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Jim Patton's Blog

Specializing in Stanislaus, Merced And San Joaquin County Short Sales

By Jim Patton | Agent in Turlock, CA

Considering a Loan Modification? ... Ask Yourself These 5 Questions First!

Considering a Loan Modification? ... Ask Yourself These 5 Questions First!

Ask yourself these questions.
If you are falling behind in your monthly mortgage payment and are thinking about a loan modification ask yourself these five questions.  

1. Has your bank already begun the foreclosure process?

If your bank has already begun the foreclosure process then the clock is ticking.   Just starting the modification process will most likely not delay the foreclosure in most cases.  

2.  How much other debt do you have?

While a loan modification may sound like the perfect solution if you have a high debt-to-income ratio your chances of receiving a loan modification are pretty slim.

3.  Is the issue causing your hardship temporary?

For most homeowners facing foreclosure the cause of their hardship is not temporary.   Loan modifications are in most cases a temporary solution.   More than half of the people that receive loan modifications are at least 30 days delinquent within 6 months.

4.  Is it mandatory that you remain in your home?

This is a tough one for most home owners because they have a strong emotional bond with their Falling behind on your mortgage?home.   If thought through logically most people would agree it's a bad financial decision to keep throwing money at a home that is upside down by many many thousands of dollars.   What would your answer be to this question if you could sell your home as a Stanislaus County Short Sale now and in a couple of years buy an even newer and nicer home for less than you are currently paying?

5.  Have you considered other options?

Other options include selling your home in a short sale.   You may be able to sell your home now and get out from under that massive debt that you now face.   Most banks are willing to work with you on a short sale of your home.  A short sale on your home is much less damaging to your credit than a foreclosure would be so you can get back to being a home owner much sooner.

If you want more information about a Stanislaus County Short Sale give me, Jim Patton, a call at 209-633-2839 and we can discuss your situation.  I look forward to hearing from you.



Jim Patton Stanislaus County Short Sale Agent

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Jim Patton - Realtor, Short Sale Specialist, CDPE

Century 21 M&M and Associates

DRE# 01423125

Ph. 209-633-2839


The author of this blog, Jim Patton, is a full time Realtor with Century 21 M&M and Associates.  Jim is a Central California Short Sale Specialist who lists and successfully sells short sales throughout Stanislaus, Merced and San Joaquin counties. Call Jim Patton at 209-633-2839.

The views expressed herein are Jim Patton's personal views and do not reflect the views of Century 21M&M and Associates


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