LOAN MODIFICATION APPRAISAL
The appraisal that can work in a loan modification is used to help with checking on the value of a home to see that it can work with a proper loan modification. The appraisal process will work with a number of standards in mind to see that the modification will work out right.
These factors will be used to see if the mortgage loan one is dealing with is too expensive. This is something that is especially important to see because of how the values of homes all over the country are going down. It is critical to see that the mortgage loan involved is actually worth it and that a proper loan modification can be used if the value on the principal for the mortgage loan is too high.
The home will be reviewed first in terms of its condition. This includes looking to see that the home is in its best structural standing and that it is livable. In some cases a home might need to deal with a refurbishing process. If this ever ends up being the case the home will need to work with a process that involves renovating it to make it modern or livable. Sometimes expenses on a mortgage loan can be forgiven in a loan modification if this ever ends up being the case.
Information on homes in one’s area will also be reviewed. This is needed because house values in one’s area can easily influence the value of one’s home. This is especially the case if the homes are very similar to what one is dealing with.
Call Sacramento Valley Appraisal: (916) 407-5540