Save Your Home or Cut Your Losses
"Should I try to save my home from foreclosure with a loan modification or sell it as a short sale?"This is the one dilemma homeowners across the country are faced with and unfortunately there is no easy answer. It all depends on your individual situation and you have to speak to someone (or many someones) with a working knowledge of the process.
National Foreclosure Prevention Services does loan modifications for home owners, real estate agents and investors and part of our job and obligation is to make sure we are up to date on the different programs that are available. The lenders are constantly changing their guidelines to meet the many challenges and some of them are easier to work with than others.
The government’s new proposals will actually INCREASE not DECREASE loan defaults. You have to wonder if these people have any idea what the average person is going through, both financially and emotionally.
If you don’t have an adjustable rate mortgage (ARM) and you are currently in a 30 year fixed mortgage, you have to be 90 days behind on your mortgage payments before the lender would consider you for a loan modification and Fannie and Freddie may push your mortgage out from 30 years to 40 years to get it done!
The government’s so-called foreclosure bailout program (in many cases) is a joke and the tax payer is on the line. With some of the proposals they are discussing they are going to extended the foreclosure mess by another 2 years with such an absurd proposals.
In most cases National Foreclosure Prevention Services is able to work around these issues and we have been successful in getting some of the lenders to understand that our clients don’t want to ruin their credit just to get the help they need, but that they do need some help in order to avoid any credit problems down the road.
National Foreclosure Prevention Services does loan modifications for home owners, real estate agents and investors and part of our job and obligation is to make sure we are up to date on the different programs that are available. The lenders are constantly changing their guidelines to meet the many challenges and some of them are easier to work with than others.
The government’s new proposals will actually INCREASE not DECREASE loan defaults. You have to wonder if these people have any idea what the average person is going through, both financially and emotionally.
If you don’t have an adjustable rate mortgage (ARM) and you are currently in a 30 year fixed mortgage, you have to be 90 days behind on your mortgage payments before the lender would consider you for a loan modification and Fannie and Freddie may push your mortgage out from 30 years to 40 years to get it done!
The government’s so-called foreclosure bailout program (in many cases) is a joke and the tax payer is on the line. With some of the proposals they are discussing they are going to extended the foreclosure mess by another 2 years with such an absurd proposals.
In most cases National Foreclosure Prevention Services is able to work around these issues and we have been successful in getting some of the lenders to understand that our clients don’t want to ruin their credit just to get the help they need, but that they do need some help in order to avoid any credit problems down the road.
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