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Pacific Platinum Properties Inc.

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What is a Loan Modification?

A Loan modifications are negotiated changes in mortgage contract terms. In most cases attorneys will negotiate with your mortgage lender to lower your interest rate and lower your payment. In many cases past due balances and late fees are forgiven and your principal balance might be reduced. Every negotiation is different, depending on each home owner’s particular situation and financial assets.

We will provide you with a loan modification agreement that should dramatically improve the terms of your current loan.

In order to start the process we will require some basic information regarding your present financial situation. After we have reviewed your application and have discussed the detail with you, our legal department does the rest of the work. Our attorney will contact your mortgage lender quickly to let them know that we will be negotiating a loan modification for you.

In most cases, this will stop collection calls. Within days we will send your lender a professional, legal loan modification package.

After your lender confirms receipt of the loan modification package, The negotiations begin's attorneys are experienced negotiators, supporting your case through the use of property valuations, local foreclosure information, and economic trend data. They will present your financial situation in a way designed to get you the best deal possible.

It is important that you recognize that as soon as you have received a “notice of default” the clock begins to run down. You must act quickly and decisively in order for us to properly prepare and negotiate your case with the lender.

These are some of the options that we can use to negotiate on your behalf:

Loan Restructure - Our purpose is to negotiate with your lender to return your loan to being “paid as agreed.” In some cases we negotiate a separate payment plan for your past due payments or even have them added to the end of your loan. In many cases we can even arrange with the lender to lower your payments!

Loan Reinstatement - If you have the assets or other funds available, then we can arrange for you to pay your lender the total of the past due payments to bring your mortgage current. For most homeowners this is approach is not possible because of lack of funds.

Refinance Your Present Loans - Our lending division has investors who can provide short term loans to cover the the delinquency on your mortgage. Because of the risky nature of these loans, investors will usually only make these kinds of loans if there is a large proportion of equity in the home.

We”ll Help You Sell Your Home - Our real estate division may arrange to sell your home prior to the foreclosure sale date. This might be the preferred option if we are able to sell the home at a market price that covers the existing debt and delinquency amounts.

Set Up a “Short Sale” - Some lenders are open to allowing a short sale. This may be an option with some lenders who do not want any additional homes to be listed in their “Real Estate Owned” portfolios. Lenders may also accept this option to avoid becoming involved in another lengthy and costly foreclosure process.

“Deed-in-Lieu” to Lender - In many cases we can arrange for you to simply give the lender the keys to your home and then have you walk away with a clean slate.

File for Bankruptcy - A temporary resolution that requires a Federal Court ordered payment plan. If the Court determines that you will be unable to meet the payment schedule or if you miss any payments during the term of the bankruptcy, the lender will be able to reinstate the foreclosure action against you. Bankruptcy should be used only as an absolute last resort.

Walk-Away Foreclosure - You may decide to just let the lender foreclose. The lender will take your home and its equity. In some cases the lender may be able to get a deficiency judgment against you and come after you to repay any deficiency. In California, there are restrictions on the lender’s ability to file for any deficiencies. Obviously from both a financial and credit standpoint, you would want to avoid foreclosure, if at all possible.

What is loss mitigation?

 Loss Mitigation is becoming an extremely important option for homeowners in an increasingly troubled housing market. Unfortunately, many do not know about the options that Loss Mitigations provides to allow you to overcome your current mortgage troubles.

The goal is to work out a solution that benefits both lender and borrower. Neither party wins when a homeowner struggles to pay their loan, so lenders have great incentive to work toward a solution. While you can represent yourself during the process, it is best to use a third party.  experience and understanding of the process will prove invaluable in reaching the right solution. also find that neutrality in the situation puts us in a better negotiating position with the lender.

As we previously mentioned, nobody wins when a homeowner can't pay his or her loan. The federal government and lending institutions know this and established as a means of working out a desirable solution for all parties involved.

There are three outstanding loan mitigation programs to utilize. Through our consultation, we will determine what program is the best for your situation. To successfully put you on a better financial path, it's important we match you with a program that will work for you now and into the future.

Our main goal will be to establish a way for you to keep your home through  Loan Modification. If keeping the home doesn't prove viable in your situation, the other two options provide an opportunity for you to get the most out of the situation with a better result than what foreclosure can offer.

   Loss Mitigation is a time-sensitive option and it's important you take action today. The more time you have on your side, the better chance you have of securing a positive outcome. Of course, even if you don't have much time, you should explore these options to the fullest.

What is A Short Refinance !!!

When a Loan Modification won't solve the hardship a homeowner is facing then a Short Refinance is the next option to explore. This solution is our most powerful tool in mortgage negotiation. "Short Sale" has become a well known solution to avoid foreclosure but "Short Refinance" is the most effective option available to help families lower payments, retain their homes, and eliminate upside down equity in their homes! The same motivating circumstances that has lenders allowing homeowners to "Short Sell" their homes is allowing them the "Short Refi"! With Foreclosures on the rise and short sale becoming a common phrase, there was a real need for someone to step up to the plate and Save these homes! We answered the call! By working with us you put 10 years of negative equity negotiating to work for you!

What exaclty is a Short Refinance?

A short-refi, short refinance, or also known as a short-payoff, is a transaction, where the current lender agrees to accept less than the full amount owed on your property. This process is similar to a short sale but, instead of the property being sold, it is refinanced with a new lender. The short-refinance allows the homeowner to retain ownership of the property, while at the same time avoiding a foreclosure or possible bankruptcy and best of all wiping out negative equity!

Why Short Refinance?

If you want to keep your home, but don't have enough equity to get into a refinance loan, you have tried a Loan Modification and it didn't work, then a Short refinance is your answer. We can get your LTV (loan to value) right where you need it to be in order to refinance! It's a well known fact that there are companies out there that will do foreclosure bailouts, but the main draw back is that the LTV needs to be between 60% - 70%, with most lenders tightening there belts down to the 60% notch. Most homeowners have LTV's between the 75% - 100+% range. The problem with this is that most lenders won't accept them. Therefore, by negotiating a short-refi with your current lender, you can obtain a payoff of less than the full amount owed, getting your LTV where it is needed to refinance your home with a new lender. Thus, also creating equity in your home, where before you had little or none.

How Does a Short Refinance work?

A short refinance transaction is a two part process. The first component is the equity re-negotiation with the lender. The second component is obtaining the refinance loan approval. We can handle the first component for you but, you must make sure you are working with a true mortgage professional who can assist you with the second component, obtaining the refinance approval.

The process to complete a short-refinance usually takes 6-8 weeks. It can take longer, depending on the current lender! If you don't have enough equity and you need mortgage relief, we can eliminate your upside down equity and put you in a position to qualify for a refinance loan!