It is far better to do a short sale of your home rather than let it go to foreclosure. Foreclosure is considered not working with the bank and a short sale is considered working with the bank.
If you stop your payments they will ultimately foreclose. If you put in on the market and sell it, your Realtor, can negotiate a short sale for you.
I will be happy to help you and am applying for the job of selling your home.
Please call me or visit my web site and see the sellers tab for additional short sale information.
Every 1st Tuesday of the month there is a free Financial Recovery Workshop at my office. The presenters for this workshop is a short sale and foreclosure specialist, a realtate attorney and a lender. All of these presenters focus on answering homeowners questions. You ask, they answer and it's FREE. You should consider attending one of this sessions and pick our brains as much as you can. If you want the details let me know. Can't stress enough how attendees leave these workshops with a sense of relief because they understand what needs to happen. You will definitely learn what you should know and what will occur.
Hope this helps :)
Call 222 your state has programs to assist and actually enforce bank mandated modifications. These modifications are for people in your situation so the bank telling you there is not enough equity in your home is hog wash.
By the way if your home is that far under water a short sale is not going to work for you the bank will drag their feet forever and the foreclosure department will continue its proceeding and next thing you know you think you were out of water with a short sale and the foreclosure happens, I see this all the time. OH and short sale will not stop you from having to pay what you owe or allow you to buy anytime soon.
GET ON THE PHONE TOMORROW call the bank tell them you do not except the result of the modification, call 222 get help, and do not pay anyone if someone asks you for money it is a scam.
Buy a home after foreclosure expert
There may be an another alternative I know a lender who will give you a new 30 year fixed mortgage at todays market value with no pre-payment penalty.
This is not for everyone you must qualify for a new loan at todays market value so if your hardship is un-employment it will not work for you. The debt to income is 40% and only taking into consideration principal, interest, taxes, insurance and HOA. Your present mortgage can not be insured by a government agency. (No Freddie, Fannie, VA or FHA).
If you would like more information you may email me.
I am sorry to hear about what is going on.
Who is your lender? I would love to see how you put together your modification application.
Some home owners include too much debt, thinking that the worse off they Look they better of a loan mod or more the lender will reduce their mortgage. That is not so.
Also, believe it or not, some loan mods get denied because the lender did not have current info or a specific page. You should find out why you were denied.
I work for an attorney and I am happy to offer a 15 minute consultation. If you are not currently late you may want to keep paying if you can afford it. Some times you may have more options when your curernt.
I work with some investors and if your curent you may be able to get s "Short Refinance" a new loan at the current market value or close to.
Basically, if you have income, and your mortgage payment is more than 31% of your gross income (principal interest taxes and insurance, HOA ) you may have options.
I hate to a home owner walk away from their home or short sell it when they could possibly keep it if they do it correctly.
Unless you just no longer want your home, or you just do not have any money I would try to have a loan mod professionally done by an attorney.
Volo Law Group
925 699 5041
Loan Mods Debt Settlement
What was the reason you were denied for the loan modification....did they give you one? Unfortunately, even if you were successful with getting your loan modified, more than likely your bank/lender would not reduce your principal. So yes you could have lower payments, but you're still going to be upside down....and it will take a long time to gain back that lost equity.
I understand your situation very well and know it can take a tremendous emotional toll on you. It's okay to be scared. Know this, once you miss a payment the debt collection phone calls will start. They will call at all times and every number they have for you on file. They will be mean and condescending. Their job is not to be nice, but to collect money.
I would advise you find an experience Realtor who knows short sales. You want someone who is on your side and is not just thinking about a commission. You want to make sure your best interests are looked out for. An experienced Realtor will be able to guide you through this process...hold your hand and get your bank/lender to stop calling and harassing you.
There are some potential legal and tax consequences associated with short sales and foreclosures so make sure your Realtor can help steer you in the right direction.
Feel free to watch some of my videos regarding loan mods, short sales and foreclosures at: http://www.theshortsaleminute.com
Iâ€™m also available to talk via email and phone.
I wish you the very best with your unfortunate circumstance.
Ryan Smith from Temecula, CA
I'm sorry for your troubles and unfortunately you are not alone. Is there only one lender or more than one (1st and 2nd mortgages?) Did you apply for the mod under "Making Home Affordable" or HAMP? to the 1st or both?
Did your lender suggest a short sale under HAFA?
If the bank does not participate in HAMP or just will not work with you, you should list your property with a local REALTOR who specializes in short sales. Make sure they have closed short sales recently because they will know all the new processes and make sure they are HAFA Certified.
Your profile shows you in Phoenix AZ 85006, but your question is posted in Fontana CA 92336 - what state are you in. If the property is in Fontana, speak with a REALTOR in Fontana.
Best of luck and let us know how it works out,
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END a Transaction in our Brokerage. It is never beneficial to the Seller or to the Buyer and it is only beneficial to the Agent.
888-391-5245 Direct Cell
Citizens Choice Mortgage
It is unfortunate that your bank is not willing to work with you. As a Realtor, I hear this everyday. You may want to consider doing a short sale. Call me for more information, I would like to help you.
Prudential CA. Realty
If there is a reason why you can't make your mortgage you should attempt a short sale. Simply deciding not to pay because the house is worth less than what you purchased it for is what is wrong with this country today.
If that were a "fair" thing to do then it would also be fair for a bank to take the house away from you whenever they wanted if it went up in value. Something tells me that everyone would be crying foul about that, but everyone seems to think it is okay if the shoe is on the other foot.