convectional vs fha vs va mortgage in reno nv
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Marshall Carrasco Reno's #1 Short Sell Expert www.renohelp.org. Convectional vs FHA vs VA Mortgage in Reno NVTRANSCRIPT
Convectional vs FHA Mortgage vs
VA Mortgage
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Allows you to make a regular full payment plus a portion of the delinquency each month over a period of months to cure the delinquency.
Conventional Mortgage - Repayment Plan
VA Mortgage - Repayment Plan
Allows you to make a regular full payment plus a portion of the delinquency each month over a period of months to cure the delinquency.
Allows you to make a regular full payment plus a portion of the delinquency each month over a period of months to cure the delinquency.
FHA Mortgage - Repayment Plan
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The delinquency is added to your loan balance in order to bring your loan current. The interest rate and terms may be modified.
Conventional Mortgage - Loan Modification
VA Mortgage - Loan Modification
The delinquency amount is added to your principal balance, which may result in fully reinstating your loan. A change in interest rate and/or the loan term may also be considered. Late, foreclosure, attorney fees may be waived.
A lender may consider adding the delinquent amount to your principal balance, which may reinstate your loan. A change in interest rate and/or the loan term may also be considered.
FHA Mortgage - Loan Modification
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Allows the repayment of part of the delinquency each month along with your regular mortgage payment. If you are temporarily unable to meet your mortgage payment, suspended or partial payments may be accepted until you have the ability to resume the payment schedule.
Conventional Mortgage - Forbearance
VA Mortgage - Forbearance/Repayment Schedule
Suspended or partial payments for a short period of time followed by repayment plan, modification, reinstatement, or full pay off. You must prove your hardship is temporary and will resume ability to pay mortgage.
Suspended or partial payments for a short period of time followed by repayment plan, modification, reinstatement, or full pay off. You must prove your hardship is temporary and will resume ability to pay mortgage.
FHA Mortgage - Forbearance
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If you have the ability to make mortgage payments or will have the ability in the future, but your lender has decided it cannot extend further forbearance or a repayment plan, VA may buy a loan from the lender and take over the service.
Conventional Mortgage - Short Sale/Pre foreclosure sale
VA Mortgage - Refunding
Your lender may work with you to obtain a one-time payment from the FHA-Insurance Fund to reinstate your loan. You must be at least 4 months delinquent and able to make full mortgage payments. You will execute a promissory note & subordinate mortgage payable to HUD. This note carries no interest & is payable at time of home sale or refinance.
Allows the borrower to sell the house and use the proceeds to satisfy the mortgage debt even if the proceeds are less than the amount owed.
FHA Mortgage - Partial Claim
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If there are no liens on the property and VA agrees, you will sign legal documents to make VA the owner of your property. VA will have to pay your lender a claim for the difference between the value of your home and the mortgage balance. If a deed is accepted, you may be released from further liability or asked to repay the government for all or part of the claim VA paid.
Conventional Mortgage - Deed-in-lieu of foreclosure
VA Mortgage – Deed-in-lieu of foreclosure
Allows the borrower to sell the house and use the proceeds to satisfy the mortgage debt even if the proceeds are less than the amount owed.
If you are not eligible or failed at other Loss Mitigation Tools, including a Short Sale, you could voluntarily deed or surrender your property to HUD in exchange for a release from all obligations under the mortgage.
FHA Mortgage - Short Sale/Pre foreclosure sale
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Conventional Mortgage
If you are not eligible or failed at other Loss Mitigation Tools, including a Short Sale, you could voluntarily deed or surrender your property to HUD in exchange for a release from all obligations under the mortgage. There must be no liens on the property.
Lender participation is voluntary. These programs are subject to lender/service approval. Lenders are not mandated to provide these options. Each lender has qualifying criteria a borrower must meet before they will consider offering these Loss Mitigation Tools. Please contact your lender for a workout packet to apply for delinquency.
FHA Mortgage - Short Sale/Pre foreclosure sale
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