All Forum Posts by: Corinne Faivre

Hi Carolina, thanks for the reply and the info! BofA are pretty tough to deal with and the condo is so upside down that it is tricky to find a way out! Thanks!!!

Hi everyone! I need a little guidance with an investment condo that is underwater in FL.

The loan has an adjustable rate so it is currently breaking even. The rate will adjust in june 2014. The condo is in FC with sale date of March 20th 2014.

150k loan + 28K in arrears with bank + @ 4 K in arrears with HOA.

The condo is worth @ 50K -55K

The bank will do a in house modification to extand the loan and maybe fixe the interest rate to 3 or 4 %.

What are your recommendations?! Pursue a short sale while still permits or a loan modification?

Can you recommand a short sale expert in Orlando?

I appreciate all feedbacks and comments! Thank you...

thank you! It is what I am afraid of! If she can get the loan mod done why not get paid as we go or once the work is done?! I am being cautious

Hello Robert!,

Thank you for the prompt reply!

This company is based in San Diego but are available all over the country. You can order a software for $99 to obtain your personal key, meaning the exact amount required to qualify for a loan modification if the property is your primary residence. Complete package, forms, etc....

For $1500 they will submit your package to the lender and handle all communications as well as figuring out the perfect balance between income and expense to qualify for an interest reduction and possibly a principal reduction on investent property! She claims that she has been able to obtain principal reduction from BofA on investment properties in the past and has provided copies of approved loan mod!

I wonder if I should risk the $1500 as a last resort before trying a short sale as my next step?

I always I appreciate all feedbacks and suggestions :)

Has anyone out there ever heard of the company Loan Lodification Key?

Have you worked with them and how was your experience?

Has anyone received a principal reduction on an investment property?

I appreciate all feedbacks! Thank you

Thank you for these feedbacks! It is very helpful! The article on deficiency judgement is an eye opener!

Hi Karen, thank you so very much for the feedbacks however I did no mention that I live in NY but the condo is in Florida! Can the second mortgage really sue the homeowner or iscit just threats??? Thanks

Here is the scenario. The condo has a first mortgage for 156k with BofA and a second for 29k with Green
Tree. The loans are baked by Freddie Mac. The condo is only worth 50k at best and is rented for $895. PITi is @ $1200 per month.The Hoa is $395.
it is seriously underwater and in foreclosure for 2 years already. The loan mod has been denied and BofA is giving the homeowner the run around.
The second mortgage and the HOA are threatening the home owner to sue for unpaid balances!
What to do???? Pay the 5k and bring the Hoa current, negotiate the second mortgage for a lesser payoff,
Keep pushing forward for a loan mod on the first mortgage????? Short sale? L/O options to someone with poor credit???? What are your recommendations to get out of this mess? Thank you for any suggestions

Hi, could someone recommend a title company or closing attorney that is investor friendly and is familiar with various creativestrategies in NY and NJ?
Thank you