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Nanie Cornej…, Home Buyer in Union City, NJ

is it advisable to do a loan modification for homes that value have gone down? and how do we go about doing

Asked by Nanie Cornejolim, Union City, NJ Mon Feb 9, 2009

this? or what other options are out there for a homebuyer whose property is below its value price ?

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Hi Nanie, your first move should be to contact your lender to see what they can do for you. If they can not or will not help you can check out mortgage loan modification companies. Some are very good and really want to help but some are only in it for the money. They all want a up front fee, but, some will return it if they can not help you. I would look for one of those. We are in the same boat and owe approx. 90,000 more than our home would appriase for. I called my lender (chase) in Dec. last year and asked about any programs they may have available. We pay on time and the lender said to call back in Feb. he may be able to work with us. I am going to call him tomorrow, if you want I will let you know what they say.....Dawn
Web Reference: http://DawnRivera4Homes.com
2 votes Thank Flag Link Mon Feb 9, 2009
Nanie:

Click the link below for more information on the loan modification process. It's been helpful to many so far.

http://www.trulia.com/blog/carl_medford/2009/01/loan_modific…

Let me know if you have other questions.

.
Web Reference: http://www.carlmedford.com
0 votes Thank Flag Link Mon Feb 9, 2009
Loan modifications are designed to enable owners to stay in their home. Given recent government policy changes you should contact your lender if you think you have a good reason for a loan modification.

From your post it appears that you are selling and buying, so selling a home for less money than you owe is called a "short sale". If that is the case then you should post another question regarding "short sales".

Also visit http://www.hud.gov for more tips for homeowners.
0 votes Thank Flag Link Mon Feb 9, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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