stopping foreclosure: Foreclosure Help In The Five Boroughs Of NYC - 02/22/09 11:01 PM
Foreclosure Help In The Five Boroughs Of NYC
It's a simple truth that today's real estate marketplace is nothing like any we have seen in the past. It is at this point more vital than ever to work with experienced professionals that understand how to navigate today's dangerous waters. The intention of this post is to inform you about the options you have as you are already in pre-foreclosure or may be heading towards a notice of default.
Prudential Douglas Elliman Real Estate is a full service real estate company specializing in every aspect of Real Estate and Short Sale … (2 comments)

stopping foreclosure: A Loan Modification Can Save Your Home - 01/25/09 02:10 AM
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 … (0 comments)

stopping foreclosure: YOUR LOAN MODIFICATION - What leverage do you have for a successful outcome? - 01/09/09 12:48 PM
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 … (0 comments)

stopping foreclosure: 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? - 01/04/09 11:16 PM
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 … (0 comments)

stopping foreclosure: 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? - 01/04/09 04:40 PM
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 … (0 comments)

stopping foreclosure: 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? - 01/04/09 10:19 AM
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 … (0 comments)

stopping foreclosure: Loan Modification Q&A - Top 10 Questions Answered– Question #7 - Will the bank stipulate an interior examination of the property condition? - 01/03/09 05:25 PM
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 … (0 comments)

stopping foreclosure: Loan Modification Q&A - Top 10 Questions Answered– Question #6 - Can my missed payments be added back into my new loan modification? - 01/02/09 10:31 AM
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. … (0 comments)

stopping foreclosure: Loan Modification Q&A - Top 10 Questions Answered– Question #5 - What is a standard Hardship situation? - 12/30/08 10:29 PM
Loan Modification Q&A - Top 10 Questions Answered- Question #5 - What is a standard Hardship situation?
Every homeowner will without a doubt have a distinctive set of conditions that set off a domino effect and caused them to get behind on their home mortgage, but in general the lenders consider:
loss of income death of spouse divorce/separation illness of owner or co borrower (spouse or immediate family) job relocation military service These are the most common and acceptable reasons your bank/lender will consider a loan modification. A compelling hardship letter (have one handwritten in your language if you don't speak much … (0 comments)

stopping foreclosure: The Next Wave Of Default Properties - It's About To Begin!!! Watch The Video! - 12/30/08 07:40 AM
The Next Wave Of Default Properties - It's About To Begin!!! Watch The Video!
It's coming... it's inevitable and according to the experts we've just seen the tip of the iceberg in 2008! The next five or six years things are going to get real serious. Alt A's and Option ARMs are about to reset through out the country. Chances are you've never heard of these but just cause you've never heard of them doesn't mean that it won't affect you personally.
What does this mean? Well, for starters if you have one of these then you need to act NOW!!! … (2 comments)

stopping foreclosure: Loan Modification Q&A - Top 10 Questions Answered– Question #4 - Will a loan modification stop my foreclosure? - 12/27/08 07:36 AM
Loan Modification Q&A - Top 10 Questions Answered- Question #4 - Will a loan modification stop my foreclosure?
Yes, however you must understand that there are several factors that the bank will take into consideration before agreeing to stop the foreclosure procedure.
Let's take a closer look at so fo the factors involved:
Equity in the property - Should they consider you for a modification knowing that you have other options of satisfying your debt with them? If you've your home in the last couple of years then you will more than likely be able to proceed to the next step.
(1 comments)

stopping foreclosure: Loan Modification Q&A - Top 10 Questions Answered– Question #2 - Will my bank include late fees in my Loan Modification? - 12/26/08 03:52 PM
Loan Modification Q&A - Top 10 Questions Answered- Question #2 - Will my bank include late fees in my Loan Modification? 
The banks know that when they are dealing directly with the homeowner they have a huge advantage over them. They may decide to give you a take it or leave it solution. Don't take it! I wouldn't!!!
Why shouldn't you accept it? Well, what you should know is that the late charges that have built up should be disregarded by the bank (or lender) at the time of the loan workout.
Please Note: This can vary depending on the nature … (2 comments)

stopping foreclosure: Loan Modification Q&A - Top 10 Questions Answered– Question #1 - What exactly is a loan modification? - 12/25/08 01:45 PM
Loan Modification Q&A - Top 10 Questions Answered- Question #1 - What exactly is a loan modification? 
The loan modification procedure can be trying and confusing for countless of tormented homeowners. So let's get right to it. A loan modification is a permanent alteration (yes... it's permanent if you know how to do it properly) in one or more conditions of a mortgagor's home loan, allowing the loan to be reestablished. By going about the right way it results in a payment the homeowner can manage to pay for.
A word of caution - I've counseled several home owners that were … (0 comments)

stopping foreclosure: Stopping Foreclosure - Option #3 - 12/22/08 12:10 AM
The third solution towards stopping foreclosure I would have to say is hire a Realtor with experience in doing short sales.
Not every Realtor can assist you in stopping foreclosure.
I'm not going to knock them, however, you must realize that some licensees are weekend Realtors and some even part timers. They have other responsibilties during the week. Interview your Realtor, afterall, if they don't have the time to see it through you will eventually be foreclosed upon.
Another reason you don't want to start a short sale is there are other solutions. A loan Modification for example. If you missed … (2 comments)

 
Vicente A. Martinez, Realtor, Brooklyn - Long Island - Queens  Homes (Prudential Douglas Elliman Licensed Real Estate Salesperson)

Vicente A. Martinez

Realtor, Brooklyn - Long Island - Queens Homes

Woodhaven, NY

More about me…

Prudential Douglas Elliman Licensed Real Estate Salesperson

Address: 209-18 Northern Blvd., Bayside, NY, 11361

Mobile: (646) 294-2561

Office: (718) 670-0927

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