Cecilia Rodriguez

Hi Claudia, Great question. Unfortunately just 4 % of homeowners that are facing foreclosure got the permanent loan modification. Most of the homeowners facing foreclosure are being late on their mortgage payments, some of them have been late around 3 months and some even a year without making any payments. The more far behind you are, the less chance you have of a permanent loan modification. Its really sad that most of the home owners ended losing their homes on a foreclosure waiting for a loan modification. Foreclosure is the most devastating thing
that a family can face. Please if you cannot afford your mortgage payments or if you dont qualify for a loan modification you dont have to lose your home in a foreclosure when your have the option of the short sale solution at no cost to you. And Yes, Its going to depend on how far you are behind on your mortgage payments to know how this is going to affect your Credit .
If you can afford your mortgage payments why do you try to retain a property that is undewater, and remember that if you are qualified for a loan modification your payments most of the time will be temporary. They are going to give you a new payment based on what your owe. Most of the Lenders are not doing principal reductions ( Some lenders are giving about 20 % on principal reductions 1 % of the lender ).
Short sales Give you the opportunity of a fresh start. Its going to bruise your credit for about 2 years. Depends how behind your are on your mortgage payments. Or if you are on time or if you do the short sale before the NOD is filled . At this point is when your credit is going to suffer the less damage . Even when you are far behind your, credit is going to suffer less damage then a foreclosure and you will still be able to buy in 2 years.

The U.S plan offers Borrowers Foreclosure Aternatives under ( HAFA ) To help homeowners who are unable to retain their home under the Home Affordable Modification Program. ( HAMP) Under this program homehowners are at risk and could be free of mortgage debt without going through foreclosure and given $ 1,500 for relocations . Mortgage servicing will get $ 1,000 for each short sale completed. Second mortgage will receive $ 3,000 of the sales proceed in exchange for releasing their liens. The treasure plan which applies to 75 % of the mortgages in U S. Including those backed by Freddy Mac or Fannie Mae.
You can visit my blog on trulia Cecilia Rodriguez Blog. you will find a lot of information about short sales. Visit my website. www. ceciliarrealestate.com.
Please for any questions dont hesitate to call me, I am here to help you . Remember that there is no cost for a Short sale solution.

Cecilia Rodriguez. Pre foreclosure Short sale Specialst.
( 951) 858-5797 Lic # 01505884
ceciliarod@prudentialcaliforniarealty.com
Prudential California Realty. - Wed Dec 30 2009, 11:57