Offsites News Letter
Offsite Realty’s Newsletter
LOAN MODIFICATIONS
Offsite Realty has started a new division for Loan Modifications. This part of the business has always been here for us, but only for our investors and previous clients. With the drive for refinancing because of the rate drops we have decided to start a seperate division for this. An overwhelming repsponse by other Real Estate companies, Real Estate agents, Mortgage bankers and the general public has made this division a success thus far. With offices in 3 states we hope to achieve what refinancing cannot acheive anymore and in half the time:
1. Interest Rate Reductions
2. Conversion to Fixed Rate Loan
3. Resolution of Past Due Amounts
The push by Congress and President Obama to have lenders modify the loans that are currenlty out there (ARMS, I/O, Option ARMS, Jumbo Loans) has made this the only way to get things done and the banks are listening to what is going on out there....finally. The property value has not been there for the last year and with multiple appraisals needed to do a refinance we have found that doing a loan modification can and has acheived the same thing. If you want cash out of your property 80% LTV a minimum of 2 appraisals is needed. The cost of these 2 appriasals has risen to nearly $500/appraisal and the appraisals are not even guaranteed anymore.
With all this being said, it has come to our attention that Loan Modifications will be the way business is done for a while, at least until value is established in suburbs, developments and throughtout. Right now the foreclosure rate is so high in too many areas to make a value acceptable to these banks and lenders. Most areas are declining markets or will become declining markets. Our society has to adapt, maintain and perservere through these extremely tough times and evaluate the way business is conducted from this day forward.
The average refinance time right now is 6 - 8 weeks and the average loan modification time is 4 - 6 weeks. Loan mofications are faster, more effecient and can be done in all 50 states. If you want more information on Loan Modifications please contact us directly via phone or email or click the Loan Modification Link at the top of our front page or search your local commerce departments website for regulations and rules regarding loan modifications in your area. Be weary of fraudulent companies and loan modification scams in your area. These companies can be searched on your Department of Commerce websites to make sure they are in good standing order and legal.
Thanks for reading and hope to hear from everyone.
