There has been a lot of hype lately about the virtues of loan modifications. In addition, there have been a lot of promises made by the United States Congress and President Obama about helping home owners. The truth about it is that many of the programs implemented by the Federal Government will only help a very select group of people. These people are those who have lost little value in in their homes and have an income that exceeds their expenses.
Most loan modification programs reduce mortgage payments by very little and are often just a quick fix to a bigger problem. That problem is that the home owner could not afford the house to begin with or they have had a drastic change in their lives that have affected them financially.
The government can develop guidelines for lenders to follow, but they cannot force them to help each and every borrower. There just too many loans and not enough staff at these lending companies to help every home owner in need. The best resource that home owners have today are their local real estate agents. When a home owner seeks out a real estate agent to help them with speaking to their lender on their behalf, they must make sure that the real estate agent is skilled in conducting short sale negotiations. If a short sale package is not handled properly, then the whole short sale process may be thrown off-track, delayed, or denied completely.
Remember, a short sale is better than foreclosure. You can buy again in 24 months!!
If you have any questions about the short sale process or would like to see if you qualify for a short sale, please email me at ken.sdlms@gmail.com or call me at 619-972-4102.
Thank you for your time.
Ken Edwards
Broker/Owner
Jupiter Realty Services
619-972-4102
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People do so many things to come out of debt. I took service from www.editmyloan.com. This is an amazing site. They tailored a plan for me and negotiated with the bank to cut interest rate 5.15% from the original 7%.
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