Southern California Home InfoWill a Loan Mod Work?A loan modification is not a refinance. A loan modification is a modification of terms of an existing loan. Applying or getting a Loan Modification my impact your credit rating negatively. Applying for a loan modification will not stop or stall the foreclosure process. Being granted a temporary Loan modification will not stop the foreclosure process. The success rate of getting Loan Modifications for the last 18 months has been reported to be around 14%. Half of those 14% the actual payment has been increased to make up for late payments. If you could not afford the payment before, it may not make sense to get a loan modification. Half of those people who actually got a Loan Modification defaulted again within 6 months. It is my opinion that the time to try to make a Loan Modification is over once the "Notice of Default" NOD has been filed. You should consult with a Real Estate Attorney or HUD.gov for free counseling who works with Loan Modifications for your best advice. The state of California has made it illegal to accept any money up front to aid or assist with loan modifications. You need to be careful and avoid the scams and the scam artists. When The Loan Mod fails or when the Notice of Default has been filed which ever occurs first it is time to consider a short sale. If your home is upside down, owe more than it is worth, I suggest you go to the upside down page and review your options with a Real Estate Attorney and a CPA. There may be future implications and knowing your options is a great start. As a California Licensed Real Estate Broker, I can get your home sold as a "short sale" and in part, ask the lender to accept less than what is owed on the loan. I do not do loan mods. That is something you will have to experience on your own. Keep a very close eye on the county recorders office to see if your property has started the pre foreclosure process with a notice of default. You can email me and ask if a NOD has been filed if you email me your address city zip, and county. I am here to help call me 951 821 8211 Harold |
SO CAL HOMES REALTY
(951) 821-8211 Harold Sharpe is the owner of Harold Sharpe is a
Licensed Harold Sharpe is a Harold Sharpe specializes in Selling Houses, and Finding homes for people. So Cal Homes Realty is the Real Estate Brokerage to assist you in Buying or Selling a House. Feel Free to call Harold at (951) 821-8211 Monday - Sunday 9am - 7pm |
