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What are the best ways to handle loan modification for a commercial real estate loan in California

Posted on: 27th Jan, 2025 03:24 am
Handling a loan modification for a commercial real estate loan requires a clear understanding of the process and the lender's requirements. Here's a general approach

Assess Your Financial Situation: Before approaching your lender, review your finances to determine how much flexibility you need.
Communicate with Your Lender: Transparency about your financial hardship and future plans can make a significant difference.
Prepare the Necessary Documentation: Gather documents like financial statements, tax returns, and proof of hardship.
Explore Loan Modification Programs: Many lenders offer tailored programs depending on your circumstances.

If you’re dealing with challenges like hard money loans in California, it’s important to work with experts who understand local regulations. For more detailed insights, including eligibility criteria and benefits, check out this resource

Second mortgage position wants to take a DIL what happens to the first

Posted on: 23rd Jul, 2022 01:33 pm
Hello, I have a unique situation where I am about to foreclose, I have two liens on my mortgage, and the second one wants to take a Deed in Lieu. The second is owed $400k and the first is owed $170k, with a property value of around $500k. I am curious if I should proceed with the DIL to the second and what happens with the first position?

Loan Mod approved and accepted then mortgage sold to another lender

Posted on: 06th Dec, 2021 01:01 pm
I didn't accept first loan mod because they were taking me back to orig loan amount without applying payments. After much discussion they reworked the loan mod and we accepted it. However, after everything was signed and sealed, they sold loan to another lender 8/2021 however they have not sent the full records to new lender. We are making payments that are being applied to a suspense account (over a yr now) and they are waiting for the original doc from old lender. I've sent a copy of the recorded loan mod but they say they need the orig. In the mean time, there has been no correction on my loan amount, rate or monthly payment. Its like my file has gone to the black hole of no one knows what to do. How can I speed this process a long? By the way this is a VA loan.

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principal curtailment applied to interest

Posted on: 29th Jan, 2021 07:49 am
I have been paying $200 extra to help pay down the principal. The monthly statement lists the $200 as principal curtailment but in the detail I see that only $198.14 was applied to the principal and the balance of $1.86 was applied to the interest. Is this a common practice? Is it legal?

Short term disability

Posted on: 27th May, 2020 01:43 pm
I’ve been on short term for around three months and my wife has been unemployed due to covid19 since that all started. She’s back to work and my situation hasn’t changed. Our credit is great like 700 plus, and we have loads of equity. Our current interest is around 3.9 I think. Does our employment situation eliminate any chances of getting our rates/pmts lower?

Moore Marsden Rule - What if the value of the house is less than the purchase price when the marriage occurred?

Posted on: 10th Feb, 2020 02:58 pm
Purchased the house in 2003 for $319,000. Put down $17,000 on my own. Value of the house at marriage was $266,000, so less than what was purchased for. No principle payments were made until a few years after marriage, $34,974. Value at time of separation is $495,000. Does that mean she is entitled to more, than had the house been worth more then the purchase price at the time of marriage? When I do the calculations online, it will not allow me to put an amount less than the purchase price for the value at the time of marriage. Does this question even make sense?
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