Loan Modification: The right choice

Loan Modification one of the most discussed topics in the Mortgage and Real Estate industries today. Today people who fail to pay monthly mortgage payments have choices in market.
Loan Modification is free and you don’t have to spend anything extra on it. You don’t have to pay to loan officer, Specialist, an attorney, Loan Modification officer, or any other person. All you have to do is call the lender and ask the lender to speak to the Loan Modification Department or to the Early Loss Mitigation Department.
Explain to the representative the reasons for you failure on repayment of loan and ask for a lower rate of interest with a fixed rate term. If you have taken an Option Arm then you can even ask for you can even ask for principal reduction.
A lot of my friends who I have worked with feel shameful about the situation they are in and so they spend hundreds and thousands of dollars to allow someone else to be in touch with their lenders. This is not Right. Just make the phone call and spend about an hour talking to your lender on the phone. They will not reduce your credit but will definitely reduce the burden of credit. They will review all the monthly obligations that you have with them, they will then ask for you for your income information, and they will then ask you fax hardship letter and income verification statement to them. This is all the work you have to do and this is simple and easy. After the telephone conversation follow up the progress of your application every week.
Many people have foreclosed the loan when all they had to do was contact the lender. These lenders don’t want any more defaults on payment. They want you to repay the loan so they are more than happy that you keep your home. Do everything in your power not to close the loan, even if it includes selling some assets, DO IT. Try to hold onto other assets as long as possible.

GM Looks to Refinance Ren Center to Generate Extra Cash Flow

What is the value of a landmark? Is it a statement, or perhaps a symbol? For GM, it could be a source of cash, as the struggling automaker has begun exploring the idea of selling its world headquarters at the Renaissance Center in Detroit and leasing floor space there from the new owner if the company can't refinance the building. GM originally bought the Renaissance Center in 1996 for $75 million, then borrowed $500 million against it to remodel it. GM was leasing the center until May of this year, when the company paid $626 million to take full ownership. Since then, the company has been looking to refinance it. According to The Detroit News, GM's latest strategy is to appeal to one or both of Detroit's pension funds for a $500 million loan to refinance. GM will meet with representatives of the Police and Fire Retirement System on Thursday and is still trying to schedule a meeting with the retirement fund that handles the city's general employees. Jim Blanchard, GM's executive director of worldwide real estate, said in an interview with The Detroit News that GM has no intention of vacating the building altogether. "We are committed to the city. We have no plans to move." According to Blanchard, if the refinancing plan falls through, GM will consider selling the center. However, if a sale were to happen, GM would structure the deal so it could lease the building and keep its headquarters there. "We think it is a great investment opportunity for both pension funds," Blanchard said. "It's almost fully occupied. It's a very visible iconic property, which generates a lot of cash flow. From our position, it's a safe investment." Investing in local real estate would not be a new venture for the funds. Both have invested millions in local redevelopment projects, such as the recently re-opened Westin Book Cadillac Detroit Hotel and the Double Tree Guest Suites Fort Shelby Hotel. The Police and Fire fund has $4.5 billion in assets, while the general employees fund has $3.9 billion in assets. Not all of their investments have succeeded, though. The funds may be out $30 million in loans they gave to Alabama lawyer David Watkins to buy the now-bankrupt TradeWinds air-freight company. Members of the funds are souring on the idea of investing in struggling or failing companies now, especially in light of the current economy. "We're not going to do it because we don't have that kind of money," said George Orzech, police and fire pension board member. "There's no interest that I know of, but stranger things have happened." Blanchard insisted that the talks are preliminary and that no decision has been made. He said that GM is just exploring all of its options while the company tries to raise $5 billion in cash as part of its $15 billion restructuring plan. The Renaissance Center is a group of seven interconnected towers on the Detroit waterfront. Besides being GM's world headquarters, it also houses a movie theater, a hotel and several restaurants.