To avoid a foreclosure the bank offered this a short sale or deed in lieu of foreclosure or streamline modification this is a trail period payment plan of 3 months paying each month.Has any one hard of this & can someone give feed back on the stream line modification. thanks
Not sure if it's good or bad. I heard the banks are moving away from foreclosure. A deed in lieu of foreclosure means they don't have to go through a foreclosure to get the deed when the owner screws up making payments on the modification. They will already have the deed. That's my limited understanding of it.
I don't really find much on the subject, but I know you have to be very delinquent for them to offer this. I would google and see what all you can dig up about the process.
that a streamline modification was a way to refinance a house that is underwater, and homeowners don't have to show any documentation...
a friend of mine did one about two years ago, and she said it was very easy and beneficial; her mortgage rate was reduced; hence her payment was reduced, and it made it easy for her to stay in her home.
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Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
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To avoid a foreclosure the bank offered this a short sale or deed in lieu of foreclosure or streamline modification this is a trail period payment plan of 3 months paying each month.Has any one hard of this & can someone give feed back on the stream line modification. thanks
Not sure if it's good or bad. I heard the banks are moving away from foreclosure. A deed in lieu of foreclosure means they don't have to go through a foreclosure to get the deed when the owner screws up making payments on the modification. They will already have the deed. That's my limited understanding of it.
I don't really find much on the subject, but I know you have to be very delinquent for them to offer this. I would google and see what all you can dig up about the process.
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that a streamline modification was a way to refinance a house that is underwater, and homeowners don't have to show any documentation...
a friend of mine did one about two years ago, and she said it was very easy and beneficial; her mortgage rate was reduced; hence her payment was reduced, and it made it easy for her to stay in her home.
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...