Frequently Asked Questions
It is understandable to have questions when coping with a new and challenging situation, especially when a home is at stake. The reality is that millions of homeowners across the country are finding out that they have more questions than answers. We hope that the following information will help you better understand the circumstances. If you have further questions not addressed below, or would like additional information resources, feel free to Contact Us.
Do I qualify for a short sale?
The qualifications for a short sale include any or all of the following:
- Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
- Monthly Income Shortfall – In other words: “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
- Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
What is a mortgage modification?
A mortgage modification is a process through which your mortgage lender changes any or all of the following:
- Your interest rate
- Your principal balance (through a reduction)
- Your loan terms (example: from an adjustable to a fixed rate)
This process can allow borrowers to stay in their property when they can no longer afford their current mortgage payments.
Why would a lender modify my mortgage?
Lenders have realized that in some cases it is better for them to work with current borrowers to lower payments or possibly improve terms in order to keep homeowners in their properties. The average foreclosure can cost a lender from 35-50% of the value of a property, so keeping borrowers in their homes is a good option for everyone.
What do I need to qualify for a mortgage modification?
According to the Making Home Affordable Web site (www.MakingHomeAffordable.gov), you will need the following information for your lender to consider a modification:
- Information about your first mortgage, such as your monthly mortgage statement
- Information about any second mortgage or home equity line of credit on the house
- Account balances and minimum monthly payments due on all of your credit cards
- Account balances and monthly payments on all your other debts such as student loans and car loans
- Your most recent income tax return
- Information about your savings and other assets
- Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources
If applicable, it may also be helpful to have a letter describing any circumstances that caused your income to reduce or expenses to increase (job loss, divorce, illness, etc.)
How do I qualify for a mortgage modification?
The first call you make should be to your lender, have the information above ready to discuss with them and call your customer service line to ask them what options you have available. If the person you speak with does not understand what you are asking, you can ask to be referred to one of the following departments (different lenders have different names for these departments):
- Loss Mitigation
- Mortgage Modification
- H.O.P.E.
Prior to contacting your mortgage lender you can quickly complete an eligibility test at www.MakingHomeAffordable.gov. This test will let you know if you are eligible for a modification through the government-sponsored Home Affordability and Stability Program (HASP). For a list of mortgage lenders and servicers, visit www.HopeNow.com.
What if I don’t qualify for a mortgage modification, can’t afford my home, and owe more than it’s worth?
You are not alone and foreclosure is not the only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. Agents like me, with the Certified Distressed Property Expert® Designation, have undergone extensive training in how to process and negotiate short sales. A short sale allows you to sell your home for less than what you owe and avoid foreclosure. Speak to your market expert to see if you may qualify.
What is a Home Affordable Refinance?
If Fannie Mae or Freddie Mac owns your mortgage, you may be eligible for a Home Affordable Refinance. This will allow you to refinance your home and often lower your payments.
What are the qualifications for a Home Affordable Refinance?
According to the resources released by the government, following are a list of qualifications:
- You are the owner occupant of a one- to four-unit home
- The loan on your property is owned or securitized by Fannie Mae or Freddie Mac (see Useful Links)
- At the time you apply, you are current on your mortgage payments (you haven’t been more than 30 days late on your mortgage payment in the last 12 months, or if you have had the loan for less than 12 months, you have never missed a payment)
- You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house
- You have income sufficient to support the new mortgage payments, and the refinance improves the long-term affordability or stability of your loan
Call Marty Remo w/REMAX Benchmark Realty Group
(845) 476-8115 or http://www.RemoRealtyGroup.com
Select a city from the list below:
In many ways
RE/MAX Benchmark Realty Group has changed the way real estate brokerage is done here in
Orange County, New York.
RE/MAX Benchmark has affiliated with the most successful and most experienced associates in our area giving them the opportunity to be in business for themselves but not by themselves. Our associates average 14 years experience and nearly 14 annual transactions each. That is seven times the Orange County Association of Realtors average. With nearly 640 transactions in 2009 totaling nearly $250 million dollars in sales,
RE/MAX Benchmark Realty Group has truly become
"THE REAL ESTATE LEADERS" in this market. The challenge of the real estate market in 2009 required a recommitment on the part of the real estate sales community; our RE/MAX Benchmark Realty Group associates did just that.
In 2009,
RE/MAX Benchmark Realty Group maintained its position as the
#1 RE/MAX company in the Lower Hudson Valley District which includes the counties of
Orange,
Dutchess,
Rockland,
Putnam,
Westchester,
Ulster and
Sullivan. RE/MAX Benchmark Realty Group was recognized by RE/MAX of N.Y. as one of the leading RE/MAX companies in New York in closed transactions, sales volume, and gross closed commissions for 2009. Our associates can deliver outstanding real estate services to both buyers and sellers. When calling on RE/MAX Benchmark agents, you will find experienced professionals covering many communities including:
Monroe,
New Windsor,
Newburgh,
Central Valley,
Chester,
Cornwall,
Harriman,
Montgomery,
Highland Mills,
Wallkill,
Goshen,
Port Jervis,
Town of Woodbury,
Tuxedo Park,
Florida, and
Greenwood Lake,
Warwick,
Wallkill just to mention a few.
Connect with Remo Realty Group at RE/MAX BENCHMARK
Town of Monroe,
Village of Monroe,
Highland Mills,
Central Valley,
Cornwall,
Harriman,
Chester,
Goshen,
Middletown,
New Windsor,
Newburgh,
Washingtonville,
Greenwood Lake,
Tuxedo,
Warwick,
Montgomery,
Blooming Grove,
Wallkill
School Districts
Committees:
NYSAR Technology Forum (2011)
NYSAR Multple Listing Issues & Policies Committee (2011)
Tech Committee Member-RE/MAX Benchmark
Specializing in:
Residential Homes and Condominiums, Short Sales and Foreclosures, Land, Multifamily, New Construction, First Time Buyers
Monroe, NY Market Overview
Harriman, NY Overview
Highland Mills, NY Overview
About Marty Remo
I started in Real Estate at the age of 18. That was over 20 years ago. I have been very fortunate to have gained so much experience prior to the evolution of the internet in Real Estate. Honestly, it gives us a competitive advantage. I understand the way that real estate agents and brokers have operated in the past. Respectfully, everything has changed!
Testimonials:
“Marty and I have had a number of mutual clients purchasing and selling real estate in the Hudson Valley. It was always a pleasure to work with Marty due to his professionalism and attention to detail.” March 9, 2009"
David Stiles Fri May 21
"Marty is very knowledgeable about the market place, he uses technology to help meet a customers’ needs from either prospective of selling or buying real estate, very innovative in financing and concessions to make the deal work for both parties - Highly recommended"
John Dorozynski Mon Mar 1
"I have known Marty for many years and have found him to be a professional who works tirelessly to fulfill the needs and expectations of his clients. Marty is hard working, creative and always gives his best. I heartily recommend him"
Bob Duncan Wed Feb 10
"“I selected three attributes for Marty only because I am limited to that many. in 2009, Marty directed the sale of my mother-in-law's home shortly after she passed. In a market that was full of competing product with not much activity, Marty's in-depth analysis, strong client base and excellent knowledge of loan products brought us to a close of escrow in fewer than 100 days. As a real estate professional myself, with over $250 M in multi-family acquisition volume, I know a competent, qualified and motivated peer when I have the good fortunte of working with one. Many thanks to Marty for completing a demanding task in a demanding environment for a demanding client who was 3,000 miles away. I'd use Marty again in a heartbeat if the opportunity provided - thanks again Marty!!!”"
Chris Loche Wed Jan 27
"Top qualities: Great Results, Personable, Expert “Marty is a professional who knows how to negotiate and make a sale happen. I not only recommend him b” January 28, 2010 "
Ken Fliesser Mon Mar 9, 2009
"Marty is a very knowledgable, professional Realtor, with the highest standards. His clients all rave about the service he and his associates offer. I highly recommend Marty"
Colin Seitz Mon Mar 9, 2009
"“I was first connected to Marty back in 2005. I have worked with him and his wife Dawn on several real estate transactions since that time from a buyer and seller perspective. To say that they are both assets to the real estate industry would not do them enough justice. They are extremely personable, knowledgeable and held with high integrity. Remo Realty is both a professional and personal contact that will travel with me for years to come. They won't steer you wrong!” February 1, 2010" Lisa Fong Mon Feb 1
"“Having known Marty for many years, when it came time for us to sell our condominium, we immediately contacted Remo Realty. Marty not only knows the industry inside and out, he is a dedicated, reliable, and honest businessman. He works tirelessly for the client and is always looking for new and innovative ways to help his clients. Marty is also patient and understanding. He has an innate ability to reduce the stress levels that can be associated with real estate transactions. Thanks to Marty we were able to sell our condominium within one week (while we were on vacation)! When we ever decide to sell our current home, we will be sure to contact Remo Realty first.” "
Russell Hock Sun Jan 31
"“During the real estate boom I was in the market to relocate my wife and new born daughter back to Orange County New York. A listing with Remo Realty brought me to meet Marty. He displayed great patience while he showed us house after house. After listening to our plans, needs and wants he would talk me out of homes that didn’t fit our criteria. One house in particular was on our “dream” list and posed a substantial risk if either my job or the market went south. Well, we all know how the market did. Marty’s professionalism, knowledge and guidance helped me avoid the situation of being in an upside down mortgage in a home that was more than what I needed. What’s remarkable is that he did this during the height of the real estate boom when money was free flowing. It’s Marty’s moral and ethical character that sets him far apart from just another real estate agent. And why my family is secure and comfortable in our home, still."
Edward Ng Thu Jan 28
"“When it was time to select a realtor to help us sell our home I was fortunate to have several recommendations for Remo Realty in Monroe, NY. At a time in the market with many houses like ours Marty and his staff didn't treat us like just another customer. The personal attention to detail and timeliness of their service were just just what I needed. Between having a couple of open houses and also several individual visits by potential buyers we were able to close the deal in just a few months."
Chris DiBernardo Thu Jan 28
"“Marty and his wife Dawn worked tirelessly to help us find the right home for our family. We went all over orange county with them and they were energetic, enthusiastic and knowledgeable every step of the way. Recommending the Remo's is easy as I would use them again in a second!” "
Galen Kilroy Wed Jan 27
We'd like an opportunity to earn your business!