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New York Real Estate Solutions Inc.
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What We Can Do For You We will review current debts and obligations to get a clear understanding of what is required to be able to afford to stay in your home. Determine what expenses can be cut and what is the actual mortgage payment that you could afford to pay now and in the future. Once we have a "target" payment that will accomplish your goal, verify that your total housing expenses-principle and interest, taxes and insurance do not equal more than 31 to 41% of your gross monthly income. Divide your total monthly housing expenses by your house holds gross (before deductions) income to arrive at this percentage. Adjust the payment if necessary to meet this guideline. We will write a general timeline of the circumstances that caused the financial hardship and use that to explain to your lender why you fell behind, what plans are in place to correct the situation, and to assure them that you are a sincere and motivated homeowner who does not want to lose your home and will not fall behind again if granted a New York Real Estate & Funding Solutions loan modification. We will forward proof on your behalf of your hardship to verify your claims—for example if your hardship is due to medical reasons, provide copies of the medical bills, this will further solidify your claim of financial hardship and help convince your lender. We will take the time to complete your financial statements accurately—make sure to include all of your debts, obligations and income. We will check your credit report and bank statements to verify this information. We will eliminate any unnecessary or frivolous expenses on your new budget- New York Real Estate & Funding Solutions will provide you with Proposed Financial Statement that will be used to demonstrate your new affordable budget to your lender to assure them of your intention to remain current. We will forward to your lender your proof of income, pay check stubs for W2 employees and tax returns for self employed. Also we will send in your most recent bank statements for all accounts, checking, savings and investments. We will make sure that all of the forms are prepared accurately and put it all together into a professional, acceptable New York Real Estate & Funding Solutions loan modification package. We want to present your situation in the best possible light to meet your lenders requirements to get the help you need.
Short Sale If you do qualify for a loan modification and want to avoid foreclosure there is a solution. That solution is a “Short Sale”. In a short sale you do have to show hardship in order for the bank to approve the sale A comparable market analysis is done in order to see the current market value of your home The Bank will consider each offer presented, however, since the Bank is taking a loss, they will take their time with hopes that a higher offer will be presented.
Forbearance Agreement An agreement made between a mortgage lender and delinquent borrower in which the lender agrees not to exercise its legal right to foreclose on a mortgage and the borrower agrees to a mortgage plan that will, over a certain time period, bring the borrower current on his or her payments. A forbearance agreement is not a long-term solution for delinquent borrowers; it is designed for borrowers who have temporary financial problems caused by unforeseen problems such as temporary unemployment or health problems The current homeowner gets the opportunity to get out of a financial dilemma, a clean transaction and a salvaged credit score. Your property is saved from foreclosure, thus helping you to save your credit rating. The lender wins by avoiding timely and costly foreclosure proceedings which could lead to an even more costly expense of ownership of the real estate the by the bank. The buyer of your property wins by getting a solid property at a good market value.
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Dmitry Khorosh