Aaron Opfell's Q&A

Zillow reviews your information and then confirms you- you'll receive an email and the confirmed lender icon. This can take anywhere from 12 to 48 hours in my experience.

From someone that does use Auto Quote API, the answer is at least for us yes. We process a number of different sources of leads through our API, some of which we shell out a lot of money for, so it is important that it be accurate.According to my count there are at least 6 different API providers doing auto quoting on Zillow. Each of course will have its own way of responding and evaluating requests. And since it is all automated, the API can sometimes make mistakes, which is why it is important to clarify things right away with the loan officer you contact. Even manual qoutes (I did these for a few months) are done in batches and can contain an error.

Yes, technically since it is FHA to FHA you can streamline. However, going from a Fixed to an ARM (reverse of most) will be a little harder to get an underwriter to sign off on. It would really depend on the terms of the current loan, i.e. rate. But yes, a FHA Streamline has no appraisal, minimal closing costs and only 6 items of paperwork needed from you. Since underwriting turn times are fast now, if you acted quickly a closing before the end of the month is still possible.

A company I am involved with is working on a hardship letter generator. It's online and really simple just enter maybe 5 fields of info and check a few boxes. They plan to release it free AFAIK and I will link to it here when they do.

Being "underwater" on your mortgage(owning more than the home is worth) does make you a lot higher priority, but is not essential to obtaining a loan modification. Loan modification decisions are much more heavily based on payment status, debt-to-income ratio and cash reserves.  What your situation may end up producing is some sort of a refinance offer from your lender first and if that can't be worked out then a loan modification may be offered.

I second Mr. Adams here- FHA appraisals are conducted the same as any other, except HUD(the regulatory body for FHA) places some extra restrictions on the appraiser to report obvious health & safety issues.

Price/market wise? There doesnt seem to be any recent activity.

My clients are in contract on this.