Home Selling in 08094>Question Details

sbowlin3111, Both Buyer and Seller in Williamstown, NJ

If you recieved a loan modification 5 years ago and decide to list your home to sell do you have to let the bank that done the modification know first

Asked by sbowlin3111, Williamstown, NJ Sun Jul 14, 2013

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Your loan modification if you are now on a permanent mod program... will not be affected.

However is your home now worth more than what you owe...

will you have to short sale your home? You can short sale and buy another home if that is the case...

But it sounds like you have equity in your home....

So just treat it like a regular sale. Your loan modification program will not be affected.



Search Short Sales and foeclosure Deals at http://www.BuyNjShortSales.com

Larry Sarlo
RE/MAX Preferred
609-868-1171
lsarlo@comcast.net
http://www.larrysarlo.com
0 votes Thank Flag Link Sun Jul 14, 2013
Thanks for asking.

If you received a loan modification 5 years ago, you are one of the lucky ones. If you choose to sell you home, it's your choice. I hope this finds you back on your feet. Give me a call and we can discuss the details. There are a lot of factors that change the horizon, so I'd love to see how I can help you. You can call me at 609-204-0774 and we can discuss your situation. There are things that you don't need to put online. I look forward to hearing from you.
0 votes Thank Flag Link Sun Jul 14, 2013
I'm also a Williamstown resident and a local agent, so I understand the market here in Williamstown. I work at REMAX Connection and we sell almost 40% of all the homes in Gloucester County and Camden County. I am a CRS agent and I have 12 years of experience, with a lot of experience helping people trying to figure out what the right choices are for them. I look forward to working with you.
Flag Sun Jul 14, 2013
Hello,

Great question. You don't have to contact your lender unless you feel you may owe more on your home than what it's worth.

I can help you find comparable sales in your area and give you a rough idea of what your home is worth. This will let you know if you can do a traditional sale or will need to do a short sale.

Let me know if I can help you!

Toni
856-343-8034
0 votes Thank Flag Link Sun Jul 14, 2013
Not afraid to talk to lender, I'm just thinking about selling and buying a different home and was just curious about some things. Thanks for your help.
0 votes Thank Flag Link Sun Jul 14, 2013
No. You would just get a payoff letter once you get close to settlement. Have you finished interviewing Realtors and where are you moving to?

Eric Axelson, Associate Broker
Licensed in NJ and PA
Kurfiss Sotheby's International Realty
856.617.1212 m
axelson@kurfiss.com
Web Reference: http://kurfiss.com
0 votes Thank Flag Link Sun Jul 14, 2013
One of the steps in Selling, is that your Title Company or Attorney will call your Lender to get the :Pay-Off" on your Loan.
But, aside from that, why are you so afraid to communicate with your Lender? Do you think they will raise your rate, or foreclose on you if they know you are selling?
It's a little like childbirth; it happens all around, every day.
0 votes Thank Flag Link Sun Jul 14, 2013
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