M Hotel, Other/Just Looking in Pembroke Pines, FL

on a loan modification my instrest rate is 5.75 but Im upside down because of short sales..Im not late on paym

Asked by M Hotel, Pembroke Pines, FL Fri Jan 2, 2009

can i do a loan modification? and do i pay the money back later on the back end of my mortagage? or is there anything i can do? with out the goverment owning my house and not being able to sale for 5years

Help the community by answering this question:


There are many programs available to home owners right now.
HARP, HAMP, HAFA and regular short sales, as well as Deed in Lieu of foreclosure, with foreclosure being the worst.

You can start by finding out all of the options available to you. You can call your lender, explain that you are in financial hardship situation, and find out about some of the options available to you.
Many attorneys do free consults. HUD has counseling services that are free...
There are realtors who have been trained to work with homeowners like yourself, who find themselves in in pre-foreclosure situation.

You can refinance, do loan modification, do a HAFA short sale, regular short sale of Deed in Lieu (if worst comes to worst)...In some short sales, lenders pay your taxes.
In other cases, lenders will pay the seller to do the short sale (if qualified).

Whatever you decide to do, you'll probably be better off if you do it right away - starting from contacting an experienced CDPE agent (Certified Distressed Property Expert) in your area (you can find one on CDPE website).

Based on what you are saying, new HARP program might be the one for you (and they won't own your house).

Hope this helps,

Irina Karan, CDPE
Beachfront Realty, Inc.
0 votes Thank Flag Link Mon Apr 2, 2012
It comes down to choices. Do you want to stay in your home at 5.75% or not? Sounds like your credit is good so you have options. Call me to schedule a meeting to discuss
Web Reference: http://www.DennisLondon.com
0 votes Thank Flag Link Wed May 18, 2011
Your best bet is to talk to your lender. I read an article the other day in a Real Estate publication that indicated that most people would benefit from a loan modification. Your lender will be able to give you the correct information for your specific needs.
Ron and Debbie
Coldwell Banker
Web Reference: http://www.ronanddebbie.net
0 votes Thank Flag Link Sat Jan 3, 2009
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