Loss Mitigation Specialist Video #3
Loss Mitigation Evaluation
Hi, I’m Nevada Loss Mitigation Specialist Damian Falcone.
This is part 3 of the loss mitigation plan video series. In part 2 we provided the foundation for your loss mitigation plan. Today we will go through the remaining 5 questions in evaluating your situation and get you 1 step closer to understanding your situation and knowing. What your Loss mitigation plan or Loss Mitigation Services will be.
Today we will get answers for our last set of 5 questions.
These may require more estimation on your part but we will make some suggestions to make it easier.
(1) How much will your mortgage cost you over the next 10 years? You arrive at this # by multiplying your monthly payment by 120. In the case of Mr. X we multiply $2,196 * 120 and arrive at $263,520.
(2) How much will you owe on your mortgage 10 years from now? For Mr. X we use an amoritization equation of
As well as, the present value for an annuity formula
But you could get the same answer by using the “Amoritization Calculator” on our website In the case of Mr. X we arrive at a cost of = $253,809.79
(3) What will the cost be if you decide to move? Moving requires time, money, and disruption to your lifestyle. It may be easiest to estimate the values of time and disruption based on your job and compensation per hour. Mr. X has a furnished 3 bedroom house and has a reliable insured moving company that quoted him a price of $800 for the move; Mr. X allocated 3 days at $205/day for scheduling and unpacking --
(4) How much money would you have If you rented the house across the street and invested the remaining balance in T-Bills at 3% interest – Mr. X would be renting for $950 which would leave $1,241 per month – this would result in a 10 yr savings of $173,419.10
(5) what is your house likely to be worth in 10 years?
For Mr. X we use a historical average based on the the US census that lists NV homes as appreciating 7.4% annually from 1940-2000. Using our equations from before or an amoritization calculator we arrive at a value of $265,452.10
That completes your questions and in part 4 we will show you how to get your answers.
I’m Loss Mitigation Specialist Damian Falcone and this is “Get Modified”