income and Expenses Worksheet
• Schedule of Real Estate Owned
• Statement of Fair Market Value (supplied by your Realtor) 
• last 2 yrs tax returns
• last 2yrs W-2's
• last 2-3 paycheck stubs
• if self employed Income & Expenses Statement
• last 3 months bank statements
• copies of listing agreement (if the property was on the market)
• documents of any other sources of income
  • rental agreements
  • social security benefits
  • stocks
  • retirement funds 

For assistance in quickly putting your package together (we can do this in no time for you) call me at 646-294-2561 or email at ProRealtor@verizon.net

 

To find the value of your home with a FREE, over-the-net home HIGHEST Price Analysis, please visit: http://www.newyorkmarketvalue.com/

 

SEARCH over 50,000 homes online for FREE and be the first to know about HOT NEW LISTINGS before other buyers do, please visit http://www.allnylistings.com/

Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. Copyright © 2008 By Vincent Martinez, Loan Modification Q&A - Top 10 Questions Answered- Question #10 - What do I do first in order to begin to modify my loan right away? All Rights Reserved.

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Loan Modification Q&A - Top 10 Questions Answered- Question #9 - Should I do a loan modification by myself or is it better I hire a professional to represent me?

It's entirely on you and your level of comfort with speaking with your bank/lender about your loan. Another important factor is your existing monetary condition as loan modification companies call for a large upfront fee. No matter what you decide, the primary thing you must do is discover all you can about the course of action, your legal rights, and what it takes to get your application accepted.

This is something we can help you with for Free. Email me at ProRealtor@verizon.net or call me directly at 646-294-2561 for an indepth look at your situation no obligation advice on what you need to know.

In case you missed the previous article Question #8 - Do I have to be presently behind on my payments to qualify for a loan modification?  click here

 

 

To find the value of your home with a FREE, over-the-net home HIGHEST Price Analysis, please visit: http://www.newyorkmarketvalue.com/

 

SEARCH over 50,000 homes online for FREE and be the first to know about HOT NEW LISTINGS before other buyers do, please visit http://www.allnylistings.com/

Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. Copyright © 2008 By Vincent Martinez, Loan Modification Q&A - Top 10 Questions Answered- Question #9 - Should I do a loan modification by myself or is it better I hire a professional to represent me? All Rights Reserved.

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Loan Modification Q&A - Top 10 Questions Answered- Question #8 - Do I have to be presently behind on my payments to qualify for a loan modification?

Most banks/lenders are presently accepting applications from home-owners who are not currently behind on their payments. If the home-owner is able to prove to their bank/lender that due to just round the corner interest rate increases they will no longer be capable paying for the loan under the terms of their agreement. There are several other reasons the bank would be willing to do a lon modification.

It is worthwhile to contact your bank/lender as soon as possible regardless if you are delinquent or not. We can assist you in taking the first step (and throughout the entire process) in order to help you avoid the impending rate increase. Email me at ProRealtor@verizon.net or call me directly at 646-294-2561 to get started before the your interest rate re-sets.

In case you missed the previous article Question #7 - Will the bank stipulate an interior examination of the property condition? click here

 

To find the value of your home with a FREE, over-the-net home HIGHEST Price Analysis, please visit: http://www.newyorkmarketvalue.com/

 

SEARCH over 50,000 homes online for FREE and be the first to know about HOT NEW LISTINGS before other buyers do, please visit http://www.allnylistings.com/

Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. Copyright © 2008 By Vincent Martinez, Loan Modification Q&A - Top 10 Questions Answered- Question #8 - Do I have to be presently behind on my payments to qualify for a loan modification? All Rights Reserved.

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Loan Modification Q&A - Top 10 Questions Answered- Question #7 - Will the bank stipulate an interior examination of the property condition? 

Yes, your bank/lender may carry out any re-evaluations it believes necessary. The reason they do this is to confirm that the property does not have physical conditions which might negatively affect the value of your property. Your bank/lender will be extra cautios when they get to this stage of your loan modification and may even hire out what are known as BPO's (Broker Price Opinions) or perhaps send out their own independent bank appraisers. In some cases they may do both.

We will be happy to help you determine, Not only the value of your home or property in today's market, but also if a shortsale or loan modification is right for you. Call me directly at 646-294-2561 or email me ProRealtor@verizon.net   

In case you missed the previous article Question #6 -  Can my missed payments be added back into my new loan modification? click here

 

To find the value of your home with a FREE, over-the-net home HIGHEST Price Analysis, please visit: http://www.newyorkmarketvalue.com/

 

SEARCH over 50,000 homes online for FREE and be the first to know about HOT NEW LISTINGS before other buyers do, please visit http://www.allnylistings.com/

Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. Copyright © 2008 By Vincent Martinez, Loan Modification Q&A - Top 10 Questions Answered- Question #7 - Will the bank stipulate an interior examination of the property condition? All Rights Reserved.

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Loan Modification Q&A - Top 10 Questions Answered- Question #6 - Can my missed payments be added back into my new loan modification?

Absolutely, the amount overdue can be added to the new loan total and stretched out over the duration of your loan to allow it  to be brought current.

Let's take a closer look at why they would be willing to do that -- When your bank/lender modifies your debt it is not considered bad debt. They can now remove this amount from their treasury. They can use that money to lend out and can begin securing interest on it. It also has an impact on their financial statements for their shareholders. The lesser the figure of bad debt they have, the more costly their stock will be. So it makes perfect sense for them move your missed payments and add them to the back of your loan.

The banks will go so far as to offer you better terms on your loan by stretching out the payments. It is very possible to see in 2009 - 100 year mortgages!!!

If you need further assistance or would a private consultation of all of the other factors involved in the Loan Modification call me at 646-294-2561 or email ProRealtor@verizon.net

In case you missed the previous article Question #5 - What is a standard Hardship situation? click here 

P.S. If I was doing a loan modifaction for myself... I'd attempt to get the amount in arrears wiped off the books. If you want to know more about this call or email me.

 

To find the value of your home with a FREE, over-the-net home HIGHEST Price Analysis, please visit: http://www.newyorkmarketvalue.com/

 

SEARCH over 50,000 homes online for FREE and be the first to know about HOT NEW LISTINGS before other buyers do, please visit http://www.allnylistings.com/

Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. Copyright © 2008 By Vincent Martinez, Loan Modification Q&A - Top 10 Questions Answered- Question #6 - Can my missed payments be added back into my new loan modification?  All Rights Reserved.

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