AboutDennis Herman Expertise I can answer questions on Real Estate such as question on writing an Offer to Purchase. What can go wrong after an offer is written? What is Buyer Agency and what will it do for me? What is a foreclosure? What is the difference between a foreclosure, a bank owned property and a short sale? What is the best way to locate a property? What steps can be taken to avoid foreclosure? How do Real Estate Agents get paid? How can I quickly build equity in a home? How do I view homes? What types of homes will have the best prices? How do I choose an agent? What types of financing are available?
Experience Residential and commercial real estate. New home purchases. Buyer Agency. First time home buyers. Foreclosures, bank owned properties, estate sales and short sales.
Organizations Greater Milwaukee Realtors Association
Wisconsin Realtors Association
National Association of Realtors
Publications http://activerain.com/bloghome
Education/Credentials State of Wisconsin Licensed Real Estate Sales Agent
Accredited Buyer Agency Training
Relocation Training
Certified Senior Citizen Representative
Wisconsin Real Estate Continuing Education
Question I stopped making payments on both the 1st & 2nd. The 1st mortgage is working on a loan modification through hope for homeowners. My 2nd mortgage is past due (6 mon) and telling me that I need to make a payment in order to get info on loan modification or the loan will be outsourced this p.m. leaving me with no modification options as it will be in debt collections. I am hesistant to make a payment without a response on the first as I do not know if I will be able to afford the modification on both mortgages. Is there another option for me or is it true that the modification program does not apply to the second mortgage?
Answer Since I am only an expert at marketing foreclosures and short sales and not knowledgeable enough on tax questions and the new laws concerning lending practices I would suggest you look for an Expert under lending or tax law. There is a collection of highly qualified people that can help you.
You will also want to research the difference a loan modification verses a foreclosure or a short sale may have on your credit rating.
I would think it is to your advantage to pay as much as you can on your 1st and 2nd mortgage to protect your credit rating. I would never suggest a person stop payment to see what happens.
It is best to consult an attorney in these matters. They will have the ability to review the documents and give you the best suggestions based on all of the facts.
A local real estate agent will be able to give you information on the units sold in the area and the actual selling price. This will help you determine if it is possible to sell the property.
