Will Re-Amortization Stop Short?
If owner of a home goes into foreclosure and then does a re-amortization agreement with lender to save the trustee sale is there still opportunitty for a short sale?
If owner of a home goes into foreclosure and then does a re-amortization agreement with lender to save the trustee sale is there still opportunitty for a short sale?
If the Borrowers default to the reamortization schedule, it will confirm the need for a short sale....
But if the reamortization plan is in good standing... the mortgagee will want to know where is the hardship.... thinking they alleviated the hardship by reamortizing the loan.
SSP,
Almost everyone I work with that has gone through a re-ammoritiazation has their paymetns increase by at least 50%. This alone makes them want to sell their house.
Any advice on approaching banks after a reammoritaization?
A
Can you give me ONE example of a mortgage that has been reamortized for the benefit of a mortgagor that has resulted in a 50% increase in payment?
Just one.