We have many clients that do not qualify for a loan modification, now they are all glad they didn't. A loan modification is often a band aid that covers up the real underlying problems that erode a persons wealth. How you pay your mortgage, how much down payment, when to refinance are all significant in a persons over all financial plan. In our evaluation of clients we look at the details of where the money is going, where they are unknowingly and unnecessarily transferring wealth. Then we re-capture that money and that is the beginning of turning things around. We do real estate and financial services. Give us a call and we'll do a free assessment. It's what you don't know that has impacted your financial position, your home being a big part of it. Be in the know. Robert 888-513-5371, even the call is free.
Here are your options. You should first contact your mortgage company to see if your loan is serviced by Fannie Mae or Freddie Mac. If so, you may qualify for "HARP" Home Affordable Refinance Program. If the answer is "NO", then the reality is you will end up having to continue with your current payments if you can afford them, or do a "HAFA" or conventional short sale. Contrary to the "live for free for 2 years + and then foreclose and bankruptcy" approach that is out there, I would highly recommend going the amicable way and doing a short sale. It does not affect your credit rating as badly as a foreclosure or a bankruptcy and essentially within 3 years or so you could be buying another home with your credit! I kid you not as I have a customer who recently purchased a home that had a short sale in 2007. If you need any additional help, feel free to contact me @ 786-380-2383
Alex Cabrera, CDPE CSSA
Florida Realty of Miami
(Certified Distressed Property Expert)
(Certified Short Sale Agent)
You may want to check out http://www.knowyouroptions.com.
If you have additional questions please feel free to email me directly.
Been there myself...modification, then short sale, etc... Unless we can get the gov't to let judges cram down settlements, I don't see the lenders being more practical...It would help if these senate hearings put heavy pressure and penalties on these lenders! They are the log jams of our industry!