Archive for Long Island
6 tips for a successful loan modification
6 tips for a successful loan mod
Avoid rookie mistakes when preparing, submitting your document package
By Jack Guttentag
Inman News®
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Millions of mortgage borrowers who can no longer afford their mortgage payments but can afford a lower payment can avoid foreclosure by getting a modification of their loan contract. While the path to a modification remains torturous, it is not quite as bad as when I wrote addressed the issue in a 2009 column.
Are you unqualified?
It is not possible for borrowers acting on their own to determine whether they qualify for a modification because they don’t have access to all the criteria. Some is kept under wraps by loan servicers. However, borrowers can determine that they are not qualified for a government-supported modification by accessing a questionnaire provided by the U.S. Treasury Department.
Bear in mind, however, that servicers also offer modifications outside of the government’s program. You might qualify for one even if you don’t meet the government’s requirements.
Compiling the information the servicer wants
The single most important step in obtaining a loan modification is providing the servicer with the exact information the servicer needs to make a decision. Each servicer has its own set of forms that must be completed, and its own requirements for the documentation you must provide.
In my first stab at this problem, I placed the information required by each of the major servicers on my website. Now borrowers can access the DMM Document Wizard, provided at my request by Default Mitigation Management LLC, which is a lot better. Based on your answers to the questions it asks, you will be provided with a customized list of forms you must complete and documents you must provide. It is free and will take the guesswork out of what you need.
Don’t exaggerate your financial shortcomings
Warning: The servicer will examine your statements of income and expenses to determine whether you can afford a reduced payment. Exaggerating your financial weaknesses may open his heart but close his purse, if it makes you appear to be a lost cause.
Assuring accuracy
Having the right form is one thing, but filling it out correctly is something else. Some industry executives estimate that about 95 percent of all packages submitted are incomplete or contain errors. A package with obvious errors may fall to the bottom of the pile, or it may lead the servicer to conclude that you do not qualify for a loan modification when, in fact, you do. Remember what you were taught in second grade: Neatness counts!
In addition:
1. Use a cover sheet that identifies all documents in your package.
2. Write your name and loan number on every page.
Assuring delivery
Preparing an accurate and complete set of documents is one thing, but delivering the package to the servicer is something else. Servicer systems have been overwhelmed by requests for help, and documents routinely get “lost.” You want to minimize the chances of that happening to you.
Using fax or certified mail: Make sure you have the correct contact information. Treasury provides addresses and fax numbers of every mortgage servicer. Certified mail is more reliable than fax, but neither guarantees prompt attention by the servicer, or even that the documents won’t subsequently be misplaced or lost.
Using the DMM portal: The best way to deliver documents to servicers is to use the DMM portal, available through the DMM Document Wizard by clicking on “Submit,” or visit www.dclmwp.com. I have no financial interest in DMM.
Using the portal, your documents are delivered to the servicer electronically, and the portal then becomes a direct communication channel to the servicer. The servicer uses the portal to acknowledge receipt of your documents and to request additional information or documents. You use the portal to make corrections, to send additional information, and to update yourself on what has been completed and what remains to be done.
Questions by you are automatically directed to the specific employee who can answer them. All communications are time-stamped and remain in the portal as a record of borrower/servicer exchanges.
Unfortunately, not every servicer subscribes to the DMM Portal. The list of those that do is shown on the DMM Wizard.
Follow up, and then follow up again
Because the process of modifying mortgages remains slow and error-prone, you may need to nudge the servicer. If you faxed your documents, you should follow up to make sure the papers haven’t been lost and the case is in an active queue. But even if you use the DMM Portal, you should follow up with the servicer regularly to make sure your application is on track.
Next week: getting help with your modification without getting scammed.
My special thanks to Igor Roitburg for assisting in my research for this column.
The writer is professor of finance emeritus at the Wharton School of the University of Pennsylvania. Comments and questions can be left at www.mtgprofessor.com.
Please Help! East Islip Middle Schools Sports Fundraisers
If you are clearing out your closets and organizing as part of your new years resolution, please consider donating old clothing/linens for East Islip Middle School Spring Sports. Saturday, Jan 21st from 9am-1pm at the East Islip Middle School Auxliary Gym.
Big Buck Raffle drawing at the Applebee’s pancake breakfast Jan. 29th. The Big Bucks Raffle needs to sell out to offset the cost of Spring Sports, if you can sell raffle tickets or would like to purchase them, please contact John Carney 277-1519 or johnjesscarney@yahoo.com Please pass this information along, post it on Facebook, collect donations from friends and family. The next Booster Club meeting is Jan 10th in the EIHS Cafeteria, it costs $280 per athlete to field Spring sports. Drop off raffle tickets & money collected at the January Booster Club meeting or pick up more raffle tickets to sell. Information for these events are located at www.saveeimssports.com
DIY Home Maintenance Tips For The For Sale By Owner
Home Interior
Check for leaks in toilet water feed and tank bottom.
9 out of 10 complaints that local water utilities receive from homeowners can be traced back to leaky toilets. You can do your own quick and easy test if you suspect a leaky loo. First, take the top off your tank and put a few drops of food coloring in the water. Wait at least 30 minutes and if you see ANY color in your bowl after that time, you’ve sprung a leak somewhere and it’s time to call a plumber.
Interior
Complete your entryway “to-do” list.
Now’s a perfect time to get these much-overlooked chores done. If your doorbell hasn’t been working all year long (and who knows how many visitors you’ve missed?) and you’ve spent most of your time on other areas of your home, find a handyman or fix it yourself. (Use that home store gift card you’re about to receive for the holiday to purchase the supplies!). Then, while you’re spending time by your front door, take a few moments to polish up the hardware out there. Your guests may not notice– but YOU will!
Lawn
Bring plants indoors to protect them from freezing temperatures.
No matter what container plants you keep on your porch or deck, if you haven’t done so already, bring them inside to an unheated area. A basement (or garage) is the perfect place to store them during a cold spell. Just be sure to take them back outside if you have a few unseasonably warm days. Switch them out like this all winter long… and you’ll be rewarded with living plants come springtime.
Selling Your Home Without an Agent or with some Assistance (MLS Flat Fee Listing Service) is a smart move.
Selling Your Home Without an Agent or with some Assistance (MLS Flat Fee Listing Service) is a smart move.
A home is listed as a FSBO (For Sale By Owner) when the owner elects to sell their property without paying or paying a fraction of the traditional commission fees to a realtor to coordinate the sale for them. It’s possible to pull off a sale without the assistance of a realtor, but it comes with extra responsibilities usually covered by an agent.
A good listing agent will typically advise you on the type of repairs or appearance upgrades that might make your home more attractive to a buyer. A good agent will also give you the facts regarding the current market value of your home. With an FSBO, it’s wise to replace the agent’s feedback with similar critiques from another party, such as a co-worker or a friend. Try to arrange a mock viewing with a friend who has well trained “real estate eyes”, i.e. they recently bought a home, or they are in the market for one. Getting feedback from others may help you prep your home better.
You have to market the home yourself. That could entail spreading word of mouth amongst friends, family, and co-workers, taking out classified ads in papers (not cost effective) and on realty websites, or paying a realtor to get the home placed in the online Multiple Listing System (MLS). You’ll want to take good, high-resolution photos of the home at its cleanest. This is crucial; you need to showcase your home. Curb appeal will draw buyers in and a clean pleasant scented home will help seal the deal. Open houses can be arranged, which you also have to promote on your own or have your the Flat Fee Broker post the dates and times on all of their websites and syndicated sites.
You also deal upfront with interested buyers and their agents to schedule viewings. When an offer is made, you negotiate on your own with the buyer and/or their agent, reviewing their bid and submitting counters as you see fit. Successfully selling your home as an FSBO has a clear benefit and there’s little to no commission to pay out to an agent, so that extra 3% to 5% stays in your pocket.
Realty 123 Inc. offers several Flat Fee Programs that will save homeowners thousands of dollars as well as assist with negotiations and closing coordination for homeowners who opt for the broker assistance program. The bottom line is our 5 STAR MLS Flat Fee Listing Service will save homeowners money. MLS Flat Fee Listing Service is a wise and affordable solution, there is no need to utilize an over rated and over priced brokerage firm when Realty 123 Inc. communicates and cooperates will all brokers and agents to insure a positive and successful transaction.
What is your home worth? Click Here
Money Saving Tips for Homeowners This Winter Season.
Save Energy and Money with a Programmable Thermostat.
Consider replacing traditional thermostats with programmable ones. According to ENERGY STAR, the average household spends $2,200 a year on energy bills and could save $180 a year by using a programmable thermostat to maintain proper heating and cooling settings. This one’s a no-brainer, so before the winter chill settles in and decides to stay a while, call your favorite local heating and air conditioning company and schedule an installation. Your wallet will thank you.
Check weatherstripping on doors.
Do this quick test: Close one of your outside doors on a sheet of paper. If the paper pulls out fairly easily and doesn’t tear, you’re likely losing energy and need to have a professional take a closer look at the weatherstripping and caulking around your doors. Those are real dollars flying out between those gaps, so don’t delay.
Rake or blow leaves.
Okay, this is obvious. In most areas of the country, all but the hardiest of leaves have left their branches… creating a pile (and a potentially huge mess and even damaging mold) on your lawn. But did you know that these fallen leaves contain tons of carbon? And when added to those lawn clippings you saved from last summer (you did save them, didn’t you?), they make an incredibly rich compost for your soil next Spring.
$2,000 First-Time Homebuyer Grants Are Available
The New York Association of Realtors Housing Opportunities Foundation is once again offering $2,000 grants to first-time homebuyers for closing costs and / or down payment assistance.
The Housing Opportunities Foundation has entered into arrangement with The Community Foundation for the Greater Capital Region who will receive and review applicants and award grants throughout New York State.
Completed applications should be submitted to:
NYSAR Housing Opportunities Foundation
c/o The Community Foundation for the Greater Capital Region
Six Tower Place
Albany, NY 12203
For more information or for an application, Click Here
Looking For a New Home? Click Here and Search Like An Agent
Long Island Waterfront and Luxury Homeowners Can Save Thousands When Selling Their Home
Realty 123 Inc. flat fee listing service offers Long Island waterfront and luxury homeowners the opportunity to save thousands of commission dollars without sacrificing market exposure or Long Island Multiple Listing Service broker participation. Our program includes multiple professional quality photos, video tour, virtual tour, property website, social media marketing, appointment call center, internet marketing syndication, broker reciprocity, full service broker/agent assistance, buyer assistance and much more. You could sell your home for as little as $495. and your MLS commission fee will be no more than 2%. This program has a customer satisfaction money back guarantee agreement. Call Mark Hannigan today at 631-76-5959 for details and appointments.
Polar Plunge for Special Olympics New York
Dowling College Brookhaven Hall Council Is Taking The Plunge! Polar Plunge, They will be Freezin’ for a Reason at the 2nd Annual Town of Brookhaven Polar Plunge Saturday, November 19, 2011 at Cedar Beach in Mount Sinai. Registration is between 10:00 am and 11:30 am, Plunge is at 12:00 noon. Last year over 350 Plungers braved the icy waters while spectators giggled with excitement. Come down and help raise money for the athletes of Special Olympics New York by asking your friends, family, co-workers, ect. to support you in taking the Plunge! Then, take a dip or slow crawl into the chilly waters of the Long Island Sound. Every Plunger that raises $100. receives an official Plunge sweatshirt, raise more money and receive more great prizes! Whether you plunge or support a Plunger, come join us on November 19th for a cup of hot chocolate!
Did you know? Special Olympics New York has 51,809 athletes training and competing year-round in 22 Olympic-style sports. Our athletes and their families or caregivers are NEVER CHARGED to participate! It costs $400. to support training and competition for one athlete for one sports season.
Join the team or help support by making a donation
www.polarplungeny.org/brookhaven/
East Islip Community Chamber Halloween Event
The East Islip Community Chamber of Commerce is proud to announce a children’s Halloween event on Saturday October 29th 2011 from 10:00am to 1:00pm at Brookwood Hall in East Islip. Everyone is encouraged to wear a costume and come down to enjoy the fun! There will be pumpkin decorating and special treats. Every family in attendance will receive one free 5×7 photograph. This event will be held in fair weather only. Join us at Brookwood Hall 50 Irish Lane East Islip, NY 11730 Free Admission.
What is My Home Worth? Online House Value Website
Are you curious as to the value of your home? Home values are constantly changing. Stay up to date with home values in your neighborhood. Past sales of homes that are similar to yours will indicate what the value of your home is in today’s real estate market. Long Island Homeowners can go to: www.LongIsland-HomeValues.com to find out what their home is worth today. This is a Free online service provided by a New York State licensed realtor. There is no fee or obligation.
