Marshall Carrasco Reno's #1 Short Sell Expert www.renohelp.org. Convectional vs FHA vs VA Mortgage in Reno NV

1. Convectional vs
FHA Mortgage vs
VA Mortgage
Call : 775-525-1205
www.renohelp.org

2. Conventional 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.
FHA 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.
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.
Call : 775-525-1205
www.renohelp.org

3. Conventional Mortgage - Loan Modification
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
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.
VA Mortgage - Loan Modification
The delinquency is added to your loan balance in order to bring your loan
current. The interest rate and terms may be modified.
Call : 775-525-1205
www.renohelp.org

4. Conventional Mortgage - Forbearance
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
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.
VA Mortgage - Forbearance/Repayment Schedule
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.
Call : 775-525-1205
www.renohelp.org

5. Conventional Mortgage - Short Sale/Pre foreclosure sale
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
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.
VA Mortgage - Refunding
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.
Call : 775-525-1205
www.renohelp.org

6. Conventional Mortgage - Deed-in-lieu of foreclosure
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
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.
VA Mortgage – Deed-in-lieu of foreclosure
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.
Call : 775-525-1205
www.renohelp.org

7. Conventional Mortgage
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
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.
Call : 775-525-1205
www.renohelp.org

8. Contact MARSHALL CARRASCO
Twitter
Facebook
LinkedIn
Email
9740 S. McCarran Blvd #103, Reno,
NV 89523
Call Us : 775-525-1205
www.renohelp.org